The Minister of Communications and Digital Economy of Nigeria, Dr Isa Pantami has called for the fast track in the deployment of Blockchain Technology to address several faces of life, stating that the COVID 19 pandemic has exposed the need for the adoption of emerging technologies and enhance its use.
The Nigerian leader made this call Tuesday while speaking at the Blockchain Panel Discussion: – The end of unearned education during day 3 of the ongoing Gulf Information Technology Exhibition (GITEX) holding in Dubai, United Arab Emirates.
The Nigerian Minister further called on governments across the globe to come up with policies that will support the deployment of emerging technologies, the development of regulatory instruments to enhance the deployment of emerging technologies in both public and private sectors and also awareness creation to enhance capacity and change the orientation of people.
Other members of the panel include: Anna Juusela (Encourage.fi); Dr Maria Papadaki (The British University in Dubai); Abdulqader Ali (Smartworld) and Aly Madhavji (INSEAD).
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralised database managed by multiple participants is known as Distributed Ledger Technology (DLT).
Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.
