Over 7000 Nigerians earning 7 dollars weekly from blockchain technology — Expert

Blockchain technology has the potential to transform and enhance Nigeria’s digital economy as well as foster financial inclusion and employment for Nigeria’s teeming youth population, Country Ambassador, impactMarket Nigeria, Kingsley Godwin has said.

Godwin said blockchain has the potential to radically change many societal sectors and to foster open innovation and economic progress.

Addressing journalists at the Blockchain and Social Impact Summit, Godwin said through the impactMarket human empowerment protocol, over 7000 beneficiaries from 20 communities across Nigeria now have access to claim $7 per week and $5.18 per week respectively.

“With this access to more income, beneficiaries have been able to improve the food and nutrition for their families and also improve their small businesses and their standard of livelihood. GoodDollar, another UBI protocol also powered by blockchain technology, is also involved in empowering thousands of beneficiaries across Nigeria”, he said.

Godwin said the potential that blockchain technology has in solving some of the world’s biggest problems is still very much underestimated.

“Over the past few years, emerging economies have come to the forefront of blockchain adoption, with Nigeria being one of the frontrunners and the leading country in Africa in terms of cryptocurrency adoption interest. According to a survey conducted by Statista in 2020, 32% of Nigerians have admitted to using or owning cryptocurrencies.

“The truth remains that Blockchain has come to stay and the emerging technology has the potential to transform and enhance Nigeria’s digital economy as well as foster financial inclusion and employment for Nigeria’s teeming youth population.

“As more individuals, private and public sector organizations begin to find ways to leverage Blockchain for the work that they do, it’s only imperative that the Nigerian government itself should not be left behind”, he noted.

He said financial inclusion can be viewed as a catalyst to lift the rural poor out of poverty by giving them a safe place to save money, build assets, and make their daily lives easier.

“Financial inclusion is not a means to an end, but it is universally recognized as a critical component to reducing the current high levels of poverty and achieving inclusive and sustainable economic growth.

“Financial inclusion is a crucial component of women and youth empowerment. Under the UN’s Sustainable Development Goals, increased financial inclusion is a major goal as it increases resilience and captures economic opportunities amongst poorer households and informal economies.

“A inclusive financial system has the possibilities for a greater volume of resources for investment purposes and for the promotion and development of micro-entrepreneurs. Blockchain technology has the potential to foster greater financial inclusion, encourage economic participation and democratize and decentralize financial services in a new disruptive way”, Godwin stated.

Godwin further stated that blockchain technology can be leveraged to create a more accessible and open financial system. He said the technology enables decentralized financial services, which have the potential to broaden financial inclusion, promote innovation, and create new opportunities for entrepreneurs.

“Due to its transparency, and efficiency in transactions, blockchain technology can also be utilized in empowering low-income households, and improving their living conditions.

“Using the impactMarket Human Empowerment Protocol powered by blockchain technology as an example, the protocol provides Unconditional Basic Income (UBI) and other financial services to underprivileged people enabling them to have access to finances to support their families, their education or their small businesses”, he added.