SiBAN advocates blockchain adoption to combat food shortages
The Blockchain Technology Association of Nigeria, a self-regulatory agency, has said blockchain adoption is the solution needed to transform the country’s agricultural landscape.
According to SiBAN President Obinna Iwuno, the country’s economic backbone lies in agriculture and natural resources, but fragmented and inefficient supply chains have hindered progress.
The United Nations projected in July that 82 million Nigerians, or about 64 per cent of the country’s population, might go hungry by 203.
It called on the government to tackle climate change, pest infestations, and other threats to agricultural productivity.
According to the National Bureau of Statistics, in July, the food inflation rate was 39.53 per cent on a year-on-year basis, an increase of 12.55 percentage points compared to the 26.98 per cent recorded in July 2023.
The SiBAN president told The PUNCH that blockchain technology would enable the creation of transparent and immutable supply chain networks, allowing stakeholders to track the journey of agricultural products from farm to table.
“By recording every transaction and movement on the blockchain, stakeholders can verify the authenticity and quality of products, thereby reducing the risk of fraud and ensuring food safety,” he said.
He said blockchain-powered smart contracts could enable farmers to access credit, insurance, and other financial services without relying on traditional banks, addressing the limited access to financial services in rural areas.
The blockchain expert also highlighted the potential of blockchain in data management and analytics, enabling the secure and decentralised storage of data and providing real-time insights for informed decision-making and improved productivity.
According to an AI enthusiast, Isaac Garba, the blockchain system can make critical farm produce information easily accessible and traceable.
He said it is also well-known for its ability to carry out global transactions in a timely, secure, and reliable manner.
“With it, farmers in Africa will be able to send and receive funds from business associates both within and outside of their countries without delay or fear of fraud as a result.
“We can safely say that blockchain technology has the potential to alleviate the continent’s dreaded poverty scourge, if not eradicate it,” he said.
