Lagos State Governor Babajide Sanwo-Olu yesterday sought the adoption of Blockchain technology in financial and other transactions.
He stated this at the 12th Annual Public Lecture organised by the Institute of Chartered Accountants of Nigeria (ICAN), Lagos State Public Service chapter.
The governor, who was represented by the state Permanent Secretary/Accountant-General, Dr. Abiodun Muritala, said from their experience during the outbreak of the COVID-19 pandemic in 2020 when businesses were conducted online, the use of Blockchain technology had become the ‘’new normal’.
Sanwo-Olu said businesses were being faced by various ‘’turbulence, complexities and ambiquities’’ and that only technology could show them the way out.
He said the plan should be how to institutionalise Blockchain in businesses.
Outgoing Chairman of the ICAN Chapter, Mr. Kayode Oyegunle, said they adopted the theme, “Exploring Benefits of Block Chain Technology to achieve the THEMES agenda of Lagos State’’ because of the importance they attach to the state administration.
Noting that Sanwo-Olu had made ‘’remarkable achievements in critical sectors of the economy’’, Oyegunle said the integration of the technology into the government’s projects and programmes could even help him to achieve more.
However, as an emergoing technology, which inlude Bitcoins and among others, the chairman said, there was the need fo educate the people on its merits.
“Blockchain is a method of recording information that makes it possible or difficult for the system to be changed, hacked or manipulated…,’’ he added.
Guest speaker, Rasak Jaiyeola, listed the benefits of Blockchain technology to inlude integrity, transparency, and trust.
Jaiyeola, a former President of ICAN, said since it was first used by Ecuador in 2015 as a national currency, Blockchain had been embraced by over 30 countries, including United States and China, attributing this quick spread to its key characteristics of validity, finality and security.
Jaiyeola, who noted the importance of Blockchain to economic growth and development, advised accountants to ‘’pay special attention to the use of the technology’’.
For public service accountants, Jaiyeola said the technology is even more usefulness as it would help to reduce corruption in budgeting and produrement, adding that for Customs workers, it would help them better.
