Soramitsu, a global leader in blockchain technology, has entered into a strategic partnership with the Nigerian Institute of Social and Economic Research (NISER) to drive blockchain research, capacity building, and applications in Nigeria. This collaboration marks a significant milestone in Nigeria’s efforts to leverage emerging technologies for economic development, as the country continues to explore the benefits of blockchain technology in various sectors.
Soramitsu has built a solid reputation as a pioneering technology company that delivers blockchain-based solutions to governments, universities, and enterprises across the globe. Its expertise includes the development of various Central Bank Digital Currencies (CBDCs), including the Bakong CBDC in partnership with the National Bank of Cambodia, and a CBDC Proof-of-Concept with the Bank of the Lao People’s Democratic Republic. In addition to its work with central banks, Soramitsu has been involved in developing payment systems, identity verification technologies, and cross-border security settlement solutions using distributed ledger technology (DLT). Soramitsu’s portfolio extends to projects like the creation of a closed-loop payment system for the University of Aizu in Japan and an identity verification prototype for Bank Central Asia in Indonesia.
NISER, established in 1960, stands as Nigeria’s leading public policy research institute. It has played a crucial role in shaping the nation’s development strategies and policies over the decades. The institute has contributed to the formulation of major national development plans, including the First to Fourth National Development Plans, the National Economic Empowerment and Development Strategy (NEEDS-2), and the country’s current Medium Term National Development Plan (2021-2025). As a critical think-tank, NISER has also been instrumental in drafting national economic blueprints, such as the National Human Development Report (2016) and the National Social Protection Policy (2017).
Partnership Objectives: A Knowledge-Industry Collaboration
The partnership between Soramitsu and NISER is centered around a Knowledge-Industry collaboration model. Under this arrangement, NISER will contribute its extensive expertise in public policy and economic analysis by providing local context knowledge that will serve as a foundation for blockchain-related research. On the other hand, Soramitsu will leverage its deep technical expertise to enhance the research capabilities of NISER and other Nigerian research institutions in blockchain technology.
A key focus of Soramitsu’s contribution to the partnership will be on blockchain technologies such as SORA, Central Bank Digital Currencies (CBDCs), and Hyperledger Iroha. The collaboration aims to equip Nigerian researchers and institutions with the necessary tools and knowledge to explore these technologies and their potential applications in the local economy. By strengthening the blockchain capacity of Nigerian knowledge centers, the partnership seeks to foster a generation of experts who can contribute to the nation’s development goals.
Exploring Blockchain for Financial Inclusion and Economic Efficiency
One of the most promising aspects of this partnership is its focus on using blockchain technology to address Nigeria’s financial and economic challenges. Blockchain offers the potential to promote financial inclusion by making banking and financial services more accessible to underbanked populations. This can be achieved through the development of decentralized financial solutions, such as digital wallets and mobile-based financial platforms, which can reach remote areas where traditional banking infrastructure is limited.
Furthermore, blockchain technology has the potential to reduce inefficiencies in various sectors of the Nigerian economy by streamlining processes and enhancing transparency. For instance, blockchain can be applied to supply chain management, ensuring that goods are tracked and accounted for throughout the supply chain. This can reduce corruption, improve accountability, and enhance overall productivity.
The collaboration will also explore innovative blockchain projects that align with Nigeria’s broader developmental goals. By implementing blockchain-driven initiatives, the partnership hopes to address key economic issues, drive technological innovation, and contribute to the country’s sustainable growth.
Soramitsu’s Global Experience and Local Impact
Soramitsu brings to the table a wealth of global experience in blockchain technology, particularly in the realm of digital currencies and distributed ledger technology. Its work on the Bakong CBDC with the National Bank of Cambodia has been widely regarded as a success in promoting financial inclusion and modernizing payment systems. Similarly, its collaborations with central banks in the Lao PDR and the Solomon Islands demonstrate its expertise in deploying blockchain-based financial solutions in emerging economies.
Through this partnership with NISER, Soramitsu aims to apply its global expertise to the Nigerian context. The company’s involvement in capacity building and research development is expected to create a robust foundation for blockchain innovation in Nigeria. By fostering collaboration between academia and industry, Soramitsu and NISER are positioning Nigeria to become a leader in blockchain research and implementation in Africa.
In conclusion, the partnership between Soramitsu and NISER signifies a major step forward for blockchain technology in Nigeria. Through knowledge-sharing, capacity building, and the exploration of innovative blockchain projects, the collaboration aims to promote financial inclusion, reduce economic inefficiencies, and contribute to Nigeria’s long-term development. With Soramitsu’s global experience and NISER’s local expertise, this partnership is set to make a lasting impact on Nigeria’s journey towards a blockchain-enabled future.