CFTC Receives DeFi Crash Course

The US Commodity Futures Trading Commission (CFTC) held their first Technology Advisory Committee meeting in Washington D.C. on March 22. As part of the scheduled meeting, members from the crypto space gave presentations to the CFTC, providing a DeFi crash course on key issues impacting the space. CFTC commissioner Christy Goldsmith Romero opened the meeting with remarks on the importance of understanding how DeFi works, as policy decisions related to DeFi are currently being made by regulators and lawmakers.

The panel began with an explainer on DeFi and blockchain technology, outlining the claimed benefits of blockchains, namely transparency, immutability, and privacy. Ari Redbord, head of legal and government affairs at blockchain intelligence firm TRM Labs, provided an overview of decentralization, highlighting the total value that entered DeFi in the last two years. Redbord concluded that DeFi is absolutely here to stay, and regulators should lead it in the right direction.

Carole House, executive in residence of venture firm Terranet Ventures, and Jill Gunter, chief strategy officer of blockchain infrastructure company Espresso Systems, then provided an overview of the current solutions for digital identity and noncustodial wallets, using Ethereum Name Service and MetaMask wallet as examples.

Michael Shaulov, founder of Fireblocks, and Dan Guido, founder of Trail of Bits, then presented the exploits and vulnerabilities that have taken place in the market. Throughout 2022, the top 10 exploits in crypto alone saw over $2 billion lost, with DeFi on the receiving end of 113 exploits out of the 167 carried out across the year.

The DeFi portion of the meeting ended with members unanimously voting for creating a Digital Assets and Blockchain Technology Subcommittee, which will focus on the “why of DeFi,” what problems it solves, use cases, vulnerabilities, and proposed legal and policy frameworks.

DeFi, short for decentralized finance, is a financial system built on public blockchains that seeks to disrupt traditional financial systems by enabling peer-to-peer transactions without the need for intermediaries. DeFi platforms provide access to financial services such as lending, borrowing, trading, and investing, with a focus on openness, transparency, and decentralization. The DeFi ecosystem has grown significantly in recent years, with DeFi’s total value locked reaching around $49.1 billion, according to DefiLlama, rising from around $15 billion at the beginning of January 2021.

Blockchain technology, the underlying technology powering DeFi, is a distributed ledger technology that enables decentralized transactions, immutability, and transparency. By removing intermediaries and enabling direct peer-to-peer transactions, blockchain technology provides a more efficient, secure, and transparent way of conducting transactions.

Digital identity is another critical aspect of DeFi, as it enables individuals to participate in the DeFi ecosystem without having to disclose their personal information. Digital identity solutions such as Ethereum Name Service and MetaMask wallet provide users with noncustodial wallets, enabling them to hold their own private keys and manage their own funds.

Exploits and vulnerabilities are an ongoing concern in the DeFi ecosystem, as the space remains largely unregulated. Hacks and exploits can result in significant financial losses for users, highlighting the need for more robust security measures and protocols.

In conclusion, the CFTC’s Technology Advisory Committee meeting highlighted the importance of understanding DeFi and its key issues, including blockchain technology, decentralization, digital identity, and exploits and vulnerabilities. The meeting also emphasized the need for regulators to lead DeFi in the right direction and proposed legal and policy frameworks to address current issues and vulnerabilities.


Tagged : / / / / /

Polygon Launches Web3 .polygon Domains with Unstoppable Domains

Polygon, a popular Ethereum scaling solution, has announced a partnership with Unstoppable Domains to enable users to create Web3 .polygon domain names. With this new offering, users will be able to log into Web3 applications, make use of human-readable wallet addresses, and create decentralized websites. The service will be available to an estimated 180 million users and 40,000 services across the Polygon blockchain ecosystem.

Unstoppable Domains, a blockchain domain provider, leverages Polygon to mint decentralized domains with zero gas fees. To date, over 2.7 million domains have been registered on the Polygon blockchain. Users will be able to use .polygon domains to create digital identities that are compatible across 750 applications, games and metaverse platforms. These can be used to login to web apps, as cryptocurrency wallet addresses and decentralized websites.

In addition to providing decentralized domain names, Unstoppable Domains also allows users to create profiles that can be connected to social media channels, acting as a digital identity across Web3 platforms and networks. A statement from Polygon Labs’ Vice President of Business Development, Sanket Shah, highlighted the importance of unlocking user-owned digital identity for Polygon users. He said, “Web3 domains will give our community a digital identity that they fully own, so they can log into dapps without giving away their personal information and transact crypto without lengthy wallet addresses.”

