The twin was at this year’s Beacon of ICT lecture to provide insight on impact of Blockchain Technological innovation in a Digitalized Nigeria.
Providing the keynote speech, Dr. Oluseyi Akindeinde, reiterated the value of technological know-how in advancing human living circumstances.
In accordance to him, “ If we glimpse at the progression of electronic technological know-how from laptop program. Blockchain is the 3rd most crucial piece of know-how that has been invented over time.
“The to start with becoming the own computer system, the next getting the web and the third blockchain technologies. In advance of I say what blockchain is, I want to explain what blockchain is not.
“There is this false impression that every single time you talk about blockchain the upcoming detail people today communicate about is cryptocurrency. Right before laptop or computer there was calculator. Is like when laptop or computer came we then started to seem at computer as calculator. No. individuals declaring that blockchain is cryptocurrency are misrepresenting it.
“It is similar as contemplating that the web is about e-mail only. Cryptocurrency is 1 bit of blockchain. When we say one thing is engineering, there are a few basic items that technologies requirements to fulfil. Very first, does it make you income – if there is a piece of technological know-how people today will want to see if it does have an effect on their base line.
“Second Is it program oriented – program in personal computer science implies conserve oneself stress, time, Vitality and cash. If any technological innovation does not preserve anxiety, time, electricity and income these types of know-how is worthless. Third does it fix a issue?
Akindeinde nonetheless, describe blockchain technologies as is program. But different from the software program we are applied to mainly because blockchain software program is underpin by innovative cryptography and mathematics.
He further defined that blockchain came about simply because of fundamental issue with the online.
“When you are on the world-wide-web it offers 1 the skill to move information from a single spot to the other. For instance, I can sit down in my dwelling and ship email. That e-mail will get to the place I am sending it to.
“As I send out that electronic mail it is not worthwhile. There is no price to the electronic mail for the reason that I can send that particular email to multiple people. When you can deliver several email messages from 1 source, inherently, there is no worth. Anything that is of price has to be scarce.
“Around 2008, somebody sat down and asked, is there a way we can go benefit just as I am right here now, my driver’s license is worthwhile to me. Income is worthwhile as very well.
“How can I move benefit on the world-wide-web? The only way we can go benefit on the net is to have a 3rd social gathering. If you have a 3rd social gathering in the middle of two men and women transacting you have counterpart threat. So, how do I consider out that counterpart possibility.
“How do I simulate what comes about in the true entire world? In the authentic environment, if I go to a retail outlet to buy something, I will shell out the retail store keeper and obtain the items. That income I paid serves as a payment and settlement. I really don’t need to have any person to do clearing and settlement, that income assumes all that.
“The difficulty with that is if I am not in the similar region or surroundings with the shop keeper, there is no way I can transfer that funds so I need to have another person who is likely to sit in-among me and that particular person that will validate that I have that cash. We are seeking to address the issue of double spending. We can signify this worth digitally. How can I digitally represent value?
“Representing value digitally is not copy and paste. It is basically going worth, attempting to eradicate counterpart risk by eliminating third social gathering to get value.
“We have different authentication methods on the internet that run in silos. Self- sovereign Id is what is utilised in blockchain. Can not we have authentication procedure that resides with the persons instead than with a server at 1 locale or the other,” he said.
Dr. Adewale Obadare, main visionary officer, Digital Encode, responding to dilemma onn why United States of America has not fully adopted Blockchain technological know-how. Reported that the problems we have in Africa is not the similar as in United States.
He cited case in point of EMV technological know-how in electronic card – chip & pin playing cards exactly where US is even now utilizing Magnetic stripe, due to the fact they have payment manage these as social security selection amid many others. If any person steals dollars they will observe the human being down, we don’t have that listed here.
“The disconnect here is that Usa has performed their threat administration, simply because of the range of ATMs and cards in circulation they made the decision to be accomplishing it in phases.
