Report coming from the attendees of the special event of august, starting with the president of Cryptographic Development Initiative in Nigeria in person of Mr Adeolu Fadele by saying “I want to appreciate everyone for making today”s meetup a success. I understand the audio was poor for the online participants, it will be better managed the next time, However, we also realised there are still huge opportunities for all to key into the project. We all dispersed today in high spirit hoping to come to next meetup with suggestion and idea that can make the project a better success. Thank you all for being part of our history.”
Blockchain awareness in Africa is on the rise as governments and stakeholders are collaborating to enhance proper understanding and education on the fundamentals and implementation of the technology.
A convention of stakeholders
On Aug. 4, the Central Bank of Nigeria (CBN) published a notice inviting stakeholders to a meeting where they will discuss “Virtual currencies as a medium of exchange in Nigeria.”
The notice reads:
“The Central Bank of Nigeria has commissioned a study on ‘Virtual Currency as an Emerging Medium of Exchange.’ To achieve the objectives of the study, there is need for stakeholders meeting to brainstorm and exchange ideas with a view to gathering relevant information on the nature, scope and dynamics of virtual currency operations in Nigeria. This would provide input into the report of the committee.”
The meeting is slated to be held on Aug. 10 at the CBN Headquarters Auditorium in the nation’s capital.
The invitation specifically requests the participation of industry leaders in areas of virtual currency operations such as exchanges, wallet providers, miners, software developers and individual investors.
Nigeria’s first Blockchain conference
Incidentally, this event comes up just days before the first Blockchain conference in Nigeria which is hosted by Blockchain Nigeria User Group and Blockchain Education Network (Nigeria).
According to the Coordinator of Blockchain Nigeria User Group, Chimezie Chuta:
“The Conference will bring together enthusiasts, practitioners, entrepreneurs, startups and software developers playing in the Blockchain and Virtual Currency community, under one roof.”
Chuta says that the purpose of the conference is to spur a wave of startups in the Blockchain and Digital Currency ecosystem in Nigeria and also enable organizations that are interested in leveraging digital currency revolution as an alternative in an economy struggling to get out of recession.
A nation awoken
Nigeria appears eager to embrace Blockchain technology in order to spur its own technological and economic development. The conference will feature experts such as:
- Dickson Nsofor, VP Business Development at Humaniq UK
- Oladapo Ajayi, founder SuperDAO USA
- Miklos Denker, VP Corion Foundation
- Ida Froyda, volunteer at Corion Foundation Switzerland
The Central Bank Nigeria’s (CBN) Committee on “The Study of Virtual Currency as an Emerging Medium of Exchange” will participate as panelists and observers.
To All stakeholders in Abuja
The Central Bank of Nigeria has commissioned a study on “Virtual Currency as an Emerging Medium of Exchange”. To achieve the objectives of the study, there is need for stakeholders meeting to brainstorm and exchange ideas with a view to gathering relevant information on the nature, scope and dynamics of virtual currency operations in Nigeria. This would provide input into the report of the committee.
As a key player in the virtual currency landscape in Nigeria, we wish to invite you to a meeting as follows:
Date: Thursday, August 10, 2017
Time: 9.30 am
Venue: CBN Auditorium at the Head Office, Central Business District Garki, Abuja
We also request that you assist in extending our invitation to your colleagues and clients in the following areas of virtual currency operations: Exchange, Wallets providers, Miners, Software developers and Individual Investors.
Attendance can be confirmed by calling or sending a text or email with details (name, addresses and phone number) of your nominees to Mr. Michael Odima-Ojoh on 0806 620 4220 , 09097618881 or email@example.com on or before 6.00 pm Tuesday August 8, 2017. This is to facilitate entrance into our premises for the meeting.
Please accept the renewed assurances of my highest regards.
Director, Governor’s Department
The Blockchain industry in Nigeria has received a boost as government agencies are collaborating with Cryptography Development Initiative of Nigeria, hereinafter CDIN, in education and implementation of the technology.
CDIN describes itself as a Non-Government Organization, a platform that brings together stakeholders in Nigeria to work on a common interest of addressing gaps in cryptography related developments including crypto-currencies and crypto-ransomware.
In response to CDIN’s invitation for partnership towards what is expected to be the biggest Blockchain event yet in West Africa, ‘Blockchain Nigeria 2017’, the National electronic Fraud Forum, NeFF offers its support to CDIN. This is contained in a letter signed by the Chairman of NeFF, Dipo Fatokun.
