Dr. Oluseyi Akindeinde, chief technology officer and Dr. Adewale Obadare, chief visionary officer both founders of Digital encode, is a leading consulting and integration firm founded in 2003 that specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures.

The dual was at this year’s Beacon of ICT lecture to offer insight on impact of Blockchain Technology in a Digitalized Nigeria.

Delivering the keynote speech, Dr. Oluseyi Akindeinde, reiterated the importance of technology in advancing human living conditions.

According to him, “ If we look at the advancement of digital technology from computer system. Blockchain is the third most important piece of technology that has been invented over time.

“The first being the personal computer, the second being the internet and the third blockchain technology. Before I say what blockchain is, I want to explain what blockchain is not.

“There is this misconception that every time you talk about blockchain the next thing people talk about is cryptocurrency. Before computer there was calculator. Is like when computer came we then started to look at computer as calculator. No. people saying that blockchain is cryptocurrency are misrepresenting it.

“It is same as thinking that the internet is about email only. Cryptocurrency is one bit of blockchain. When we say something is technology, there are three fundamental things that technology needs to fulfil. First, does it make you money – if there is a piece of technology people will want to see if it does affect their bottom line.

“Second; Is it system oriented – system in computer science means save yourself stress, time, Energy and money. If any technology does not save stress, time, energy and money such technology is useless. Third; does it solve a problem?

Akindeinde however, describe blockchain technology as is software. But different from the software we are used to because blockchain software is underpin by advanced cryptography and mathematics.

He further explained that blockchain came about because of fundamental problem with the internet.

“When you are on the internet it gives one the ability to move information from one place to the other. For instance, I can sit down in my house and send email. That email will get to where I am sending it to.

“As I send that email it is not valuable. There is no value to the email because I can send that particular email to multiple people. When you can send multiple emails from one source, inherently, there is no value. Anything that is of value has to be scarce.

“Around 2008, somebody sat down and asked, is there a way we can move value just as I am here now, my driver’s license is valuable to me. Money is valuable as well.

“How can I move value on the internet? The only way we can move value on the internet is to have a third party. If you have a third party in the middle of two people transacting you have counterpart risk. So, how do I take out that counterpart risk.

“How do I simulate what happens in the real world? In the real world, if I go to a store to buy something, I will pay the store keeper and collect the goods. That money I paid serves as a payment and settlement. I don’t need anybody to do clearing and settlement, that money assumes all that.

“The problem with that is if I am not in the same area or environment with the store keeper, there is no way I can move that money so I need someone who is going to sit in-between me and that person that will validate that I have that money. We are trying to solve the problem of double spending. We can represent this value digitally. How can I digitally represent value?

“Representing value digitally is not copy and paste. It is actually moving value, trying to eliminate counterpart risk by removing third party to get value.

“We have different authentication systems on the internet that operate in silos. Self- sovereign Identity is what is used in blockchain. Can’t we have authentication system that resides with the individuals rather than with a server at one location or the other,” he said.

Dr. Adewale Obadare, chief visionary officer, Digital Encode, responding to question onn why United States of America has not fully adopted Blockchain technology. Said that the problems we have in Africa is not the same as in United States.

He cited example of EMV technology in electronic card – chip & pin cards where US is still using Magnetic stripe, because they have compensation control such as social security number among others. If anyone steals money they will track the person down, we don’t have that here.

“The disconnect here is that USA has done their risk management, because of the number of ATMs and cards in circulation they decided to be doing it in phases.

“But, in Nigeria because we don’t have much ATMs and cards it was easier for central bank of Nigeria to implement migration to chi and pin. The same thing with the blockchain, we don’t have to suffer what the USA had suffered before we leapfrog,” he said.

Cyber security Efforts in Nigeria

Dr. Wale Obadare and Dr. Oluseyi Akindeinde, both founders of Digital encode have expressed worries over the implementation of none impactful cyber security solutions to organizations by vendors which has resulted in increased loss of money and data by organizations.

They cautioned organisations on over dependence on cyber security products for protection against cyber -attacks.

Obadare, further said that major challenge organizations face in the fight against cybercriminal and cyber warfare is lack of trained manpower.

“I have been in cyber security ecosystem for many years now and have identified lack of trained manpower in most organizations. Cyber security is not a certificate that speaks for you, but a continuous training to be ahead of the smart criminals, most organizations find it difficult to continually update their IT security staff to be able to face cyber threats,” he said.

Akindeinde, emphasized on the need for a national cyber security framework against industry specifics frameworks.

“There are a number of frameworks aimed at assisting most organizations in preventing cyber attacks. A prime example is the ISO 27001 ISMS. A more specific one for the financial / payments sector is the PCI DSS. This is a regulatory framework. I think it’s a case of the level of maturity of cybersecurity in the banking sector. Other sectors have not got to that advanced stage of maturity which is why the banks seem to be at the forefront of preventing and addressing issues related to Cybersecurity,” he said.

At Digital Encode, technology serves two purposes: to save money and solve a problem. Digital Encode also provides advisory services toward improvements in Information Security Management, Network Security, Vulnerability Management, Penetration Testing, Computer Forensics, Risk Management and Business Continuity Management.

Digital Encode’s unique methodology is rooted in the concept that a company should run its IT organization as a business. Throughout the well -defined process, Digital Encode translates strategic business objectives into sound, achievable technology solutions. This approach ensures that the technology never obscures the business goals.

Digital Encode has managed several projects for banks in the country among them included penetration testing and vulnerability assessments for PCIDSS certifications.

It has also assisted many organisations to deliver ISO 27001:13 certification which is a testament to their teamwork, focus, drive and will to succeed.

Recently, Digital Encode got licensed under the Data Protection Compliance Organisations (DPCO) by the National Information Technology Development Agency (NITDA).

With the development, Digital Encode is recognised by NITDA to provide training, auditing, and consulting services throughout the country in line with the Nigeria Data Protection Regulation (NDPR) principles.

Among the objectives behind the regulation were the protection of the privacy rights and freedoms of Nigerian citizens, on the one hand, and the promotion of local and foreign investments in the digital economy by safeguarding the information systems infrastructure against breaches and implementing internationally compatible rules.

Recognitions

Digital Encode and founders were conferred with several awards in recognition their efforts in pioneering effective cybersecurity strategy in Nigeria and Africa as well as its quality-driven operations and global best practice standards in Information Security Management and Compliance Advisory ecosystem among them included; the ‘Africa’s Most Innovative Quality Cyber-Security Consulting Company’ by African Quality Institute.

The company bagged Excellence Award in Compliancy Advisory Company and Cybersecurity Mastery Award at the prestigious Beacon of ICT Awards 2022 organised by Nigeria CommunicationsWeek .

Dr. Oluseyi Akindeinde, chief technology officer and Dr. Adewale Obadare, chief visionary officer both founders of Digital encode, emerged as Man of the Year and Cybersecurity Mastery Personalities of the Year.