NITDA committed to driving economic growth through blockchain technology.

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2040

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In a significant demonstration of their commitment, officials from the National Information Technology Development Agency (NITDA) shed light on the government’s earnest pursuit of blockchain technology adoption in Nigeria. This endeavor holds the potential to usher in transformative changes, enabling both social and economic advancements.

Speaking at the Stakeholder’s Policy Dialogue on the Implementation of the National Blockchain Policy organized by the NITDA in collaboration with SiBAN, officials from NITDA highlighted the technology’s impact on agency management, emphasizing transparency and decentralized security as key drivers.

The NITDA officials emphasized the gravity of the government’s dedication to effectively implementing and adopting blockchain technology. This determination reflects a forward-thinking strategy to leverage the benefits offered by blockchain in a multitude of areas. By harnessing its potential, the government aims to create a positive ripple effect that extends to various sectors, fostering both social welfare and economic growth.

One of the most compelling aspects of blockchain technology lies in its ability to promote transparency through decentralization. One of the officials, Mr. Preye Itonyo drew attention to how blockchain’s decentralized nature safeguards critical data, preventing unauthorized alterations.

In the context of electoral information, the officials envisioned a scenario where blockchain ensures the integrity of elections. By utilizing blockchain for elections, the risk of tampering with figures is significantly minimized. Each figure that emerges from the blockchain is immutable, eliminating the possibility of manipulation through server switches.

Mr. Preye highlighted the robustness of a blockchain network, drawing parallels to the redundancy offered by decentralized servers. Unlike centralized systems, where disabling a server could disrupt operations, a blockchain’s decentralized architecture ensures continuity.

In the event of a server outage, he said, another node within the network seamlessly takes over, ensuring uninterrupted functionality. This resiliency reinforces the notion that blockchain technology is not only a transformative tool but also a reliable one.

Read also: Unlocking Opportunities: Bantu CEO Ernest Mbenkum Discusses Govt Oversight & Blockchain

 

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