Dr. Marshal Iwedi1 Dr. James Daniel Egileoniso2
12Department of Banking and Finance,
Faculty of Management Sciences,
Rivers State University, Nkpolu-Oroworukwo, Port Harcourt.
Corresponding Author’s Email: marshal.iwedi@ust.edu.ng
Abstract
Blockchain technology has emerged as a transformative innovation with the potential to reshape various sectors of the global economy. While its applications are diverse and promising, its adoption in Nigeria, like in many other developing nations, faces a unique set of challenges. This study explores the transformative potential of blockchain technology in Nigeria, Africa’s largest economy. The technology’s core features, including decentralization, immutability, and transparency, open avenues for innovative solutions across various sectors. Specifically, in the financial industry, blockchain facilitates secure peer-to-peer transactions, reducing reliance on traditional intermediaries like banks. Additionally, it enhances transparency and security in financial transactions and cross-border payments. In supply chain management, blockchain establishes immutable records, mitigating fraud and errors. Nigeria, with a substantial unbanked population, stands to benefit from decentralized financial systems enabled by blockchain. Furthermore, it has the potential to streamline remittance processes, reducing costs and transaction times. The study highlights that blockchain can revolutionize government operations, enhancing efficiency, transparency, and security in processes such as voting and procurement. While acknowledging the technology’s potential, challenges such as awareness, regulatory frameworks, and technical infrastructure are identified. Recommendations for adoption include widespread education, robust regulatory frameworks, infrastructure investment, and industry collaboration. By addressing these challenges, Nigeria can position itself as a frontrunner in blockchain innovation, utilizing the technology to overcome existing hurdles and drive sustainable development.
Keywords: Blockchain Adoption, Nigeria Blockchain Landscape, Blockchain Challenges, Regulatory Framework, Infrastructure Constraints, Blockchain Security.