THE PLACE OF INDUSTRIAL POLICY IN THE ADOPTION OF BLOCKCHAIN TECHNOLOGY IN NIGERIA
Abstract
The world has metamorphosed to a higher realm due to current technological innovations and advancements in computer science by introducing blockchain technology. Hence, this paper reviews the place of industrial policy in the adoption of blockchain technology in the modern Nigerian society. The objectives of the paper included highlighting the application, the benefits as well as the challenges in the adoption of blockchain technology in Nigeria. By utilizing the Theory of Planned Behaviour, the paper revealed energy sector, fintech, trading business and media etc as areas where blockchain technology is applicable in Nigeria. It also revealed security problem, lack of data protection, technological know-how and lack of constant power supply among others as the challenges facing the adoption of blockchain technology in Nigeria. The paper equally highlighted job creation, increased efficiency, improved transparency and accountability and decentralised mode of transactions among others as the benefits. These benefits and challenges suggest the need for government and industries to regulate blockchain technology by drafting an adoption framework and policies that is consumer based and providing guidelines for service providers. The paper concluded that blockchain technology has come to stay with us and therefore recommended capacity building, public-private partnerships, incentives for blockchain businesses, monitoring and evaluation be put in place to enhance the adoption of blockchain technology amidst industrial policies in Nigeria.
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