According to Nigerian Crypto/Blockchain expert, Angel Investor and Philanthropist, Keith Mali Chung, the world is currently in the middle of a fourth industrial revolution which is being built on blockchain technology (which helps verify transactions or records/data on verifiable public ledgers). This revolution is much different from other preceding major revolutions including the first and third (internet revolution), as it would alter the very fabric of human society in more profound ways like creating a whole new reality in which we will exist and spend considerable conscious time, and creating a new monetary/value exchange system.
Although the revolution is still in its early stages, its disruptive essence is already being felt in the global financial sector where Bitcoin and other Cryptocurrencies are currently upending the financial/monetary system which humans have used for over two millennia. Blockchain Technology, Keith pointed out won’t just stop there, but it will help us redefine our material value exchange system, with NFTs (Non-Fungible Tokens) already blazing the trail in that regard, a non-correlation, non-asymmetric class of money and asset to the traditional financial system. It has been fascinating watching humans create abstract digital assets of value that can be traded like a stock, shares, or money by people from anywhere in the world and they can serve as a valid medium of exchange or legal tender.
In 2021 alone, over $23 billion has been traded in NFTs across the world and that figure is set to only multiply exponentially. Keith further pointed out that the blockchain revolution disruption is going to cut across all industries, governance, and institutions alike, which is so important for Nigeria and Africa as a continent as it had the best potential of solving the problem of government financial/administrative transparency and voting transparency since all transactions or relevant records/data can be recorded on a public ledger not controlled by any single corporate entity.
Keith Mali first rose to prominence in September 2019 after he woke up to find 7.8 BTC ($80k/N28.8 million at the time and $530,400/N275.2 million at its 2021 peak) had been erroneously transferred into his wallet. Keith’s next line of action was to immediately start tracking the original owner of the funds till he was found and the money fully refunded. This unusual act of financial transparency from a Nigerian immediately caught international attention as the foreign media were bewildered by his humanity.
Keith has always been an advocate of Blockchain Tech (which he discovered in his hometown in Jos, Plateau State) due to its endless possibilities and potential. Keith, who is currently based in Nigeria’s capital city, Abuja, is the President and Founding Partner of LoopBlock Network, a decentralized AI Blockchain company. LoopBlock network launched operations in 2018 with the aim of providing the most decentralized & effective technology that will foster the growth of Digital Assets & Decentralized Finance (DeFi) in Africa. He is also the Chairman of Afen Blockchain, another leading Blockchain Solutions company that has its own Afen Crypto Coin and NFT trading platform. Keith is also a leading project Angel Investor who has already invested in some of the leading projects of 2022 and the next few years.
According to him, Nigeria and Africa missed out on the Internet/Web 2 Revolution which is why there are no social media or African Tech Powerhouses like Google, Twitter, Facebook or Meta as it’s been rebranded, but now we are on the cusp of a new digital revolution powered by Blockchain Tech which is what (Web 3) the next phase of the digital revolution will be built on. With the MetaVerse, we are building a new digital reality for our species that has the potential to evenly distribute online power and yank away control from the Big Tech Platforms. Nigeria can actively join in building this new reality or sit & watch while we have it built for us to consume.
In supporting the Revolution, Keith has announced a program for investing in the training of over 100 Nigerian Blockchain/Web 3 developers in the next 2 years. He stated that the Private Sector/Government should also make it an economic and technological priority to keep up or get ahead of the curve.
“Africa has missed out on every big revolution since the Agricultural Revolution and Nigeria/Africa can’t afford to miss out on this one,” he declared.