Valentine Waturuocha, a seasoned software engineering and technology executive based in Australia, has emphasised the transformative potential of blockchain and cryptocurrency technology in Nigeria. 

With extensive experience consulting for top firms like Citibank International, PwC, Bank of Scotland, and IAG Insurance, Waturuocha believes that these emerging technologies can enhance transparency, financial inclusion, and economic growth in the country.

In an interview, Waturuocha highlighted the role of blockchain in promoting transparency by providing an immutable ledger for recording transactions. 

He explained that this transparency can strengthen trust in key areas like voting, public spending, banking, and charitable donations. 

“Once data is recorded on the blockchain, it cannot be altered or tampered with, making it a powerful tool for ensuring fairness and accountability,” he said.

Waturuocha also underscored the potential of blockchain and cryptocurrency to improve financial inclusion by providing access to financial services for the unbanked population.

“With blockchain, individuals don’t need traditional bank accounts to send, receive, or store money, which can facilitate secure and low-cost transactions for people in remote or underserved areas,” he added.

On the broader economic impact, Waturuocha noted that cryptocurrencies can stimulate growth by offering alternative investment opportunities, reducing transaction costs, and fostering innovation through decentralized finance (DeFi). 

He emphasized that borderless transactions enabled by cryptocurrency can enhance trade and drive economic activity.

He further highlighted blockchain’s role in fighting corruption, explaining that the technology can help track government spending, procurement, and contracts. 

“Blockchain’s transparency and immutability reduce opportunities for fraud and bribery, thereby curbing corruption,” he said.

In addition to governance, Waturuocha noted that blockchain could transform supply chain transparency by ensuring end-to-end traceability of goods and services, thereby preventing counterfeit products and promoting ethical sourcing. 

He also pointed out its potential to improve data privacy by giving individuals control over their personal information and enhancing digital identity security.

Discussing healthcare, Waturuocha explained that blockchain could securely store patient records, streamline data sharing between healthcare providers, and prevent fraud in insurance claims, thereby enhancing efficiency and trust in the system.

During financial crises, Waturuocha suggested that cryptocurrencies could serve as a safe-haven asset. 

“In countries experiencing currency devaluation, cryptocurrencies can help citizens protect their wealth from hyperinflation,” he noted.

On the issue of charitable giving, Waturuocha said that cryptocurrency could enhance trust by ensuring transparency in how donations are used. 

“Donors can track their contributions through blockchain technology to confirm that their money is spent appropriately,” he added.

In conclusion, Waturuocha acknowledged that the relationship between cryptocurrency trading and a nation’s currency value is complex, influenced by factors such as capital flows, inflation, and government regulations. 

However, he stressed that countries open to adopting and regulating cryptocurrencies are likely to experience more positive impacts than those that impose strict controls or bans.

For Nigeria, Waturuocha believes that embracing blockchain and cryptocurrency could pave the way for greater transparency, economic growth, and innovation across various sectors.

[TheNation]