Deputy Governor of the Central Bank of Nigeria: Blockchain technology is coming, success or failure depends on it!

Nigeria’s top banking executive has warned that companies and institutions should start taking blockchain technology seriously as the country rapidly expands.

Adebayo Adelabu, deputy governor of the Central Bank of Nigeria, said at the Nigeria Electronic Fraud Forum (NeFF) held recently that the revolution brought about by blockchain has created a situation of "no progress or regression":

I implore you to do some research, especially as the technological developments today bring us to the blockchain space. In this emerging technology field, participants must understand one thing: if they don’t move forward, they will fall behind.

Recent events have caught the attention of the Nigerian federal government as they involve the entire blockchain ecosystem. Nigerians have ignored warnings and threats from the country’s National Assembly and invested in projects that are indirectly or directly related to Bitcoin and blockchain, choosing to take their fate into their own hands.

Although the feasibility and authenticity of these projects may not be guaranteed, through these projects, investors can finally start their own businesses without government interference. As a result, banks have become a "big concern" for the Nigerian government.

Blockchain scales faster than the Internet

Jeremy Epstein of Never Stop Marketing stressed the importance of blockchain to revolutionizing the global technological and economic environment.

Epstein told Cointelegraph that, ultimately, blockchain’s impact will be far greater in scope and scale than the first phase of the internet:

The Internet is about information transfer. Blockchain is about assets, which are the foundation for keeping the world running smoothly.

Pros and Cons

However, Epstein says this “stand still or stand still” situation will play out differently in different social contexts.

He believes there is a double meaning here.

In some countries plagued by corruption and lack of transparency in public affairs, there are bound to be huge loopholes in the legal and ownership systems, which will hinder overseas investment.

For countries that are interested in improving security and transparency through blockchain, their development prospects are bound to be bright.

In addition, Epstein said that the deployment of blockchain can also increase consumer confidence in the country's economy, thereby increasing the value of a country's currency, which is exactly the opposite of the current situation in Venezuela.

Pros outweigh cons

Epstein noted that some people are concerned that criminals may use blockchain systems to conduct illegal activities, but he believes that the effects of blockchain in anti-corruption will far outweigh these negative effects.

Epstein believes that in Nigeria, blockchain's protection of people's rights (such as property rights) can promote a new wave of business development.

Either Nigeria embraces the transformative opportunities blockchain brings, or it risks being left behind, bank executives will argue.

Epstein concluded that in the disruptive situation brought about by blockchain technology, middlemen who charge commissions will face huge risks and their existence will no longer have any real value.

In addition, corrupt governments and officials will also have a hard time in the blockchain system.