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Nigerian youth urged to embrace blockchain for global competitiveness Nigerian youth urged to embrace blockchain for global competitiveness

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Nigerian youth urged to embrace blockchain for global competitiveness – Crypto News

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Youngsters in Nigeria have been encouraged to utilise blockchain technologies in order to enhance their competitiveness on the world stage.

During the the country’s second DecaHack event, aimed at fostering innovation and driving Nigeria’s digital transformation, industry leaders underscored that blockchain participation was pivotal to increasing such global competitiveness.

Speaking at the event held in Oyo State at the University of Ibadan, Adedayo Adebajo, co-founder of ICP Hub Sahara – an official branch of the Internet Computer Protocol ecosystem – highlighted the significance of blockchain technology.

Leveraging internet computer protocol (ICP)

As far as Adebajo was concerned, if blockchain technology is not adopted, it could have catastrophic effects for the country in the future. The Internet Computer, an open and public blockchain that supports smart contracts, is considered the mainnet of the next generation, enabling developers to build decentralised applications (DApps) or NFTs.

It was an event that brought together diverse innovators, professionals, and the tech community from across Africa. The main aim was to spark conversations, present ideas, and open networking avenues, all geared towards growing the technological landscape on the continent.

Government initiative: ‘Nigerium’ blockchain

Similarly, the Government of Nigeria disclosed plans for an in-house blockchain dubbed ‘Nigerium,’ and expressed enthusiasm about other aspects as well. It is an initiative by the National Information Technology Development Agency (NITDA), designed to secure Nigeria’s data and enhance national security. The initiative was prompted by concerns about reliance on foreign-owned blockchain technology.

The Director General of NITDA, Kashifu Abdullahi, who was at UH Law School to meet with delegates from the University, said they came up with the project (Nigerium) and are asking for everyone’s support. The goal of the project is to construct a blockchain owned by Nigeria, which would retain all data within its borders while elevating its status in the global tech race.

The rationale behind ‘Nigerium’ includes:

  1. Customisation to meet Nigeria’s unique requirements
  2. Enhanced data control and security
  3. Improved transparency and accountability
  4. Potential for economic growth through a secure digital economy

The development of ‘Nigerium’ is expected to involve collaboration between the private and public sectors, marking a significant step towards technological autonomy.

Addressing blockchain interoperability

In his webinar titled ‘The Future of Interoperability: How Web3 Innovators Can Bridge the Gap Between Blockchain and DApps,’ Ucheena Agams, Web3 ambassador at Arbitrum, discussed strategies to address the interoperability issue between different blockchain platforms using Web3 technology.

Agams delved into the intricacies of front-end development, explaining its critical role in designing user interfaces and enhancing the user experience for websites and applications. He emphasised the importance of front-end skills in creating more usable blockchain solutions.

The competition organisers revealed some of the significant incentives being offered to participants. The top five startups will win up to $25,000 in equity-free grants. Moreover, these winners will advance to the national grand finale, hailed as Nigeria’s biggest blockchain hackathon conference. In addition, all finalists will receive advisories, mentorship, and assistance with ICP grant applications.

Future implications

This initiative is another attempt to integrate Nigerian youth into the global digital economy through blockchain technology. This proactive approach is expected to drive technological breakthroughs, significantly contribute to the country’s development, and help Nigeria maintain its competitiveness in the global tech landscape.

DecaHack, an ICP-run initiative, provides a comprehensive program that includes online blockchain boot camps, hackathons, and pitch competitions with prize incentives.

(Photo by André François McKenzie)

See also: $1.4 billion stolen in crypto hacks in first half of 2024, study finds

Want to learn more about blockchain from industry leaders? Check out Blockchain Expo taking place in Amsterdam, California and London.

Explore other upcoming enterprise technology events and webinars powered by TechForge here.

Tags: blockchain, cryptocurrency, NFT, Web3

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