On the 9th of July, 2022, the Glover Memorial Hall in Lagos, Nigeria, played host to the inaugural session of the International Blockchain Summit, which was given the name Blockchain Vibes Lagos.
Inspiring speakers, founders, enthusiasts, and other stakeholders from the blockchain and cryptocurrency space attended the event until it was standing room only.
Product demonstrations from companies like Qitmeer, Sinso Technology, Bitget, and BoundlessPay were among the highlights of the Summit, which also featured thought-provoking keynote lectures and panel sessions.
Franklin Peters, who is also the convener of Blockchain Vibes Lagos and the CEO of BoundlessPay, gave a warm welcome to everyone in attendance and introduced the guests.
He gave a brief speech in which he discussed the reason for everyone's gathering, as well as his enthusiasm for blockchain technology and his plan to relocate the International Blockchain Summit to other locations around the world.
Chimezie Chuta, Partner at Adverse and President of the Blockchain Nigeria User Group, was the first person to deliver a keynote address during the event ( BNUG).
He discussed the breadth of blockchain technology and the ways in which it can be of assistance to individuals, particularly those living in Nigeria and other African countries.
The progression of blockchain technology as well as its growth and development in Nigeria were discussed in his lecture. Chuta claims that when it comes to funding for blockchain startups across Africa, Nigeria is in the lead.
This year, more than 91 million USD has been invested in blockchain startups across Africa, with Nigeria receiving approximately 39% of that investment.
He also mentioned that Adaverse is currently in the top spot in Africa for funding blockchain startups. He urged startup founders and other individuals who are developing solutions using blockchain technology to go to the Adaverse website, where they could submit their funding applications or email him to get in touch with him.
When asked about the challenges that blockchain technology faces in Nigeria, Chuta stated that there is not yet a clear regulatory framework. Scams involving cryptocurrencies and Ponzi schemes, difficulties with scaling due to technical limitations, and a shortage of talent are some examples of these challenges.
He suggested some forward-thinking steps that should be taken, as well as what the government of Nigeria ought to be doing in the blockchain space.
Skilling staff (both reskilling and upskilling of staff), creating sandboxes and regulatory frameworks, and sponsoring friendly legislation are all things that the government should be doing in collaboration with communities and other stakeholders to address issues related to stakeholder engagement.
The first virtual panel session of the event began immediately after the first keynote address. Paula Tavangar, investment principal at Swissborg Ventures, served as the event's moderator for this session, and Nauman Ali, CEO of Eumlet, participated as a panellist. During this session, they discussed the process of startup funding.
During the second panel session, heavyweights from the international crypto community discussed the recent crash of the cryptocurrency market and what investors should anticipate going forward. That discussion was overseen by Grey Jabesi, who is also the founder and chief executive officer of Crypto University.
AM Crypto, Davinci Jeremie J15, Carl Runefelt, and Futurist Kwame were some of the world's most influential people in the crypto space, and they participated in the panel.
Grey posed the question that everyone was anticipating would be asked: "What should we expect with the current drop in the crypto market?"
Kwame, a futurist, has stated that he will continue to support cryptocurrency despite the recent drop in its value.
" The first thing you should keep in mind is that you shouldn't be involved in a project for a short period of time; rather, you should think about the long term.
Following his recommendation that the audience concentrate on value over the long term, he concluded by stating, "If you understand the technology we are building, we should know that one bitcoin is one bitcoin." [Citation needed]
AM Crypto has expressed the opinion that he believes the bear market will persist.
Carl Runefelt anticipates that the traditional financial market will perform poorly and that the cryptocurrency market will be in a bear market. Bitcoin and gold, in his opinion, make for the most sound financial investments.
Regarding what the future holds for bitcoin, Davinci Jeremie J15 is of the opinion that bitcoin will continue to be the most viable form of currency in the crypto space.
The futurist Kwame ended the discussion by stating that nobody knows what is going to happen and adding that people should only invest money in cryptocurrency that they are willing to lose.
The following keynote address was given virtually by Professor Ndubuisi Ekekwe, the Founder of Tekedia Capital. He spoke at length on the subject of "Keying into the digital economy," which was the topic of his speech.
Tony Obiajuru and Prince David Omaghomi, founder of Landcheck Africa, discussed some impressive blockchain use cases in property technology during a panel session titled "Virtuality to Reality: How Blockchain Technology is Changing the Real Estate Sector."
Blockchain technology was the topic of discussion when Prince David was speaking about the digitisation of land ownership. He is of the opinion that additional work needs to be done but sees potential in the eNaira and the potential applications it could have in the real estate market.
In conclusion, he encouraged those in the audience to begin investing in real estate as quickly as possible due to the fact that real estate is an investment that carries the possibility of continuing to increase in value.
Ugochukwu Aronu, CEO of Xend; Ikechukwu Okeke, CEO of OBIEX Finance; Emmanuel Babalola, CEO of Bundle; Oluwarotimi Ogunwede, CMO of Patricia Technologies; and others contributed to the discussion during the final panel session about the role of exchanges and wallets in the adoption of blockchain technology.
The discussion was led by Frank Fagbo, who is knowledgeable in both the media and communications.
The concluding keynote address was delivered by Senator Ihenyen, who is also the Lead Partner at Infusion Lawyers and the President of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN). He discussed the necessity of regulation in the blockchain space. In addition to that, he talked about the function that SiBAN plays in the blockchain space in Nigeria.
During his presentation, Ihenyen emphasized the importance of self-regulation in the blockchain industry, and he concluded by stating that, in his opinion, both self-regulation and government regulation have their place in the blockchain industry, and that they are both welcome.
Franklin Peters, the man in charge of organizing this event, recently gave an interview to Techpoint Africa and stated that he came up with the idea of holding an international blockchain summit more than four years ago.
He stated that his objective is to spread education that will ultimately result in the implementation of blockchain technology in Africa as well as the rest of the world.
Regarding the potential of blockchain in the future, Franklin is of the opinion that blockchain will bring about the most significant revolution, particularly in the financial sector. He believes that the blockchain technology will bring about a sea change in the way the world's economy operates because it is multifaceted and has the potential to be implemented in a wide range of industries.
In addition to this, he envisions his business, BoundlessPay, which is a blockchain-powered bank that enables individuals to carry out banking transactions, becoming one of the most successful blockchain banks in the entire world.
Franklin added that as a result of the success of the summit, additional international blockchain summits are going to be held, and there is a possibility that one of these summits will take place later this year.
According to him, there are plans to extend and bring the event to other cities such as Abuja and Port Harcourt as well as other countries such as Ghana, Uganda, Kenya, South Africa, and more. Specifically, he mentioned these countries.