“But, in Nigeria because we do not have significantly ATMs and playing cards it was easier for central bank of Nigeria to employ migration to chi and pin. The same issue with the blockchain, we do not have to experience what the United states experienced endured in advance of we leapfrog,” he mentioned.
Cyber protection Efforts in Nigeria
Dr. Wale Obadare and Dr. Oluseyi Akindeinde, both equally founders of Electronic encode have expressed concerns in excess of the implementation of none impactful cyber safety options to corporations by sellers which has resulted in greater reduction of dollars and info by corporations.
They cautioned organisations on around dependence on cyber stability solutions for protection against cyber -attacks.
Obadare, even further stated that important problem businesses confront in the battle from cybercriminal and cyber warfare is lack of experienced manpower.
“I have been in cyber stability ecosystem for numerous decades now and have identified deficiency of properly trained manpower in most businesses. Cyber protection is not a certification that speaks for you, but a constant education to be forward of the sensible criminals, most organizations uncover it complicated to constantly update their IT safety staff to be in a position to experience cyber threats,” he explained.
Akindeinde, emphasised on the require for a nationwide cyber security framework against industry details frameworks.
“There are a quantity of frameworks aimed at assisting most organizations in blocking cyber attacks. A prime instance is the ISO 27001 ISMS. A more distinct a person for the financial / payments sector is the PCI DSS. This is a regulatory framework. I think it is a situation of the stage of maturity of cybersecurity in the banking sector. Other sectors have not obtained to that sophisticated phase of maturity which is why the banks appear to be to be at the forefront of avoiding and addressing issues linked to Cybersecurity,” he explained.
At Digital Encode, technology serves two uses: to help you save revenue and address a dilemma. Digital Encode also supplies advisory companies toward improvements in Facts Security Administration, Community Protection, Vulnerability Administration, Penetration Screening, Pc Forensics, Possibility Management and Company Continuity Administration.
Digital Encode’s unique methodology is rooted in the thought that a enterprise really should run its IT organization as a business enterprise. Through the well -defined approach, Electronic Encode interprets strategic small business goals into sound, achievable technology options. This approach makes certain that the know-how by no means obscures the small business goals.
Digital Encode has managed several projects for banking institutions in the country between them incorporated penetration screening and vulnerability assessments for PCIDSS certifications.
It has also assisted quite a few organisations to provide ISO 27001:13 certification which is a testament to their teamwork, emphasis, push and will to realize success.
Recently, Electronic Encode got accredited below the Facts Defense Compliance Organisations (DPCO) by the Nationwide Details Technological innovation Development Company (NITDA).
With the progress, Electronic Encode is recognised by NITDA to present instruction, auditing, and consulting companies during the country in line with the Nigeria Data Protection Regulation (NDPR) concepts.
Amongst the aims guiding the regulation ended up the protection of the privateness legal rights and freedoms of Nigerian citizens, on the one particular hand, and the marketing of local and overseas investments in the electronic economic climate by safeguarding the info programs infrastructure in opposition to breaches and applying internationally compatible rules.
Electronic Encode and founders have been conferred with a number of awards in recognition their initiatives in groundbreaking efficient cybersecurity approach in Nigeria and Africa as well as its high-quality-driven functions and world-wide finest apply requirements in Details Safety Management and Compliance Advisory ecosystem amongst them integrated the ‘Africa’s Most Ground breaking High-quality Cyber-Protection Consulting Company’ by African Top quality Institute.
The firm bagged Excellence Award in Compliancy Advisory Organization and Cybersecurity Mastery Award at the prestigious Beacon of ICT Awards 2022 organised by Nigeria CommunicationsWeek .
Dr. Oluseyi Akindeinde, chief technological innovation officer and Dr. Adewale Obadare, chief visionary officer equally founders of Electronic encode, emerged as Guy of the Yr and Cybersecurity Mastery Personalities of the Calendar year.