What to expect from Binance Digital City in Nigeria

The continued rise in technology-driven solutions has advanced the drive to create smart cities that support this growing way of life, and Africa’s largest economy is on track to achieve this after talks with Binance, the crypto exchange giant, to jointly develop a domain in the all-digital country.

According to the federal government, this would kick-start the development of fintech and digital assets in the African country, resulting in an innovative urban transport system, automated water supply and waste management process, as well as a constant supply of electricity.

A digital city is a place where conventional networks and services are made more efficient through the use of digital solutions for the benefit of its inhabitants and organizations. Experts say this points to a more interactive and responsive city administration, safer public spaces and meeting the needs of an aging population.

Moreover, a digital city is a data-driven city. Olufemi Ariyo, an ICT professional, noted in an article that a well-articulated data analytics strategy offers city administrators the ability to access massive amounts of information and analyze it in real time while gleaning meaningful and actionable information.

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“Monitoring desired metrics in real time dramatically improves service delivery levels. This improves security, facilitates expansion, enables a wider range of service possibilities, and tracks citizens’ interests, concerns and needs, among others,” Ariyo said.

Research shows that digital cities are paying attention to infusing human intelligence into daily processes to improve productivity, and Blockchain expert Lucky Uwakwe, who launched the first public call for it in 2019, said to BusinessDay that if the digitization of the country took place, it would provide opportunities for the young population.

“It would be a good signal for the government, international investors and operators in the blockchain space looking for markets to participate in.”

Likewise, costs will be reduced and there will be an improvement in services. These include intuitive websites, mobile apps, self-service platforms and convenient online accounts. With the evolution of remote working, decentralized finance and other technologies, residents expect no less from their city. “Improving the human experience with digital services in communities makes smart cities a more attractive place for tourism while fostering a connected citizen experience,” Ariyo said.

However, Uwakwe expects the government not to discuss innovation around free trade zones with international bodies.

According to him, conversations around free trade zones by the government of a country that has in no way seemed to listen to regulators, should not let existing self-regulating local groups, including the Blockchain Industry Coordinating Committee of Nigeria, Stakeholders in Blockchain Technology Association of Nigeria among others.

“Exchanges around emerging technologies must strongly involve local players because this free trade zone that is being created is not reserved for foreign players alone. If local blockchain practitioners and innovators, as well as the Nigerian population, have not been formally active in the blockchain market, the conversation might not be attractive for these future foreign partners,” Uwakwe said.

Nigeria has long focused on digital assets and blockchain to diversify its economy and is one of the countries with the youngest average population in the world, which has helped to illuminate the spotlight. The Nigerian stock exchange said in June that it plans to launch a blockchain-enabled platform in 2023 to deepen trading and attract young investors to the market.

With this partnership, Adesoji Adesugba, CEO of the Nigeria Export Processing Zones Authority, said the country’s goal is to generate a thriving virtual free zone to leverage a nearly trillion-dollar virtual blockchain economy. and the digital economy.

Experts say Binance Digital City would use technologies for resource optimization and less environmental pollution, information and communication technologies, among others, to improve the quality of human life, efficiency operational and urban services, and competitiveness while ensuring that it supports the present and future generations in economic, social and environmental aspects.

The Middle East and North Africa with Abu Dhabi and Dubai respectively benefit from the realities of a digital city and have been ranked as the smartest cities in these regions in the Smart City Index 2021 by the Institute for Management Development in collaboration with Singapore University of Technology and Design.

Access to smart infrastructure and services, including health and safety, transport, leisure activities, business or career opportunities and governance, has also been taken into account. The reports show that the digital city offered opportunities for innovative investment and development, as well as emerging and smart technologies to transform into a city of the future.

Some innovations resulting from these efforts include Dubai Data Strategy, Dubai 10X, Smart Dubai 2021, Dubai Blockchain Strategy, and Dubai Pulse Platform, among others.