Blockchain Technology in Nigeria

• 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.

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.

• 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..

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

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

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

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

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

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