The National Information Technology Development Agency (NITDA) says the global market for blockchain technology is expected to grow over $39billion by 2025.
Director-General of NITDA, Mallam Kashifu Inuwa, disclosed this recently at the Blockchain Summit Day during the Digital Nigeria Conference and Exhibition organised by the agency in Abuja.
Inuwa stated that the success of cryptocurrencies, stablecoins, Non-Fungible Tokens (NFTs), Metaverse, and Web3 was beginning to take over industrial and financial space.
“With Blockchain Technology supporting these new-age concepts, we can expect that the future will belong to decentralised resources. After cryptocurrencies gained much traction, blockchain technology emerged as one of the most promising technologies to transform businesses.
“Today, many large and medium-sized enterprises are exploring the Blockchain’s potential to make a place in the competitive market. The global market for blockchain technology is expected to grow over USD 39 billion by 2025,” he said.
The D-G also noted that the NFT market alone was having a steady growth as financial and other activities went from physical to digital.
Inuwa explained that Blockchain was at a point where large corporations and governments were beginning to comprehend its potential to improve people’s lives and build more resilient organisations.
Also, he informed that the metaverse concept had become a real phenomenon, with many popular platforms enjoying massive user bases.
The D-G said: “One of the significant aspects of the metaverse design is decentralisation, which would enable transparency and seamless access to the metaverse.
“Asides from decentralisation, metaverse also relies on blockchain capabilities for ensuring user governance privileges alongside verifiable provenance.”
Inuwa added that blockchain pushed for the emergence of digital transparency and integrity, leading to extensive changes in business models and governmental functions.
According to him, it will facilitate the development of the Nigerian digital economy by supporting the digital transformation agenda in a way that promotes efficiency, transparency, and productivity.
“Innovators in various fields are maximising the benefits of this incredible technology from medicine to agriculture, finance, governance, education, transport and across the global supply chain.
“Innovators are exploring ways to use blockchain technologies to disrupt and transform traditional process models. With its decentralised and trustless nature, Blockchain technology can lead to new opportunities, benefit industries through greater transparency, enhanced security, and easier traceability”, he said.
Inuwa said NITDA was inclined to deploy its statutory responsibility towards innovative technologies to develop strategies for a healthy IT ecosystem that encapsulates emerging technology such as Blockchain.
