Blockchain is a digital record comprising many data blocks, organised chronologically, linked, and secured by cryptographic proofs. It consists of a distributed ledger technology, which constitutes a physically decentralised and secure database, in the sense that data are not held in one central site but rather held and updated simultaneously across several sites, theoretically making it more difficult to hack. Blockchain allows generated information to be stored in “blocks,” each of which is “stamped” and linked to the previous one, creating an unchangeable record of transactions.

Rajesh Kandaswamy, David Furlonger, and Andrew Stevens, who are Financial Analysts with Gartner Research Firm (an American Technological Firm that conducts technological research and shares its research with the public) forecast that the business value generated by Blockchain will grow rapidly in the future, reaching $176 billion by 2025 and $3.1 trillion by 2030.

The Nigerian Government, in its effort to take advantage of the technological revolution, on May 4, 2023, approved the implementation of the National Blockchain Policy in Nigeria. This policy referred to as the “National Blockchain Policy 2023” is targeted at establishing a blockchain-based economy which is capable of improving digital transparency, efficiency, and secure digital transactions.

This paper highlights and analyses the relevant provisions of the key chapters of the policy and its implementation in Nigeria.