Unstoppable Domains will also offer access to premium .polygon gaming and digit domains from March 16. Decentralized domain services like Unstoppable Domains and Ethereum Name Service (ENS) have become increasingly popular over the past year, seeing considerable growth in domains registered.

In August 2020, American cryptocurrency exchange Coinbase partnered with Unstoppable Domains to offer payments through domain handles instead of cryptographic addresses. Coinbase then partnered with ENS in September 2022 to provide users with free “” usernames in an effort to replace alpha-numeric wallet addresses with human-readable alternatives.

Overall, the partnership between Polygon and Unstoppable Domains will provide a more user-friendly experience for interacting with Web3 applications, as users will no longer need to rely on lengthy wallet addresses or give away personal information. With digital identity becoming increasingly important in the blockchain space, this offering could be a significant step forward in creating a more accessible and user-owned Web3 ecosystem.


Tagged : / / / / /

Heterosis Launches Dynamic NFT Flower Collection

Web3 has opened up new avenues of creative expression and individuality by allowing users to recreate their digital identity. NFTs have become increasingly personalizable and dynamic, making them a popular choice for digital art projects. and OG.Art’s Heterosis project has taken advantage of this by launching a collection of dynamic NFT flowers on March 8.

The NFT flowers are breedable and customizable by holders, allowing them to create a hybrid species from the available catalog of flowers. As new flower traits are discovered, they spread across the entire population, creating diversification similar to nature. However, users must pay a fee to the owner of the flower they wish to breed with, creating two virtual flower markets – one for selling rare digital flowers and the other for selling DNA traits.

The collection was created by artists Mat Collishaw and Danil Krivoruchko, who wanted to create art that was unique to the metaverse. The mechanics behind the project are essential to Heterosis and can only be possible in a decentralized space. Krivoruchko stated that creating art for a project that can evolve with different traits was the most complicated digital art collection he has worked on.

The NFT flowers are housed in a metaverse greenhouse created by metaverse developers El-Gabal, modeled after a dystopian version of the National Gallery in London. The greenhouse can be accessed through a computer browser, mobile phone, and virtual reality sets, allowing users to explore the NFT garden through real-time audio-visual renderings in the cloud.

The Heterosis project offers users a unique opportunity to participate in a decentralized digital art project that allows for personalization and creative expression. With the development of new technologies, the possibilities for NFTs and Web3 continue to expand, providing users with even more ways to explore their digital identity.


Tagged : / / / / /

ShareRing Rolls Out Skinny ID for Frictionless Blockchain-Based Digital Identity Solutions

ShareRing, a blockchain-based ecosystem providing digital identity solutions, has launched Skinny ID, aimed at offering a seamless and frictionless onboarding process. 


Per the announcement:

“Introducing Skinny ID, ShareRing’s simplified sign-up process that removes friction on the onboarding journey and allows users to explore the ShareRing ecosystem without having to provide any government IDs.”

Being a user-focused blockchain platform, ShareRing enables the issuance, storage, verification, and sharing of personal information and key documents. The report noted:

“Previously, ShareRing’s initial onboarding journey added friction to users who were stepping into ShareRing for the first time, which went against our mission to enable frictionless access. It was a more extensive sign-up process that asked for at least one piece of government ID followed by a selfie scan using our face match technology.” 

ShareRing’s blockchain-powered platform also enables financial institutions to undertake processes more efficiently and faster based on its electronic know-your-customer (eKYC) product, which presents users with the flexibility to give data-sharing consent.

ShareRing recently integrated the eKYC process with near-field communication (NFC) technology to make it more reliable and secure, Blockchain.News reported. 

Previously, ShareRing launched a new website with blockchain-enabled digital identities to usher in the Web3 era to tackle the challenge of the loss of autonomy on personal data experienced in Web2. 

Given that the lack of the ability to manage digital identity and footprint in Web2 has been one the primary stumbling blocks to safeguarding privacy and ownership of data, ShareRing intended to solve this challenge with the blockchain-enabled website.

Image source: Shutterstock


Tagged : / / / / /

ShareRing Adopts NFC Technology to Enhance eKYC Solutions

ShareRing, a blockchain-based ecosystem providing digital identity solutions, has integrated near-field communication (NFC) technology to make the electronic know your customer (eKYC) process more secure and reliable.

