As the world continues to embrace technological advancements, the conversation around integrating blockchain technology into various sectors has gained significant traction.
Aderemi Lanre, the founder and chief visionary officer at Ascendis, on Friday shared insights on how blockchain could revolutionise Nigeria’s electoral process during an interview on Arise TV’s Global Business Report.
Blockchain technology, often overshadowed by the rapid rise of artificial intelligence (AI), offers a decentralised and tamper-proof method for recording transactions and data. Despite the spotlight on AI, Lanre emphasised that blockchain remains a vital and evolving technology with substantial applications, particularly in ensuring transparent and secure elections.
One of the most promising applications of blockchain technology in Nigeria is the implementation of decentralised IDs. Lanre highlighted the potential for blockchain to streamline the voter registration process, eliminating the need for lengthy queues and bureaucratic hurdles.
“By linking voter identification to a decentralised ID system, individuals can quickly and securely access their voting credentials,” Lanre said
“Imagine a scenario where voters no longer need to queue for hours to obtain their voter’s card. Instead, their identification is seamlessly integrated with a decentralised ID, accessible at the polling station. This system would ensure that only eligible voters participate, significantly reducing the risk of fraud and multiple voting,” he noted.
The core strength of blockchain lies in its immutability. Once a vote is cast and recorded on the blockchain, it cannot be altered, duplicated, or destroyed. Lanre explained that this feature could address the perennial issue of election rigging and ballot manipulation in Nigeria.
Votes recorded on the blockchain would be transparent and verifiable, accessible to all stakeholders, including electoral bodies and the general public.
Integrating blockchain technology would mean that votes are cast securely and recorded in real-time. As Lanre noted, “You thumbprint, and your vote is cast on the blockchain. It is recorded, and it cannot be manipulated, edited, or destroyed. It is a permanent and transparent record.”
Lanre discussed the various types of blockchains – public, private, and consortium – and their potential applications.
For a government body like the Independent National Electoral Commission (INEC), adopting a private or consortium blockchain might be the most viable option. This approach allows INEC to maintain control while ensuring transparency and security.
Also Read: Redefinitions: Blockchain Potential For Real Estate Ecosystem In Nigeria
Building a dedicated blockchain for elections would enable INEC to manage the electoral process more efficiently. However, Lanre also mentioned the possibility of leveraging existing blockchain platforms like Polygon or the Binance Smart Chain, which offer robust security and decentralisation features.
A common concern with blockchain technology is its energy consumption, especially with proof-of-work (PoW) consensus mechanisms used by platforms like Bitcoin. However, Lanre pointed out that alternative consensus mechanisms, such as proof-of-stake (PoS) and proof-of-history (PoH), consume significantly less energy while maintaining security and efficiency. This makes them suitable for applications like voting systems, where sustainability is a consideration.
Beyond improving the electoral process, the integration of blockchain technology presents significant opportunities for job creation in Nigeria. As blockchain adoption grows, so does the demand for skilled professionals in various roles, from digital marketing and customer support to software development and smart contract writing.
Also Read: Beyond Bitcoin: Exploring the Diverse Landscape of Altcoins
Lanre’s personal journey into the blockchain space via customer support illustrates the diverse career paths available within this burgeoning industry.
As Nigeria continues to seek solutions for its electoral challenges, blockchain technology emerges as a promising candidate. The potential for secure, transparent, and efficient elections could transform the democratic process, restoring public trust and ensuring that every vote counts.
Also Read: Drama Over Inspection of Electoral Materials as INEC Goes to Court
While challenges remain, the conversation sparked by thought leaders like Aderemi Lanre underscores the need for continued exploration and investment in blockchain solutions.
With the 2027 elections on the horizon, Nigeria has a unique opportunity to leverage blockchain technology for a fairer, more transparent electoral process.
As Lanre aptly put it, “We never know what the future holds, but the possibilities are exciting.”
In a defining year marked by an audacious boardroom overhaul and a transformation in corporate… Read More
UPDC Plc's financial performance for the year ending December 31, 2024, demonstrates a notable recovery… Read More
An International Monetary Fund (IMF) team, led by Axel Schimmelpfennig, the mission chief for Nigeria,… Read More
The United States is intensifying its efforts to counter China's dominance in the global maritime,… Read More
With support from the US Consulate General in Lagos, the Media Career Development Network (MCDN)… Read More
China has ceased all imports of liquefied natural gas (LNG) from the United States, marking… Read More
