With the Central Bank of Nigeria (CBN) planning on legalizing the use of Bitcoin in the country, the Blockchain business in Nigeria has gotten a lift as government agencies are working together with Cryptography Development Initiative of Nigeria (CDIN) in training and usage of the technology.
CDIN which depicts itself as a Non-Government Organization is bringing the gap between stakeholders in Nigeria to create a common base in cryptography related advancements including crypto-currencies and crypto-ransomware.
Government bolster to Blockchain Development
Responding to CDIN’s letter of invitation for partnership towards what is expected to be the greatest Blockchain occasion yet in West Africa, ‘Blockchain Nigeria 2017‘, the National electronic Fraud Forum, NeFF offers its support to CDIN. This is contained in a letter marked by the Chairman of NeFF, Dipo Fatokun.
In the letter, Fatokun says:
“It would be ideal if you be educated that NeFF will team up with CDIN and will help with specialized counsel and additionally speakers at the proposed 2017 gathering on Blockchain. Additionally take note of that as the coordinated effort advances, NeFF will likewise depend on your support.”
Speaking about the upcoming ‘Blockchain Nigeria 2017’, Adeolu Fadele, President of CDIN says the event will be the first international Blockchain conference in West Africa.
With the topic, “Blockchain Nigeria 2017: Effective Tool For Anti-Corruption And Economic Growth,” Fadele says that CDIN would like to unite relevant government organizations, financial specialists, shoppers and different partners intrigued by the technology to bring issues to light, debilitate wrongdoing, protect consumers and open new employments and business openings in Nigeria.
“Blockchain Nigeria 2017” Gets More Partners
Cointelegraph reports that CDIN is presently consulting with BitLand on a feasible association. Quoting Fadele saying that:
“Considering the functions of BitLand as an organization that aims to provide services that allow individuals and organizations to survey land and record deeds onto the Bitshares Blockchain. A project which is already working in Kumasi, Ghana and looking to expand their reach further into the African continent Nigeria is certainly a perfect destination.”
Chief Security Officer and President, Larry Christopher Bates communicated hopefulness and trust towards this venture as he anticipates a productive collaboration with the government of Nigeria.
According to Cointelegraph, Bates confirms that BitLand wants to quicken the execution of Blockchain innovation by participating with government agencies and creating appropriate AML and KYC culture for the Nigerian Blockchain community:
“We want to set the standards for compliance to ensure that everything pays attention to protecting the interests of the population while implementing a new technology.”
Other groups and agencies that have shown interest in collaborating with CDIN towards Blockchain Nigeria 2017 and beyond include Cyber Security Experts Association of Nigeria CSEAN, National Information Technology Development Agency NITDA, Banks and other professional bodies.
Different groups and agencies that have demonstrated enthusiasm for teaming up with CDIN towards Blockchain Nigeria 2017 and beyond include:
- Cyber Security Experts Association of Nigeria CSEAN
- National Information Technology Development Agency NITDA
- Banks and other expert bodies
The event which will be held around the middle of the year is expected to be the hinge on which the disruptive technology in Nigeria and West Africa will swing towards a prospective future.
What is Blockchain
Wikipedia describes a blockchain as a distributed database that maintains a continuously-growing list of ordered records called blocks. Each block contains a timestamp and a link to a previous block.
By design, blockchains are inherently resistant to modification of the data — once recorded, the data in a block cannot be altered retroactively. Blockchains are “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The ledger itself can also be programmed to trigger transactions automatically.