Potential application of blockchain to the law in Nigeria and the AfCFTA: What does the future hold?
‘…enable the coherence of existing and future digital policies and strategies at regional and national levels and mobilize effective cooperation between institutions. Furthermore, ‘…build inclusive digital skills and human capacity across the digital sciences, judiciary and education, both technical and vocational, to lead and power digital transformation including coding, programming, analysis, security, blockchain, machine learning, artificial intelligence, robotics, engineering innovation, entrepreneurship and technology policy and regulation’.
Benefits of blockchain to the Legal profession?
There are a number of obvious ways through which blockchain technology can benefit a wide range of systems and processes across different sectors. In view of the rate at which technology is developing, it is progressively becoming the international standard for businesses. No business seeks to become redundant or irrelevant, and quite a number of reputable and long-standing organizations have commenced on blockchain ‘Proof-of-Concept’ projects and use it for their day-to-day operations. Some of these include the shipping and marine logistics Norwegian company; Maersk and American supermarket chain; Walmart. Where there is an enabling environment, the creativity of enterprising individuals and business organisations inevitably leads to new found possibilities with the ease of doing business. In view of this revelation, here are some of the ways blockchain technology can benefit the legal profession: