BLOCK CHAIN TECHNOLOGY AND ITS POTENTIAL IMPACT ON THE ECONOMY OF NIGERIA

BLOCK CHAIN TECHNOLOGY AND ITS POTENTIAL IMPACT ON THE ECONOMY OF NIGERIA

BACKGROUND OF THE STUDY

Block chain technology is one of the newest, hottest and most intriguing technologies currently in the market. The technology is capable of providing a secure, transparent, and efficient processes for Entrepreneurs, startup companies, investors, global organizations and governments. Block Chain technology is a digital ledger which uses bit coin or other crypto currency to conduct transactions which are recorded chronologically and publicly (THE PROSHARE ECOSYSTEM, 2018). The technology, which can be described as a diary is difficult to forge. The block chain is definitely a resourceful invention that has grown significantly in use with an estimated market size of over 540 Million DOllars in 2018. Block chain was conceptualized and distributed by Satoshi Nakamato in 2008. The technology is capable of holding a secure history of data exchanges, use a peer-to-peer network to time stamp and verify each exchange, and can autonomously be managed without a central authority. This constitutes the backbone of digital currencies such as Bitcoin and Ethereum. It is expected that as the technology is widely accepted the decentralized Block Chain system will impact positively on the way business is transacted and managed and also transform banks, financial institutions, and other firms. The study seeks to appraise Block chain technology and its potential impact on the economy of Nigeria.

1.2 STATEMENT OF THE PROBLEM

Block chain technology has not been legally accepted in Nigeria even though it is currently being propagated among the people and in the social media. The Central Bank of Nigeria (CBN) has public warned Nigerians to beware of investments in crypto currencies, stating that virtual currencies are not accepted legal tenders in the country. This lack of government support constitutes a major setback to the growth and acceptability of the technology. The block chain is definitely a resourceful invention that has grown significantly in use with an estimated market size of over 540 Million DOllars in 2018.  Block chain was conceptualized and distributed by Satoshi Nakamato in 2008. The technology is capable of holding a secure history of data exchanges, use a peer-to-peer network to time stamp and verify each exchange, and can autonomously be managed without a central authority. However there is the need to seek for government approval of the technology as a measure of expanding the network and acceptability. The problem confronting the study is to appraise Block chain technology and its potential impact on the economy of Nigeria.

1.3 OBJECTIVES OF THE STUDY

The Main Objective of the study is to appraise block chain technology and its potential impact on the economy of Nigeria; The specific objectives include:

  i.        To assess the relevance of block chain in the Nigerian economy.

 ii.        To determine the effects of block on businesses in Nigeria.

 iii.        To establish the challenges of block chain technology in Nigeria.

1.4 RESEARCH QUESTIONS

  i.        How relevant is block chain in Nigeria economy?

  ii.        What are the effects of block chain on businesses in Nigeria?

 iii.        What are the challenges of block chain technology in Nigeria?

1.5 STATEMENT OF HYPOTHESIS

Ho: Block chain technology does not impact on the economy of Nigeria.

HA:  Block chain technology does not impact on the economy of Nigeria.

1.6 SIGNIFICANCE OF THE STUDY

The study proffers an appraisal of Block chain technology and its potential impact on the economy of Nigeria; It provides relevant data for the effective formulation and implementation of policies to enhance the realization of envisaged objective.

1.7 SCOPE OF THE STUDY

The study   assess the relevance of block chain in the Nigerian economy. The study also  determine the effects of block on businesses in Nigeria. Lastly, the study  establish the challenges of block chain technology in Nigeria. Hence the study is delimited to

1.8 LIMITATION OF THE STUDY

Financial constraint

Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Time constraint

The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work

1.9 DEFINITION OF TERMS

BLOCKCHAIN TECHNOLOGY

Block Chain technology is a digital ledger which uses bitcoin or other crypto currency to conduct transactions which are recorded chronologically and publicly. The technology, which can be described as a diary is difficult to forge.

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