Vice President of the Federal Republic of Nigeria, Yemi Osinbajo has said that blockchain technology would be used to prevent corruption in government contracting, public procurement process and protection of public records.
Oyogist.com learnt that Vice President Osibanjo made this known during the 25th Annual Conference of Certified National Accountants, with the theme: Disruptive Technologies and Innovation: The Place of Accountants, which held in Abuja.
Prof Osibanjo said;
“These technology can be used to prevent corruption in government contracting, public procurement process and protection of public records.”
“The blockchain technology facilitates “triple-entry bookkeeping,” where transactions are recorded simultaneously on the ledgers of the companies doing business and so also on a third, shared ledger on a blockchain.
“The beauty of this technology is that it is distributed, secure, and cannot be edited. Funds and transactions take place instantaneously, therefore getting rid of the need for accounts receivable and payable, and giving a near-perfect accuracy of the balance sheet and income statement” He said.
“Let me conclude by challenging you all. The administration of President Muhammadu Buhari calls for your support, contribution, and partnership in using these innovative technologies to drive change in governance especially with respect to increasing the level of transparency and accountability in the management of public resources and in the fight against corruption.
” Government is also counting on your partnership in identifying ways of using these innovative technologies to generate more revenues so that together we can create a more prosperous nation where there is social development, inclusive economic growth and creation of job opportunities for our youths”. Osibanjo concluded.