Possible Impact and Potentials of Blockchain Technology in Nigeria

Abstract

Nations with developing and emerging economies as Nigeria need to stimulate awareness and adoption of emerging technologies to expedite effective and efficient service delivery. One of such emerging technologies is the blockchain technology. Blockchain technology is a trending technology in the world of the internet of things (IOT). It offers distinct advantages in the world of database technology as it provides for the trustless recording of transaction data without relying on a third party, aid transparency and security. Beyond these, the recent development of blockchain 2.0 and 3.0 has shown its potential in other sectors outside cryptocurrency; such as in health and education sectors, as well as in corruption management and as a democratic tool. This paper seeks to review existing literature, case studies, and real-world applications of blockchain technology across various sectors, focusing on its potential impact on Nigerian economy. Through a comprehensive review of relevant literature, the paper aims to throw light on how blockchain technology can be used to improve transparency in the mode of transactions in Nigeria, improve electoral processes, and education management systems. As well as help in the reduction of corrupt practices.