Per the announcement:

“NFC technology ensures that ShareRing IDs created with an e-passport have a high confidence level of attestation and trustworthiness since these are issued by a government body.”

The report added:

“It also reduces the likelihood of inability to extract the correct information from a document such as a passport since the information extracted from a chip is more reliable and trustworthy.”

Since ShareRing is a user-focused blockchain platform, it permits sharing, verifying, storing, and issuing personal information and key documents. Therefore, the NFC technology will come in handy for verification purposes. As a result, ShareRing will have more robust eKYC solutions. Per the report:

“NFC will be the future standard for ID cards for some time and therefore is supremely convenient for customers who already have NFC readers in their pockets. It, therefore, provides an excellent method for customers to process their ID documents during eKYC.”

As one of ShareRing’s main products, eKYC enables financial institutions to handle KYC processes faster and more efficiently. This allows users to flexibly give and take consent for data sharing, supported by the blockchain on a decentralized platform.

Meanwhile, the blockchain platform has updated the FaceMatch feature to enhance the face detection success rate. ShareRing pointed out:

“When new users sign up for a ShareRing ID, an official government ID must be provided in addition to a live selfie feature using our own technology called FaceMatch. This feature detects the face from the document and compares it to the user’s live selfie.”

Earlier this year, ShareRing integrated its native ShareToken (SHR) into the Ethereum and Binance networks through Multichain swap for enhanced digital identity solutions, Blockchain.News reported. 

Image source: Shutterstock


Tagged : / / / / /

The Hero’s Journey: Authentic Digital Ids For Bitcoin

The Hero’s Journey: Creating Authentic Digital IDs And Personalized Engagement For Bitcoin Decentralized/Distributed Systems



Numerous Bitcoin podcast discussions have led to the inevitable “wall,” a wall which, to date, has not been penetrated and its adjacent territory explored. I’m referring to the existential question of how “Bitcoinization” actually manifests for each individual, while legacy monetary infrastructure and social structures disintegrate. It’s one thing to romanticize how our new society will somehow magically crawl out of the ashes like some unburned, proud and polished phoenix and quite another to face the real-life, ugly hurdles facing us.

The deeply embedded detritus of legacy fiat thinking and behaviors do not simply disappear. In fact, as we transition to the bitcoin standard and the working people of highly developed, industrialized countries become squeezed and further impoverished during the deflationary depression (see Jeff Booth, “The Price of Tomorrow”), social unrest will erupt, and inevitably, Bitcoin itself could be blamed and viewed by many as the culprit of the collective pain. It doesn’t take profound foresight to predict that many such people, seeking blame and simple solutions, could demand even more centralization and control through the perceived safety net of an increasingly powerful authoritarian state.

Will growth in Bitcoin infrastructure adoption magically and quickly transform the superstructure of human organizational design and engagement in some novel corresponding way à la “fix the money, fix the world”? Or are we doomed to simply “pretend and extend” by overlaying old fiat social engagement design on top of this new monetary foundation and naively hope it all smooths out somehow? How can we better attune the adoption of Bitcoin’s decentralized/distributed monetary infrastructure with an empowered, Bitcoin-defined social superstructure? Will our digital ID continue to be composed of only objective data (cold data), while our subjective experiences (warm data) remain devalued? How can we support and expand individual self-sovereignty through Bitcoin engagement design?

While the Bitcoin meme “fix the money, fix the world” offers a simplified solution, this paper and its described superstructure applications seek to penetrate the territory where contemporary Bitcoin “thought leaders” and developers have yet to explore. Hopefully, we can help avoid a misguided but possibly very real collective public response for a stronger totalitarian centralization of power. We do this by empowering the individual with the narrative, mentors and experiences of personal responsibility and self-sovereignty, which support and lead to developing individual tools to authentically recreate a peer-to-peer creator economy. We must become self-empowered entrepreneurs and creators. Think “decentralized, designer craftsmanship.”

For this to emerge, we must move toward a novel disintermediated, hyper-personalized engagement design which begins and ends with each unique individual.

