Governments globally were hesitant to adopt blockchain initially as they assessed the technology’s feasibility. In the past few years, this has all changed, and they have become the most aggressive adopters of the technology. At the BSV Global Blockchain Convention in Dubai, a panel moderated by Jimmy Nguyen talked about blockchain for the digital transformation of nations and shared how their countries are integrating the particular technology.
The panelists had been Kashifu Inuwa, the director general associated with Nigeria’s National Information Technology Development Agency (NITDA); Dana Al Salem, SPiCE VC advisor and founder of FanFactory; and Experts Vision Consulting chairman Dr. Basim Zafar.
In his role, Kashifu works to speed up the adoption of new technologies in Africa’s largest economy while helping to protect the consumers from the pitfalls. As he shared with the attendees, digital change for Nigerians manifests in two ways—enhancing existing legacy processes plus services and devising new ways in order to solve their own challenges.
The particular Nigerian government has been very welcoming to the blockchain, despite its checkered history with digital assets . It has been exploring the particular integration from the technology in several sectors, including identity management, public engagement, record keeping, financial inclusion, electronic voting, and more, Kashifu shared.
To position Nigeria for maximum gains from blockchain, NITDA continues to be pushing for establishing a blockchain advocacy group to push for ownership in the private and public sectors. It’s also rooting for the implementation of a legal framework that will lay the foundation for that re-homing of blockchain.
“…we call it developmental regulation because this technology is brand new. We don’t want in order to enforce regulations that will stifle innovation. Therefore we work with (blockchain) startups to co-create rules. We need to understand the use cases before we regulate, ” Kashifu said.
Nigeria is also looking in order to launch the regulatory sandbox for blockchain startups to stimulate the growth of the technology.
Being the only woman on stage, Dana was quick to observe that will blockchain can change the fortunes of women globally. Currently, over 40% of all women are unbanked and own less than a fifth of most land globally despite making up about 50% of the population.
“I think there’s something to be said regarding the addition of ladies and how blockchain can help within terms associated with financial inclusion, identity administration, bank accounts. If you had smart contracts around weddings, you’d not have inheritance disputes, ” she stated.
Dana has lived in a number of countries, one of which is Morocco. She believes the particular North African country can greatly benefit from blockchain technology inside notary services, financial solutions, renewable energy distribution and trading, and more.
Dana believes that the supply and logistics industry would be the biggest beneficiary in Panama, where she has also lived. The Central American country derives about 80% of its GDP from the services industry, with the Panama Canal creating the particular bulk of it.
Doctor. Basim’s EVC consultancy firm specializes in working with authorities agencies in Saudi Arabia on electronic transformation. As he told the audience, blockchain has a big part to play, plus the Saudi government will be sparing no costs inside exploring the particular technology.
The Saudi Persia Monetary Authority, the country’s central bank, is one of the government agencies exploring the particular technology. The particular government can also be integrating blockchain in its customs sector to enhance efficiency and cut costs.
For Saudi Arabia, religious tourism is a key part of the country, both from the social and economic perspective. As Dr. Basim observed, COVID-19 offers seen the country cancel the last two annual Hajj pilgrimages to Mecca. However , along with the vaccinations easing travel, over 1 million Muslims made their particular way in order to the country this year. He noted that will blockchain could play a key role in managing such travel plus verifying vaccines.
Dr. Basim, whose consultancy firm jointly launched the B Venture Studio with the particular BSV Blockchain Association this particular year, has become a key ally associated with Bitcoin SV and has played a big function in its explosion in the Middle East.
When he told the audience, BSV’s unbounded scaling was a key factor as this allows applications built on it to transfer massive amounts of data seamlessly. In addition , the transaction fees are very low, and for government applications, this is usually an essential consideration.
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