In a recent event focused on stablecoins, a representative from Nigeria’s first licensed cryptocurrency exchange, Quidax, shared positive feedback stating that businesses are now more open to collaborating with them. This reflects a shift in the Nigerian market where blockchain products have faced skepticism and regulatory scrutiny in the past.
While cryptocurrency is a part of blockchain technology, the regulatory challenges surrounding it have impacted other blockchain applications in industries like healthcare, gaming, and investments involving digital assets.
Fortunately, the landscape is changing as regulations are being developed, leading to licensed companies operating in the sector, creating a more conducive environment for blockchain innovation. The technology itself is evolving to be more user-friendly and accessible to a broader audience.
Here are some of the top blockchain use cases in Nigeria and startups making strides in each of them:
**Fintech:**
Various blockchain companies in Nigeria are addressing the shortcomings of traditional banking services such as cross-border payments, point-of-sale transactions, financial investments, and lending. Startups like Bitnob, Canza Finance, Zone, Mansa Finance, Onboard, Finna, and Blockradar are leading the way in this space.
**Crypto Exchange and Marketplace:**
Nigeria boasts a thriving crypto market, with exchanges like Quidax, Busha, Yellow Card, iExchange P2P, and Bitmama offering services for buying, selling, and trading cryptocurrencies, as well as enabling cross-border payments and investments.
**Real World Asset (RWA) Tokenisation:**
Blockchain technology is revolutionizing investments by tokenizing real-world assets like stocks, real estate, and art. Startups like Xend Finance, Hashgreed, House Africa, and Super Migrate are innovating in this sector, making investment opportunities more accessible to the average person.
**Gaming:**
Blockchain is gaining popularity in gaming for tracking in-game items and currencies, preventing cheating, and enabling players to earn digital rewards or even cryptocurrency. Platforms like Play1st, Gamic, Soccersm, and Awujo are at the forefront of blockchain gaming in Nigeria.
**Healthcare:**
Blockchain’s immutability makes it ideal for ensuring data integrity in healthcare, combating counterfeit drugs, and enhancing financial security. Startups like Chekkit, DrugStoc, mPharma, and Mediverse are leveraging blockchain to improve supply chain transparency, distribution of medicines, and secure health records.
Overall, the blockchain landscape in Nigeria is evolving, with startups across various sectors leveraging this technology to drive innovation and address critical challenges in the market.