However, before we get to where we are going, we need to know where we’ve been and what we are currently facing. Using seductive carrot-stick reward systems and enticements, people have long been objectified and manipulated by legacy engagement systems. Such “addictive design” strategies can certainly drive behaviors — through advertising, gaming, social media and more — but at a great cost to the individual. Unfortunately, such concentrated behaviorism and operant conditioning, now combined with emergent tech, have contributed to disabling and disempowering our youth. Judgmental, performance-based exogenous validation systems and its mindless FOMO (fear of missing out) have helped create an anxiety-ridden, dependent and emotionally fragile generation. These young adults suffer from unprecedented levels of crippling psychological/emotional disease in crisis proportions, now exacerbated by recent COVID-19 lock downs. Anxiety and depression, obsessive-compulsive disorders, self-harm, addiction disorders, violence and suicide levels are off the charts. We are in the midst of an unprecedented crisis in mental illness, and it is currently underpinned and reinforced by exploitive, centralized engagement design. As Nora Bateson has said, “We need to de-industrialize and re-animate.”

Insular, rigid groupthink communities can provide a perceived “safe haven” with like-minded people, but they also demand their own narrow conformity. Groupthink can detract us from coming to know our unique selves and building upon our innate talents. It can preclude us from building vibrant communities richly thriving in diversity and bold creativity. Ultimately, there is nothing more emotionally affirming than being seen by another for who we truly are — our authentic, essential selves. We do not easily forget such profoundly meaningful experiences of being authentically seen and validated.

Companies which refuse to further exploit the vulnerabilities of our youth, and instead empower them with authentic engagement to find and grow their unique talents, and be authentically seen for their unique selves, can bring fresh, high value. Hedonic escapism may provide temporary relief but fixes nothing. We live in highly extenuating times necessitating inner resources and skills to resiliently adapt and recreate our way out of difficulty.


Media and its content distribution have historically focused on how to manipulate and incentivize people to think a certain way or desire, buy and use things they perhaps would otherwise not be interested in. All sorts of consumer manipulation strategies have been used over the years, now resulting in a consumer hardened by fake news, fake engagement, fake relationships, fake moral correctness and more. People feel worse than weary or angry. We’re numb.

Centrally sourced content messaging is suspect. It cannot be trusted. It’s inauthentic. We are objectified and hustled. Young people today don’t simply want more stuff. They want experiences.

What people want now more than anything are the experiences of authentic engagement, meaning, purpose and expression. These sought-after feelings of self-determinism and authentic engagement are currently not inspired or supported by exogenous marketing sources. In truth, such feelings can only be self-generated and cultivated from within each person. Those who wish to reach a more self-empowered state can assume personal responsibility to cultivate such tools to help them get there. Why shouldn’t social, gaming and marketing identify, address and expand upon what is most desired intrinsically by the customer and provide the methodologies for getting there? In so doing, is this not providing authentic and timely “value” to the customer?

James Andrews is head of product at Genies, and author of “Self-Expression, Spirituality and Gen Z.” He expresses well the mandate for the new, self-sovereign digital identity, its demand for empowered self-knowing and authentic engagement. He asks, “What happens though when you have an entire generation chasing their authentic selves?”

“The Fix”: Marketing For Decentralized/Distributed Bitcoin Technologies

So, how does the new Bitcoin marketplace of engagement attune to each unique individual, while also delivering highly curated and personalized, authentic and meaningful engagement experiences to that individual? What is relevant or inspirational for one person may not be for another. Not everyone engages the same way. “The fix” is not found in using some new technology overlayed with same-old legacy design methodologies only to produce similarly poor outcomes. “The fix” is using Bitcoin technologies integrating biomimetic engagement design focusing on the unique individual and not compelling the individual to contort to a standardized platform.

Today’s design “meta trend” is quickly moving from industrial-era centralization to digital-era decentralized and distributed systems. The public, open-source foundational settlement layer, Bitcoin, is seeing rapid adoption globally and is experiencing a mass migration from centralized internet sites to a decentralized/distributed and disintermediated internet layer where all engagement can be monetized, streaming to the seconds. There is a rapid birthing of Layer 2 and 3 peer-to-peer engagement systems built on top of, pegged to or side-chained that disintermediate legacy third parties while empowering the unique individual. And unlike legacy/centralized sites (“the Boomer’s internet”), this distributed design has capacities to now curate and hyper-personalize products, services and experiences to the unique individual in a dynamic inspirational and aspirational manner.

So, how do we do this? How do we move from top-down, standardized, industrial-era design to focusing on the digital personalization of the unique, highly nuanced individual in a meaningful, personalized way? What novel matrix biomimetic to our own human biologic design can be used for such individuation going forward?