In the letter, Fatokun says:
“Please be informed that NeFF is willing to collaborate with CDIN and will assist with technical advice and/or speakers at the proposed 2017 conference on Blockchain. Also note that as the collaboration progresses, NeFF will also count on your support.”
According to Adeolu Fadele, President of CDIN, ‘Blockchain Nigeria 2017’ will be the first international Blockchain conference in West Africa.
With the theme, “Blockchain Nigeria 2017: Effective Tool For Anti-Corruption And Economic Growth,” Fadele says that CDIN hopes to bring together relevant government agencies, investors, consumers and other stakeholders interested in Blockchain technology in order to raise awareness, discourage crime, protect consumers and unlock new jobs and business opportunities in Nigeria.
Fadele also tells Cointelegraph that CDIN is currently negotiating with BitLand on a viable partnership.
Fadele says: “Considering the functions of BitLand as an organization that aims to provide services that allow individuals and organizations to survey land and record deeds onto the Bitshares Blockchain. A project which is already working in Kumasi, Ghana and looking to expand their reach further into the African continent Nigeria is certainly a perfect destination.”
The CEO of BitLand, Larry Christopher Bates expressed optimism and hope towards this project as he looks forward to a fruitful cooperation with the government of Nigeria.
Bates tells Cointelegraph that BitLand hopes to accelerate the implementation of Blockchain technology by cooperating with government officials and developing proper AML and KYC practices for the Nigerian Blockchain community:
“We want to set the standards for compliance to ensure that everything pays attention to protecting the interests of the population while implementing a new technology.”
The event which will be held around the middle of the year is expected to be the hinge on which the disruptive technology in Nigeria and West Africa will swing towards a prospective future.
Other groups and agencies that have shown interest in collaborating with CDIN towards Blockchain Nigeria 2017 and beyond include Cyber Security Experts Association of Nigeria CSEAN, National Information Technology Development Agency NITDA, Banks and other professional bodies.
The CDIN (Cryptography Development Initiative in Nigeria) wishes to invite Innovators, operators and investors operating in Nigeria in the digital asset and blockchain technology ecosystem to join the Nigeria Blockchain Alliance group as a stakeholder, member organization and change champion willing to promote digital assets and blockchain technology in Nigeria.
The Nigeria Blockchain Alliance is a public-private forum pioneered by the CDIN (Cryptography Development Initiative in Nigeria) to promote and protect the digital asset and blockchain technology community in Nigeria.
We are a broad coalition of companies and organizations who have come together with a common goal to make the blockchain ecosystem in Nigeria more secure and to promote further development of this transformative technology.
Our Mission is to provide a forum for open dialogue between industry, law enforcement and regulatory agencies in order to help combat criminal activity on the blockchain.
The Blockchain Alliance is a critical step for protecting public safety by combating criminal activity on the blockchain. But it is also a critical step for the growth of the blockchain industry.
By addressing misperceptions about Bitcoin, other digital currencies, and the blockchain generally, and by highlighting the industry’s good-faith efforts to cooperate with investigations, we can promote an approach to enforcement and regulation that does not stifle innovation.
Innovators, operators and investors operating in Nigeria in the digital asset and blockchain technology ecosystem, including start-ups, digital currency exchanges, software companies, global IT consultancies, financial institutions and investment firms are all invited to join this noble course.
Membership is open to all those committed to supporting and growing this thriving community.
If you share our vision and goals as an entity, kindly use the link below to join
A Nigerian group of experts from various fields of science and technology has teamed up to give a new impulse to the crypto industry in the African country.
As the global awareness of Blockchain and it’s applications continues to spread, the largest black nation in the world has chosen not to be left behind.
Who is a CryptoNigerian?
Adeolu Fadele, Founder and President of Cryptography Development Initiative of Nigeria (CDIN), tells Cointelegraph that his dream is for every citizen to become a CryptoNigerian.
Fadele defines a CryptoNigerian in this manner:
“A CryptoNigerian is a Nigerian that has acquired sufficient knowledge in the innovative technologies powered by cryptography and encryption and capable of enlightening and providing professional guidance to others.”
Obiora Awogu, a forensic analyst with UBA GROUP, says that his goal and intention in being a part of CDIN is to learn, interact and share knowledge on cryptocurrencies and Blockchain.
