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The Nigeria Blockchain Alliance Conference Shows Nigeria is Open to Cryptocurrencies

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Nigeria Blockchain Alliance Conference

The Nigeria Blockchain Alliance Conference 2017 – organised by the Cryptographic Development Initiative in Nigeria (CDIN) – was held on the 23rd and 24th of November in Lagos. The conference brought together blockchain entrepreneurs, policymakers, and cryptocurrency enthusiasts to discuss how blockchain technology and decentralised digital currencies can be leveraged to boost the economy in Nigeria and Africa as a whole.

The Deputy Governor for Economy Policy of the Central Bank of Nigeria (CBN), Dr. Joseph Nnanna, gave the opening speech. He stated that the theme ‘National Development in the Era of Distributed Technology & Digital Currency’ offers a unique opportunity to reflect on the impact of financial technologies and digital currencies on financial system stability and economic development.

He also expressed confidence in how the distributed ledger technology can help Nigeria improve payments, system efficiency, and help eliminate incidences such as counterfeit currencies.

Nnanna, however, also stressed the need for an appropriate regulatory framework as the government is mindful of the potential challenges such technology could pose.

“Distributed ledger and digital currencies can lead to boom-bust in the domestic assets market. Cyber crimes and other security breaches in payment system platform can be amplified if we’re ill-prepared in developing an appropriate framework for seamless utilisation of the technology,” he said.

Also speaking at the event was the CBN Director for Banking and Payments, Dr. Dipo Fatokun who stated that the Central Bank of Nigeria is excited about the opportunities and prospects that comes with blockchain technology, especially for financial inclusion.

“The CBN is currently holding broad industry consultations on distributed ledger technology and cryptocurrency use cases and regulation, innovators forums hold regularly and it is planning to implement a Regulatory Sandbox regime,” Fatokun said.

Another Speaker from the CBN was the Chief Information Security Officer Dr. Rakiya Mohammed who is part of the committee set aside by the central bank for distributed Ledger technology (DLT) and digital currencies. She also reiterated that the CBN recognises what is happening and stated that announcements will be made early next year in regards to digital currency regulation.

“We’re about to receive an approval of the framework for regulating the top players in the bitcoin ecosystem in Nigeria,” she stated.

Nigeria Blockchain Alliance Conference

Image by CDIN

The two-day event attracted over two hundred attendees from different backgrounds which included experts from Microsoft, Stellar, and blockchain startups.

One of the interesting topics discussed was the high growing interest the Nigeria’s bitcoin ecosystem is witnessing. According to the research carried out by Lucky Uwakwe, co-founder of Blockchain Solutions Limited, Nigerian trade around 10 billion nairas worth of cryptocurrency each month.

Paxful CTO, Artur Schaback, stated that 35% of their traffic comes from Nigeria which amounts to one-third of the Paxful’s peer-to-peer exchange community.

Furthermore, Earnest Mbenkum, founder of Fintech Ltd based in Cameroon, expressed optimism saying that 2018 will be the year that Africa puts itself on the map in terms of blockchain technology and innovation, which will offer African economies a golden opportunity to catch up with top economies.

“The difference between then and now is that this is the first time that a revolutionary technology and invention is no longer limited to Western countries. Blockchain technology is available to anyone all over the world at the same time including the African continent,” he stated.

The conference was brought to an end by closing remarks of the founder of CDIN, Fadele Adeolu, who said that he is astonished at how fast the blockchain ecosystem has grown in Nigeria to become what it is today.

“I must confess that the activities in this space today are far beyond my imagination. As a cryptographer, I could not imagine that terms like public and private keys could become a discussion of the general public in 2017. The reason being that even IT professionals don’t usually find those terms friendly. Believe me or not, crypto trading and investment did the magic.”

The Nigeria Blockchain Alliance conference showed that Nigerian policymakers are open to new innovation from the blockchain and cryptocurrency space, which, of course, bodes well for the local crypto community and its startup scene.

Blockchain Technology

BanQu is Leveraging the Blockchain to Give Refugees a Digital Identity

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BanQu

BanQu, a software company focused on eradicating global poverty, is leveraging blockchain technology to provide refugees with a digital identity so that they can continue to take part in society.

Linking Refugees to the Global Economy Using Blockchain Technology

Refugees and displaced persons can continue to live their lives independently thanks to the BanQu blockchain-based solution, which allows them to store their information on a distributed ledger. That means that with their information digitally stored and accessible from anywhere, they can look for jobs, apply for loans, and run their own businesses, thereby, contributing to the host country’s economy.

Hamse Warfa got the idea for this solution after experiencing the refugee life in the Daadab Refugee Camp in Kenya. After escaping Somalia with his parents during the civil war at the age of twelve, Warfa knows how it feels like to have one’s life turned upside down so suddenly, Fair Planet reported.  His parents, once thriving business people, were now dependent on charity.

“I want all refugees to be able to build transaction-based economic identities that allow them to thrive, including getting loans, and accessing credit for things like businesses and eventually homes. BanQu is for the world’s poor, refugees, and stateless people so they can live their lives like the rest of us,” Warfa stated in an interview.