First, we reject our overdependency upon centralized behaviorist/operant conditioning engagement design.

Secondly, we value, support, facilitate and celebrate the strong sense of self-determinism by the individual. The focus and commitment are on authentically engaging with the individual on their terms. A healthy inner locus of control is developed by identifying and scaffolding upon the individual’s unique intrinsic motivators. If we know what play is, and is not, we can identify intrinsic motivators and authentic engagement patterns and patterns within patterns. This then becomes the matrix for authentic personalized engagement design and provides user-generated data to fine-tune identity and focus personalized content distribution.

Thirdly, monetization opportunities emerge. Through authentic engagement and developing an inner locus of control and self-determinism, opportunities to capitalize on one’s growth and creativity ensue, as the engagement matrix and identity fabric contribute to the development of an authentic digital ID. All engagement, from gaming to social to enterprise and beyond, becomes streaming monetization on top of decentralized/distributed bitcoin. A robust peer-to-peer creator economy emerges. People create and pursue what they love and are literally paid to play.

How are these three goals accomplished? What are the myriad cross-sector applications? Here is but a brief synopsis.


Nature’s hard-wired engagement design in all animals is not game mechanics but play. Play is the first principle of self-generated, self-motivated and self-sustaining engagement design, whereas gaming and behaviorist design are not. These centralized and manipulative designs objectify the user and are based solely on objective data, neglecting the user’s subjective, warm data. Play is a fundamental survival drive; the exogenous reward systems and enticements underpinning behaviorist design and game mechanics are not. While gaming is a small aspect or subset of play, it is not the whole of play. And not everyone likes games. Conversely, we are all subcortically hardwired to play, and everyone plays differently. The cosmic joke, the playful paradox, is that despite our differences and the fact we all play differently, we can meet and engage through the languages of play.

Authentic play is authentic engagement: It is self-generated, self-motivated and self-sustained and disintermediated. Once someone tries to intermediate or control the engagement, it is no longer play, and the many beneficial outcomes of authentic engagement are lost. If we know what play is, and what it is not, we can identify within individuals their authentic engagement patterns and patterns within patterns. This then becomes the matrix for authentic personalized engagement design. Authentic play engagement is how we identify and develop what we love to do, what we like, what we aspire to, and it identifies and develops our intrinsic motivators, drive and grit (all “warm data”).

By suppressing or hijacking access to authentic play, a person’s sense of self and inner locus of control eventually become stunted. They eventually suffer from any one or a few of the panoply of negative consequences associated with play deprivation, including the plague of mental illness. They either isolate into hedonic escapist behaviors or become mindlessly dependent, anxiously chasing extrinsic rewards and exogenous validation. This stunts their moxie, their internal drive, inner locus of control, healthy sense of self, creativity and adaptability. These degraded human potentials are the attributes needed in robust fashion to forge the unique being, one’s authentic expression, while increasing self-esteem, meaning and purpose and adaptability in a world in great transition. Play foments creativity and evolutionary adaptation.

As an older woman who grew up playing on the streets of Rio de Janeiro, Brazil in the 60’s and 70’s, I feel the loss of free, authentic play in our culture. Play has been hi-jacked and sublimated by intermediaries, leading to a great loss in authentic engagement, meaning and purpose, social skills, creativity and problem-solving, and community-building. Thanks to standardized performance testing, centralized media, extrinsic reward systems and other exogenous measurements, our children grew up valued for their conformist performance, and not who they were intrinsically meant to become. We can fix this through recreating a disintermediated global engagement design on Bitcoin.

An older, pre-retirement, long-distance truck driver who lost his job to FSD semi-trucks is not the same as the low self-esteem young woman who anxiously seeks exogenous validation through objectifying herself. Yet each can potentially recreate their selves in a way that works for them. However, this is tough to accomplish when we lack the tools, insights, methodologies and supportive community to do so, particularly when we’ve been dependent, uncritical, fiat-thinking conformists all our lives, and software is eating legacy jobs. With warm data integrated into decentralized and personalized authentic engagement design, “Bitcoin can fix this,” too.

The value and invention here involve the system, methodologies, designs and myriad applications for identifying and scaffolding upon a unique individual’s intrinsic motivators as a matrix for personalized, intrinsically motivated, authentic engagement design and a self-sovereign identity adaptable to emergent decentralized/distributed systems. The engagement profile/play personality is a dynamic composition of play behavior patterns which can be collated from IRL and online through many means, depending upon its subject. No two people are the same or engage the same way. The composition and weight of engagement patterns are endless, so each profile/play personality is unique. One is not inherently better than the other. It’s just different, as nature intended. Nature loves diversity.

