Sun. Jun 16th, 2024

Nigeria Govt Endorses Blockchain Technology For ICT Ecosystem.

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The Minister of Communications and Digital Economy, Prof. Isa Ali Pantami, has assured key industry players and Nigerians of the Federal Government’s commitment to create and enforce regulations that will fast-track effective utilisation of Blockchain technology for the development of the Nigerian digital economy.

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Pantami said this while delivering a keynote address on the ‘Applications of Blockchain Technology for Intellectual Property (IP) Enforcement’ at the American Business Council event, in partnership with the United States Patent and Trademark Office.

The minister, who was represented by Salihu Abdulkareem Arsh of the National Centre for Artificial Intelligence and Robotics (NCAIR), alluded to the fact that the theme of the event: “Blockchain for IP Enforcement; More than Crypto and NFTs,” was apt and timely, especially at a time when crypto currency was presently the headlines of financial losses.

The minister noted that in today’s knowledge-based economy, an increasing share of business value was derived via intangible assets, which meant success often depended on the ability to manage and exploit IP.

For that reason, he said, businesses require managers to effectively acquire, govern and commercialize copyright and patent-protected content.

“You would all agree that, traditional businesses that rely on IP-protected material are confronting internal and external factors that pose several key challenges. Internally, unsynchronized IT systems do not enable data to flow, creating friction to locate and comply with copyrights under control. Externally, firms are recently operating in more complex, and diverse business networks with the need to validate multiple IPs within a single transactions model,” he said.

Pantami highlighted the benefits of Blockchain technology, which he said represents a paradigm shift in how various companies protect their information exchange, adding that emerging technology provides a secure and fault-tolerant distributed ledger platform for transactions.

“No doubt, Blockchain technology has evolved greatly since the introduction of Bitcoin in 2008, the first decentralized peer-to-peer electronic cash system. Today, innovators in various fields are realizing the benefits behind this great technology. From medicine to agriculture, finance to governance, education to transport and across global supply chain; many sectors are looking for ways to integrate Blockchain into their infrastructures,” he added.

While observing that governments and businesses all over the world are realizing the powerful usability of Blockchain, Pantami affirmed that the Federal Ministry of Communications and Digital Economy as well as its parastatals are not left behind, as they are inclined to employ the statutory responsibility towards innovative technologies, to develop corresponding strategies for a healthy ICT ecosystem that encapsulate emerging technology such as Blockchain.

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