I saw in a recent news article that Nigeria is considering developing a domestic blockchain called "Nigerium" to boost national security and protect our data.
Apparently, the National Information Technology Development Agency (NITDA Nigeria) is driving this initiative to ensure compliance with Nigerian laws and give us more control over our data.
A report by Reportafrique championed by Chanu Kuppuswamy and her colleagues at the University of Hertfordshire Law School stated that NITDA's Director General, Kashifu Inuwa Abdullahi, CCIE, believes that a locally developed blockchain protocol would be more secure and align better with our regulations compared to foreign ones like Ethereum.
Chanu greatly supports this, as she highlighted the risks of using blockchains outside our control, which could make us vulnerable to data breaches and lack of regulatory compliance.
To add to Chanu Kuppuswamy and her team's advocation for an alternative to foreign blockchain protocols like Ethereum, they recommended setting up a data embassy or server hosted in a neutral country to protect our data from cyberattacks and other threats.
This effort of developing Nigerium is expected to be a collaborative initiative involving NITDA and various public and private sector stakeholders.
The timeline for this project, however, remains unclear. But it seems exciting, right? 😀
What do you think?
Can Nigeria truly embrace blockchain technology for data security?
I'd like to read your thoughts in the comments! 💬🔗
P.S. Here's the news source for more details: https://news.bitcoin.com/nigeria-considers-domestic-blockchain-for-data-security/