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Blockchain Technology in Nigeria


Blockchain technology is being used in various ways in Nigeria, as it is in many other countries, to address various challenges and improve processes in different sectors. 

Here are some ways blockchain technology is being used in Nigeria:s

How is it used in Nigeria?

Financial Services

Supply Chain Management

Identity Verification

  • Cryptocurrency Trading: Nigerians are actively involved in cryptocurrency trading, and blockchain technology underpins cryptocurrencies like Bitcoin and Ethereum. Local exchanges and peer-to-peer platforms facilitate crypto trading.
  • Remittances: Blockchain-based remittance services offer cheaper and faster cross-border money transfers, which is particularly valuable for Nigerians receiving remittances from abroad.

Identity Verification

Supply Chain Management

Identity Verification

Digital ID Systems: Some projects aim to provide blockchain-based digital identity solutions for Nigerian citizens, making it easier to verify identities and access services securely.

Supply Chain Management

Supply Chain Management

Supply Chain Management

  • Agriculture: Blockchain is used to track the production and distribution of agricultural products, ensuring transparency and traceability for consumers and stakeholders.
  • Pharmaceuticals: To combat counterfeit drugs, blockchain is employed to verify the authenticity of pharmaceutical products, especially in the healthcare sector..

Voting Systems

Land and Property Records

Supply Chain Management

Some discussions and pilot projects explore the use of blockchain for secure and transparent elections to enhance the integrity of the electoral process.

Land and Property Records

Land and Property Records

Land and Property Records

Blockchain is being explored as a solution for managing land and property records to reduce fraud and disputes in land ownership.

Education

Land and Property Records

Land and Property Records

Universities and educational institutions may use blockchain for verifying academic credentials and certifications, helping employers and educational institutions verify the qualifications of applicants.

Supply Chain Finance

Supply Chain Finance

Supply Chain Finance

In the business sector, blockchain technology is used to facilitate supply chain finance by providing transparency and efficiency in trade finance processes.

Healthcare

Supply Chain Finance

Supply Chain Finance

Healthcare providers and organizations can use blockchain to secure medical records, ensure data integrity, and streamline patient data sharing

Smart Contracts

Supply Chain Finance

Smart Contracts

Businesses in Nigeria can use smart contracts, which are self-executing contracts with the terms of the agreement directly written into code, to automate and secure various types of transactions

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