The Chief Economist, PricewaterhouseCoopers, Dr Andrew Nevin, has identified blockchain as a technology that will be useful for conducting elections in the country in the next 10 years.
According to him, the technology, which has found application in various government agencies like the Nigerian Customs services, and private sector, can be used to verify the results of an election.
“Blockchain has a way of increasing trust and we are a low-trust society, so this technology is good for us,” he said.
Speaking at the New Members Induction of the Institute of Directors in Lagos, Nevin noted that every company was under threat by technology firms as they could lose a lot of value overnight.
This, according to him, is because new technologies such as Augmented Reality, virtual reality, Artificial intelligence, drones, blockchain, Internet of Things, robots and new user interface are constantly disrupting traditional business operations.
Addressing the theme, ‘Eight technologies every director needs to be aware of,’ he encouraged business leaders to prevent loss of important information by storing their data in the cloud.
In the healthcare sector, he said it was possible for Nigeria to offer healthcare services like the developed countries through the adoption of artificial intelligence in diagnosis and treatment.
Despite restrictions by the government due to security concerns, he pointed out that remote inspection of farmlands using drones was one area that Nigeria could benefit from.
“Drone is important for Africa. You can remotely inspect your infrastructure with it. It will be massive for agriculture. Drones can help in the delivery of parcels in congested areas like Lagos,” he added.
“Much of the things happening with robotics are software. Software in the financial industry is taking over tasks. These programmes duplicate what has been done before. This is going to have a real impact on the economy because companies are looking to cut costs.”
The President, IoD, Alhaji Ahmed Mohammed, in his welcome address, congratulated the new inductees for joining the institute, urging them to practice the tenets of governance.
He noted that most investors based their decisions to invest in a country on the level of corporate governance in the country.
According to him, the institute has teamed up with the Federal Reporting Council to drive the corporate governance code which directors and other stakeholders are expected to comply with.
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