How it Works

BanquTo use the BanQu blockchain solution, a user creates a digital profile via a mobile phone where they enter their information. A third party, who must also be verified, verifies this information, which is then stored on the blockchain. A user can access his or her information at any time.

Users can also store their financial transactions, health records, education records, and credit histories on the BanQu app, thereby, enabling them to participate in the global economy.

Furthermore, the BanQu blockchain solution also benefits organisations and governments that interact with refugees. For instance, the BanQu platform allows governments to track aid resources that have been disbursed to the target population.

More than 25,000 people across four continents are using the BanQu solution and the company is striving to reach more than 100 million underprivileged people by 2028.

Dr Riby Okoth, a lecturer at the School of Security, Diplomacy, and Peace Studies at Kenyatta University in Kenya, said: “Having the refugees, for example, use their digital footprint to access financial services or job opportunities as the rest of the population not only reduces the culture of dependency but also opens up the global economy to more participants who are growing it rather than depending on it.”

According to the UNHCR, there are about 68.5 million people displaced from their homes and among them about 25.4 million refugees and approximately ten million stateless people.

With BanQu’s blockchain solution, these people could have the chance to live normal lives where they can access education, healthcare, loans, and employment.

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Blockchain Technology

Vodafone Ghana Introduces Blockchain Programme for Technology Students

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Vodafone Ghana

Vodafone Ghana in collaboration with IBM, HackLab Foundation, and Stanbic Bank has introduced a blockchain technology programme for technology students at the Kwame Nkrumah University of Science and Technology (KNUST). The aim of the programme is to promote digital innovation in Ghana.

The Hacklab Foundation Hackathon

The blockchain programme took place at Hacklab Foundation’s hackathon held on April 19, 2019, at KNUST. The programme was based on the theme: “Can blockchain technology transform the services sector?”

Hacklab Foundation is a non-profit organisation based in Ghana that instills skills in the youth in preparation for the job market while connecting them to potential employers.

Vodafone GhanaAs GhanaWeb reported, the hackathon attracted 600 developers from more than 18 institutions across Ghana with the purpose of finding blockchain-based solutions for the country’s market and for the entire continent. Vodafone Ghana will help the developers that had the best solutions from the hackathon to execute their ideas.

“Our status as a leading telecom company in Ghana means we have the power to drive change in our society and this is one of the many avenues we are deploying to accelerate Ghana’s digital journey,” said Vodafone Ghana’s Enterprise Business Director Angela Mensah-Poku.

According to a statement from Vodafone Ghana, the blockchain technology programme will revolutionise how student developers think.

“Blockchain technology is a very fascinating concept which has captured the attention of the world and this hackathon is a demonstration of our commitment to lead a digital revolution in Ghana. We are always excited about the opportunity to unearth young talents in the digital technology sector,” Angela added.

Promoting the Digital Revolution in Ghana

Vodafone Ghana has been promoting the digital revolution in Ghana for more than three years, the telco company said in the statement. This has been done through the implementation of a digital strategy that is all-inclusive. Vodafone implements its strategy through annual hackathons, national digital coding, and the youth skills and jobs portal.

Vodafone Ghana was recognised as a digital leader at the Ghana Business Awards in 2018.

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Mauritius-based Horizon Africa Launches Blockchain Education Platform for Africans

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Horizon Africa

Mauritius-based technology firm Horizon Africa has launched a new platform aimed at educating Africans about blockchain technology and encouraging startups, corporations and public sector institutions to utilise it.

An Ethereum-based Network for Africa

Horizon AfricaHorizon Africa is an Ethereum-based blockchain platform that offers blockchain solutions and facilitates DApp development. The Horizon Africa Blockchain Network (HABN) aims to apply blockchain to a number of industries including fintech, digital healthcare, education, governance and more.

According to the company’s co-founder, Suyash Sumaroo,

“Even though the public Ethereum (blockchain) has been available for years, the blockchain landscape in African countries has not developed much. There is a gap which is being filled by Horizon Africa. Its focus is not about creating a network or increasing the value of its token, but instead to allow people to learn about using the network. Building prototypes and ultimately real solutions is a large part of the mission,” he stated in an ITWeb Africa interview.

To make this dream a reality, Horizon Africa aims to involve African developers in the creation of blockchain solutions. The HABN network will provide a ‘test bed’ for local developers to design and deploy DApps that solve specific challenges in areas such as identity management, land registry, supply chains, gaming, and agriculture.

Sumaroo believes the uptake of blockchain-based products in Africa will increase within five years. He argues that Horizon Africa’s platform will play an important role in enabling African companies, startups and governments to learn about the technology, develop an implement blockchain systems.

Investing in Jobs of the Future

The platform launch comes after comments shared by the President of the African Development Bank (AfDB), Akinwumi Adesina, at the 2019 Mo Ibrahim Governance Week, where he urged African governments to move away from “investing in the jobs of the past, but rather in the jobs of the future.”

He stated that Africa should position itself to maximise on the opportunities brought by digital technologies such as blockchain, AI, big data analytics, and 3D printing. Sumaroo mirrors the same belief and reiterates that blockchain technology will play a critical role in industries such as finance, agriculture and the public sector in the future of Africa.

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