Awogu is also a cybersecurity expert and a cryptocurrency enthusiast.
Another member of CDIN is Jerry Ojo, a solution developer with the Central Bank of Nigeria and a technopreneur.
“I see CDIN as a pacesetter for cryptocurrency development in Africa. I shall be contributing to research, e-commerce and entrepreneurship opportunity and solutions development.”
Ojo believes that CDIN is blazing a trail and that the impact will be felt all over Africa and beyond.
John Blessing Bamigbegbin is a forensic geneticist. Bamigbegbin says that his expectation from CDIN is the formation of a pioneer educational and informative organization in Nigeria on Cryptocurrency and CryptoSystem. It is hoped that this will foster economic development and reinforce the nation’s cybersecurity.
The group, CryptoNigeria, already holds a weekly meetup which cuts across both physical and virtual participation. With numerous participants spanning across the nation’s various cities, more physical meetup centers are being installed across the country.
The partners of CDIN include Bitnation, Nexxus University, the International Association for Cryptologic Research, among others.
Cybersecurity has become one of the largest security threats to the United States, European Union, Russia, China and pretty much any other nation. Properly executed large-scale cyber attacks can simultaneously disrupt communication, ground military jets, or attack civil infrastructures such as hospitals, power plants and major cities’ communication.
Adeolu Fadele, President and Founder Cryptography Development Initiative of Nigeria (CDIN), says:
“It is now generally believed that the next wars will be fought online, that is why nation-state attacks are now common. For a nation to become or retain world power status in the digital age of today, such nations have to possess exceptional sophistication in cyber defense and attack.”
Perimeter security is unreliable
Existing cybersecurity systems have been vulnerable. In October 2016, A massive Distributed denial-of-service (DDoS) attack took several high-profile websites such as Twitter, Amazon, the New York Times, offline. This attack didn’t target any of these companies directly, but rather Dyn, the company that provides DNS services for each of those sites.
Fadele tells Cointelegraph that the inherent vulnerabilities in our present day systems are the major reason why perimeter defense has become a standard practice. Now that the traditional perimeter fences can no longer hold the fire posed by the Advance Persistent Threat (APT) type of attacks, the need for an attack resistant distributed ledger technology like Bitcoin Blockchain has become inevitable.
Better chances to survive
According to Grant Blaisdell of Coinfirm Blockchain Lab, Blockchain technologies could greatly decrease potential damage due to the simple fact that attackers would have to attack an entire mesh of systems instead of a central point. Moreover, there is a big chance that even if attacked the majority of infrastructure will be unaffected.
“When it comes to IT “perimeter security” is not the best strategy as it leaves targets vulnerable and isolated during cyber attacks. A distributed network with Blockchain-based decisions within it provide better communication and ability to counteract threats,” says Blaisdell.
Governments afraid of losing control
Considering why governments may be reluctant towards embracing the disruptive technology, Blaisdell says that such could be due to the irrational fear of losing control. For decades (or even centuries) all governments and public administrations centralize decision-making and crucial infrastructures but such a strategy is being proven inefficient and insecure with thousands of incidents like email leaks or data thefts. A Blockchain-based unified system for administration, security and even the military would drastically decrease the risk of attack and potential damage.
Fadele provides Bitcoin Blockchain as an example of a distributed ledger system which has survived on the public internet for seven years now without the protection of a traditional perimeter security. “It is today that $14 bln bounties are left out there for anyone to hack.”
He points out the following properties of Bitcoin Blockchain that gives it a better security defense than the traditional perimeter defense:
- Public, Decentralized and distributed transaction records
- Tamper proof and Immutable transaction records
- Real-time audit effects
- Attack resistance
- Censorship resistance
However, Fadele identifies the present challenges that may be slowing down the mainstream adoption of Bitcoin and Blockchain as:
- New and evolving
- Technical complexity
- Bitcoin Regulatory Uncertainty
- Bitcoin Abuse By Criminals e.g. Ransomware
- Scalability Limitations
- KYC/AML gaps
The second generation of digital revolution
The digital revolution that started decades ago is still disrupting existing systems and structures. The first generation of the digital revolution representing the Internet of information has disrupted institutions such as the printing press, post office, library and commutations. Now another round of the digital revolution is here to give us the Internet of value that will change the world of finance and the global economy.
