Blockchain technology, once seen solely as a vehicle for cryptocurrencies, is transforming industries far beyond finance. Introduced to Nigeria in the early 2010s with the advent of Bitcoin, the technology quickly found favour among the country’s tech-savvy youth.
Initially used for financial transactions, remittances, and investments, blockchain has since been adapted by Nigerian startups to tackle challenges in sectors as diverse as agriculture and healthcare. These entrepreneurs are using blockchain not just to innovate but to address deep-rooted problems in transparency and efficiency.
Beyond Cryptocurrencies
“Blockchain is a type of distributed ledger technology whereby transaction records are stored across a network of computers,” explained Emeka Nwachukwu, a blockchain consultant and lecturer at the University of Lagos. “Once data is recorded, altering it requires unanimous agreement from the network, making it ideal for industries that demand maximum transparency and accountability.”
Dr. Nwachukwu emphasised blockchain’s potential in addressing corruption, inefficiency and distrust in traditional systems. “In a country like Nigeria, where institutional trust is often lacking, blockchain can rebuild confidence by offering a transparent and tamper-proof system,” he noted.
While the global focus on blockchain has largely centred on cryptocurrencies, Nigerian startups are exploring more grounded, non-crypto applications. Two notable examples are AgroChain Solutions and MediLedger NG.
Revolutionizing Agriculture
Tunde Balogun, founder of AgroChain Solutions, has brought blockchain to Nigeria’s agricultural sector to enhance transparency and traceability.
“Our platform uses blockchain to create a transparent supply chain for agricultural produce,” he explained. “Farmers upload details of their produce—location, quality, and price—onto the blockchain. Buyers can verify this information in real time, ensuring they get exactly what they pay for.”
By eliminating middlemen, AgroChain Solutions has improved outcomes for smallholder farmers. “Previously, intermediaries manipulated prices and quality claims, leaving farmers underpaid. Now, every transaction is recorded on an immutable ledger, empowering farmers to negotiate better deals while buyers benefit from a reliable supply chain,” Balogun said.
The startup has also partnered with financial institutions to develop blockchain-based credit scoring systems, making it easier for farmers to secure loans.
In the healthcare sector, MediLedger NG addresses issues like counterfeit medicines and inefficient medical record management.
“Counterfeit drugs harm patients and erode trust in the healthcare system,” said Amaka Eze, co-founder of MediLedger NG. “Our platform tracks pharmaceuticals from manufacturers to end users, ensuring authenticity at every step.”
MediLedger NG also enables healthcare providers to securely share patient records. “With patient consent, medical histories can be accessed in real time by authorised personnel, reducing errors and improving care delivery,” Eze explained.
Beyond transparency, she highlighted blockchain’s ability to cut costs associated with fraud and inefficiencies, making healthcare more affordable.
The Road Ahead
According to Gbenga Adebayo, a blockchain advocate, education and regulatory support are critical to driving adoption in Nigeria. “Blockchain is still in its infancy here. Many associate it with cryptocurrencies, fostering skepticism. However, as practical applications in areas like supply chain management and healthcare emerge, perceptions are changing,” he said.
Gbenga also stressed the need for an enabling environment. “The government must craft policies that support innovation while protecting consumers. Startups need robust infrastructure to scale their solutions,” he added.
Challenges remain, including power outages, poor internet connectivity and the high costs of blockchain implementation. “Blockchain requires a strong digital infrastructure, which depends on consistent power supply and internet access,” Dr. Nwachukwu pointed out. Public-private partnerships, he suggested, could create the ecosystem necessary for blockchain innovation to thrive.
Despite these hurdles, Nigerian startups are unlocking blockchain’s potential to ensure transparency and accountability in critical sectors. As Eze put it, “Blockchain is no buzz. Blockchain is going to make sure the systems are open and fair—and all this is transparent as well as efficient.”
Tunde Balogun agrees: “We’re only scratching the surface of what blockchain can achieve. With the right support, Nigerian startups can use this technology to address some of the country’s most pressing challenges.”
Pioneering companies like AgroChain Solutions and MediLedger NG are offering a glimpse into blockchain’s transformative potential. Their success underscores how technology, when applied creatively, can deliver tangible solutions to long-standing problems—a game-changer for Nigeria.
Blockchain technology, initially known for cryptocurrencies, is now revolutionizing various industries beyond finance in Nigeria. Introduced in the early 2010s, the technology has been embraced by startups to solve transparency and efficiency issues in sectors like agriculture and healthcare. Blockchain is a distributed ledger technology that records transactions across a network of computers, making it secure and tamper-proof, which is ideal for industries requiring transparency and accountability.
In agriculture, AgroChain Solutions utilizes blockchain to create transparent supply chains, enabling farmers to upload details of their produce for buyers to verify. This eliminates middlemen, ensuring fair payments to farmers and reliability for buyers. Moreover, AgroChain has collaborated with financial institutions to develop blockchain-based credit scoring systems to facilitate loan access for farmers. In healthcare, MediLedger NG combats counterfeit drugs and inefficient medical record management by tracking pharmaceuticals from production to end-users and securely sharing patient records with consent.
For blockchain's growth in Nigeria, education, regulatory support, and infrastructure development are crucial. Challenges such as power outages and high costs impede progress, but public-private partnerships could foster the needed environment. Despite obstacles, pioneering startups like AgroChain Solutions and MediLedger NG highlight blockchain's transformative potential, offering innovative solutions to entrenched problems, heralding a transparent and efficient future for Nigeria.
