In recent developments, Japan-based tech company Soramitsu and the Nigerian Institute of Social and Economic Research (NISER) have signed a partnership agreement. Notably, this strategic collaboration seeks to boost blockchain technology research, adoption and application in the country.
As announced in a post on X, “Soramitsu and the Nigerian Institute of Social and Economic Research (NISER) have entered a strategic partnership to promote blockchain technology in Nigeria. This collaboration focuses on advancing research, capacity building, and the practical application of blockchain solutions to support the country’s developmental goals.”
NISER has spearheaded many such developmental projects affecting many sectors in Nigeria. These include the National Social Protection Policy 2017, the Medium Term National Development Plan, etc.
Soramitsu Partners with NISER: Benefits for Nigerians
The partnership entails NISER supplying local knowledge and research findings while Soramitsu provides technical support for the institute’s research facilities. Also, the Japan-based tech company will empower other centres in the country to enhance blockchain technology adoption.
In addition, Soramitsu will introduce SORA, an adaptive monetary model that proposes to stabilize the Nigerian economy. Furthermore, the partnership will seek to build a Central Bank Digital Currency (CBDC), anchoring a cryptocurrency to the Nigerian Naira.
Also, the partnership will introduce Hyperledger Iroha, a new blockchain technology to enable smart contract project development in Nigeria. With this platform, innovative projects built on the blockchain will boost financial inclusion and solve other economic problems facing Nigerians.
What is Soramitsu?
Soramitsu is a Fintech organisation in Japan that focuses on blockchain technology and products. Among other achievements, it was the major contributor to Hyperledger Iroha, a new blockchain sensation.
Using this technology, the fintech company creates DeFi mobile apps for users to manage their assets and build smart contracts. Recently, Soramitsu partnered with the National Bank of Cambodia to create Bakong, a next-generation CBDC payments system.
Through partnership with NISER, Soramitsu continues to keep up with its mission of “delivering blockchain-based solutions for enterprises, universities, and governments.”