In support of the Government effort to fight electronic fraud in Nigeria and to prevent fraudsters from labeling Nigeria with a negative reputation in the new generation of digital innovation, the CDIN (Cryptography Development Initiative in Nigeria) has created a platform named “Nigeria Blockchain Alliance” to bring together law enforcement agents, military personnel’s, legal practitioners, forensic investigators, bankers, merchants, investors and government agencies in Nigeria for collaboration.
As the world goes through another round of digital revolution, there are immense opportunities to re-position Nigerian Economy for growth by addressing inherent risks in the technology innovations.
Members of the public are hereby encouraged to report any case of cryptocurrency scams involving Nigerians by sending an email to the addresses below.
1. Email subject should read “Fighting Cryptocurrency Scams in Nigeria”
2. Include a name, telephone number and address (For contact).
3. A proper introduction of the complainant with all necessary personal details
4. Complainant sufficient evidence, facts, documents, sources of information including but not limited to evidence of bank transactions, cryptocurrency transactions, phone conversation, chat history, email addresses, contact addresses, pictures, video, a witness etc.
5. “If anonymous, email should have a contact number in case some evidence need to be verified.”
- The Nigeria Blockchain Alliance is only a voluntary service by well-meaning Nigerian Youth intended to complement the efforts of the government agencies in fighting electronic fraud in Nigeria.
- All reports and accusations will be investigated in conjunction with the law enforcement agents and actions taken in line with the existing legal provisions of Nigeria including the New Evidence Act 2011 and the Cybercrime Act 2015.
- Only cases of cryptocurrency’s fraud will be taken up by the Nigeria Blockchain Alliance.
“if you don’t own the keys, you don’t own the coins” (for example web wallets or exchanges) and “if you hand over the keys (have them stolen) or sign a transaction to the wrong destination then you just learned a lesson the hard way”.
The Cryptography Development Initiative in Nigeria (CDIN), a non-profit professional body in Nigeria, partnered with CFIN (Computer Forensic Institute of Nigeria) to pioneer Nigeria Blockchain Alliance (NBA) in October 2016.
President of CDIN Adeolu Fadele said that the initiative is a critical step in ensuring public safety by combating criminal activities on the blockchain, as well as for the growth of the blockchain industry in Nigeria. It brings together legal experts and government agencies to team up in the fight against cryptocurrency related crimes in the country, CoinTelegraph reported.
Speaking with CoinTelegraph, Fadele said that the initiative is in line with the government’s efforts to fight electronic fraud in Nigeria and to prevent fraudsters from giving the country a negative reputation in the new era of digital innovation.
Obiora Awogu, a forensic analyst at UBA Group, told CoinTelegraph that the NBA has successfully handled a number of cryptocurrency scam cases with support from banks and law enforcement agents.
“We recently set up a team to receive and confirm these scams and document and organize the evidence in a professional manner. This will also help in keeping an archive of known cryptocurrency fraudsters in the country,” he said.
Fadele also pointed out the “alarming” rate of the number of cryptocurrency scams reported within just one week of launching NBA. He appreciated the efforts made by the government in the achievement of the New Evidence Act 2011 and the Cybercrime Act 2015.
“Without these two legal provisions, the task of fighting cryptocurrency scams would have been more difficult,” Fadele said.
He further said that as government authorities may not have appropriate visibility into the activities of the unregulated ecosystems, such as cryptocurrencies, the NBA under CDIN has an important role to play. The Nigeria Blockchain Alliance is a voluntary organization that comprises primarily of youths from different walks of life, Fadele added.
“It is important to understand at this point that the Nigeria Blockchain Alliance is only a voluntary service offered by well-meaning Nigerian youths from the public and private sectors including the law enforcement agencies, cybersecurity professionals, military personnel’s, legal practitioners, forensic investigators, bankers, merchants, private companies and regulatory authorities”, he said.
In his concluding remarks, Fadele said that in the long run, the CDIN will seek to collaborate with relevant government agencies and private institutions to develop a policy framework, create awareness, discourage crime, protect the public and unlock new jobs and business opportunities in the Nigerian cryptocurrency and blockchain ecosystem.
Last month, the Central Bank of Nigeria (CBN), in collaboration with the Nigeria Deposit Insurance Corporation (NDIC), established a committee to study the advantages and disadvantages of bitcoin as well as its potential as a payment method.