Nigeria & Blockchain
With more positive news coming to the forefront of late in terms of countries adopting Cryptocurrencies and the latest technology in Blockchain, it is wonderful to see Africa joining in the party. This time we look at Nigeria and how Blockchain is really starting to change its daily lives.
The Nigerian government is well and truly behind Blockchain and is now working with a UK company to release a Blockchain hub on the African continent. As Cryptocurrency Bitcoin enjoys its continued upsurge in Africa, Blockchain too starts its growth. There are more and more Cryptocurrency exchanges popping up as the continent begins to see the benefits of the new digital economy. The area as a whole is really enjoying the Cryptocurrency industry more than most simply because of its own inconsistent financial markets and environment. Only recently Zimbabwe and South Sudan saw their inflation rates rise to ridiculous figures well over 100%. It is hardly surprising therefore that the new digital economy is being adopted with open arms.
Companies such UK based United Digital Currency Reserve Foundation are supporting such endeavours to assist those living in such unstable financial climates. Not only can the Cryptocurrency industry help but so can Blockchain in many many ways. We are already seeing a boost in the number of Blockchain activities in Africa including superstars such as Akon developing their own Cryptocurrency cities and Blockchain projects.
The Blockchain Laboratory
The latest Nigerian government development sees a Blockchain Laboratory being positioned in Kaduna. The main goal of said lab is to encourage the development of Blockchain throughout the country. This is a wonderful project between Nigeria and Coinfirm (from the UK) which will hopefully see the country become one of the new world leaders in this latest technology. The lab is also tackling scams and hackers head on offering sizeable prizes to those willing to report unsavoury online behaviour. Furthermore, the government is keen to ensure that all Nigerians are brought into the fold and are supported in their endeavours to join in with the new financial and technological revolution. There will be guidance for those wishing to start up Blockchain and / or Cryptocurrency projects, in fact this will be actively encouraged.
Another Money Maker
Bounty Hunting is also becoming pretty popular in this part of the world due to the opportunities it can provide for those living on the bread line. Bounty Hunting is pretty simple and requires little in the way of resources in most cases which is why it is such an attractive offering for those living in Nigeria.
It really is great to see developing countries such as Nigeria enthusiastically take on board what others are too scared to touch. It shows a great sense of trust but also risk in doing so. However, as small countries such as Malta and Gibraltar are certainly showing, in many cases those risks certainly are worth taking. It is going to be extremely interesting see how Nigeria fairs and whether the country really does set the standard for the rest of Africa to follow.