Soramitsu and the Nigerian Institute of Social and Economic Research (NISER) have entered into a strategic partnership for the promotion of blockchain technology research, capacity building, and application in Nigeria.

Soramitsu is an award-winning global technology company delivering blockchain-based solutions for enterprises, universities, and governments. 

Utilizing blockchain technology, Soramitsu developed:

  • The Bakong CBDC along with the National Bank of Cambodia

  • A CBDC Proof-of-Concept (PoC) with the Bank of the Lao PDR

  • A CBDC PoC project with the Central Bank of Solomon Islands

  • A closed-loop payment system for the University of Aizu in Japan

  • An identity verification system prototype for Bank Central Asia in Indonesia

Soramitsu participated in:

  • Asia-Pacific’s first proof-of-concept test of a cross-border multi-currency security settlement system using distributed ledger technology with the Asian Development Bank; and

  • In collaboration with the Risk Assurance Group and Orillion Solutions developed the technology core of the Fraud Intelligence Blockchain.

Established in 1960, NISER is Nigeria’s premier public policy think-tank with its mandate putting it at the centre of public policy formulation and analysis in Nigeria (https://niser.gov.ng/v2/).

The Institute was instrumental in the development of:

  • Nigeria’s First to the Fourth National Development Plans

  • Public Service Reform in the 1990s

  • Establishment of the Raw Material Research and Development Council

  • Preparation of the National Economic Empowerment and Development Strategy (NEEDS-2) 2006 Document

among others. 

Indeed, virtually all major national development plans, economic, and social development blueprints and sector strategies at the national level in Nigeria have benefited from NISER research expertise. Some of such blueprints include:

  • The National Human Development Report (2016)

  • National Social Protection 1 Policy (2017)

  • Economic Recovery and Growth Plan (2017-2020), and

  • The country’s current Medium Term National Development Plan (2021-2025)

In a press release to BitKE, Soramitsu said the collaboration seeks to establish a Knowledge-Industry partnership, where NISER provides local context knowledge and analysis through research, while Soramitsu deepens the capacity of NISER’s research faculty and other Nigerian knowledge centres in blockchain technology.

Soramitsu will focus specifically on SORA, CBDCs, and Hyperledger Iroha.

Additionally, the partnership will explore and implement innovative projects using blockchain technology to promote financial inclusion, reduce economic inefficiencies, and contribute to Nigeria’s developmental goals.

 

 

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About Soramitsu

Soramitsu is an award-winning global financial technology company with expertise in developing blockchain-based solutions for digital asset and identity management. Soramitsu’s mission is to use blockchain to promote innovation and solve pressing societal challenges. Soramitsu is an active contributor to many open source projects, such as:

  • Klaytn, South Korea’s leading Layer-1 blockchain

  • KAGOME, the C++ Polkadot Host implementation

  • The SORA crypto-economic system

  • The PolkaSwap DEX, and

  • The DeFi wallet, Fearless Wallet

  • Collaborated with Filecoin to develop FUHON, a C++ implementation of their protocol

  • Soramitsu is the developer of and major contributor to the open-source blockchain platform Hyperledger Iroha, a project of Hyperledger Foundation, part of the Linux Foundation, tailored for enterprise and public-sector use.

As founding contributors to the Hyperledger Project and cooperation partners of the Web3 Foundation, Soramitsu is building the digital infrastructure of the future.

 

 

 

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