The unique intrinsic engagement profile/play personality can be collated for each unique individual dynamically, from birth to old age, and used as their avatars and/or dopplegangers. An instantly recognizable and decipherable graphic icon can represent the composition of play personality/engagement profile for each unique individual so another person instantly knows how to attune and uniquely engage with increasing nuance, empathy and respect. Each of us can represent our own brand and wear and express it proudly. Products, services and experiences can be curated to the unique individual so that marketing and advertisement do not manipulate users by asking them to contort themselves but instead attune with their innate proclivities to authentically engage. Legacy marketing protocols are flipped, validating the unique person on their terms, and providing added value in an authentic manner. We deindustrialize our schooling systems, and our children become blessed with personalized learning opportunities identified, driven and scaffolded by their own intrinsic interests and authentic engagement.

Of particular note: Because play states, like sleep states (both play and sleep are fundamental survival drives), can now be biometrically identified, optimal authentic engagement opportunities can be personalized and designed to each unique user derived by their biometric data (e.g., non-addictive gaming personalized for optimal play states with countless health and performance-related outcomes).

The myriad applications of this novel engagement design are directly aligned with emergent identity in the decentralized/distributed metaverse and have broad cross-sector applications, including hyper-personalization in advertising and content delivery, ML/AI, AR/VR, IoT, gaming, social media, preventive medicine, education and so much more. Truly this can be a design that easily migrates across all sectors.


When the measurement of performance goals (cold extrinsic data) become more important than the inherent joy and attunement found in an activity (warm intrinsic data), we have lost authentic engagement and the transformational recreative power of play. The activity becomes work. Creativity is lost. Self-sustainability, personal agency and ownership/responsibility are diminished.

By integrating personalized authentic engagement design into Bitcoin’s superstructure/social protocols, the benefits and goals we aspire to can become the unintended outcomes. It’s a playful paradox. However, this is nature’s design. If humans are to live sustainably and joyfully, it needs to be ours as well.

“All bear the inherent right to become sovereign of the self — not only in body and mind, but in soul, for any authority that is allowed to rule over you, does so by taking a piece of who you really are.” — Dan Thomas

This is a guest post by Kristen Cozad. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.


Tagged : / / / / / / / /

Nigeria’s comms minister links blockchain to national digital innovation efforts

Speaking during Wednesday’s annual Digital Africa conference, Isa Pantami, Nigeria’s Minister of Communications and Digital Economy, identified blockchain as part of the government’s focus on emerging technologies, according to a report by Voice of Nigeria.

Highlighting the conference theme — “Building a New Africa with AI and Blockchain” — Pantami stated that the government was working towards establishing innovation centers.

According to Pantami, these innovation centers will explore capacity-building protocols for artificial intelligence, internet of things, robotics, cloud computing, and blockchain technology, among other fields.

As part of his address, the communications minister said the move was part of efforts to promote an innovation-driven culture in Nigeria, adding:

“We are also actively preparing to take advantage of Blockchain technologies for our digital economy, and we recently developed a National Blockchain Adoption Strategy.”

Back in October 2020, Nigeria’s National Information Technology Development Agency (NITDA) issued a draft strategy framework for blockchain. The document included a six-point agenda for utilizing the novel technology including national digital identity and regulatory sandboxes for pilot implementations.

Addressing the conference, NITDA director-general Kashifu Inuwa stated that Nigeria can be a growth driver for AI and blockchain in Africa. In November 2020, Inuwa remarked that the country could generate up to $10 billion in revenue from blockchain by 2030.

Pantami’s ministry has been spearheading a mandatory national identity program in the country, a move that has generated significant controversy over the compulsory linkage of phone numbers to national ID data.

Related: Nigeria hopes blockchain will generate $10B revenue by 2030

While addressing privacy and data security concerns, the minister’s address did not include any mention of possible blockchain adoption in the area of safely storing national ID records.

Back in February, Nigeria’s vice president Yemi Osinbajo stated that crypto and blockchain will revamp Nigeria’s financial landscape. The vice president’s comments followed on the heels of a ban imposed by the central bank, prohibiting financial institutions from servicing cryptocurrency exchanges.