Emerging Innovation in Blockchain Technology and Cryptocurrency and their Implications for Sustainable Development in Nigeria

Abstract

It is impossible to overstate the importance of blockchain technology in the cryptocurrency space. In the field of Information and Communication Technologies, the two technologies are relatively new (ICT). The cryptocurrency Bitcoin has drawn a lot of attention as one of its first applications. Blockchain Technology was created to enable direct payments or transactions between two parties over the Internet. In this case, the blockchain was acting as the primary ledger for recording Bitcoin transfers and securing the authentication and non-repudiation of payments through cryptographic operations. Governmental and non-governmental organizations have since researched this technology and applied it to a variety of fields, including smart contracts, finance and commerce, copyright and intellectual property, real estate, digital identities, healthcare, and others. This paper provides a brief introduction to blockchain technology and cryptocurrencies and identifies applications for blockchain technology in developing nations like Nigeria in order to promote sustainable development. It is therefore recommend that to empower young people, the government should take advantage of cryptocurrency technology.