Lagos State Governor Babajide Sanwo-Olu has suggested the adoption of Blockchain technology to resolve the turbulence, complexities, and ambiguities of financial and other transactions.
He stated this at the 12th Annual Public Lecture organized by the Institute of Chartered Accountants of Nigeria (ICAN), Lagos State Public Service chapter.
Sanwo-Olu, 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 in the state and country by extension are being faced with various problems and technology is the only solution.
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 programs could even help him to achieve more.
However, as an emerging technology, which includes Bitcoins and among others, the chairman said, there was a need to 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 include 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 the 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 useful as it would help to reduce corruption in budgeting and procurement, adding that for Customs workers, it would help them better.