In order to safeguard national security and preserve data, the National Information Technology Development Agency (NITDA) has made public its intention to create an indigenous blockchain known as “Nigerium.”
The discovery that the majority of well-known blockchain technologies, such as Ethereum, are in the control of foreign developers who might not put Nigeria’s interests first, served as the impetus for this action.
In an announcement made to delegates from the University of Hertfordshire Law School in Abuja, NITDA’s Director General, Kashifu Abdullahi, stated that the project would bring the public and commercial sectors together to develop an indigenous blockchain.
Mr. Abdullahi agreed that the proposed blockchain would improve national security and the safety of citizen’s data. He strongly emphasized the importance of developing an Indigenous blockchain as it would help Nigeria have full control over its data and positions.
The idea for the Nigerium project, a homegrown blockchain for Nigeria was initially proposed and presented by a delegation from the University of Hertfordshire Law School, led by Chanu Kuppuswamy.
Chanu argued that developing a homegrown blockchain for Nigeria would allow Nigeria to customize the technology according to its needs and make sure that it aligns with the country’s laws and regulations.
Chanu also harped on the potential risks of relying on foreign-made blockchains giving an example of when Ethereum recently made steep changes to its blockchain without consultation with its users. She noted that if Nigeria adopts a foreign blockchain it would be difficult for the country to stamp its influence on key decisions surrounding the blockchain.
The Hertfordshire delegation led by Chanu Kuppuswamy also suggested that Nigeria set up a Data embassy. This embassy will comprise a server hosted in a third-party country that would provide digital continuity and shield the country’s data from adverse events like Natural disasters, cyber-attacks, and other threats.
The delegation finally suggested Nigeria look into harmonizing blockchain technology across government agencies to promote interoperability and interdependence.
