Blockchain technology prospects in transforming Ghana’s economy: a phenomenon-based approach

Boakye, Elijah Asante; Zhao, Hongjiang; Ahia, Bright Nana Kwame

doi:10.1080/02681102.2022.2073580

Cited by 11 publications

(4 citation statements)

References 114 publications

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“…Financial institutions and governments should create an environment that encourages innovation and entrepreneurship in the digital currency space. Supporting blockchain-based startups and fostering a culture of technological innovation can lead to the development of localized solutions that address specific challenges in Africa (Asante Boakye et al, 2023). Initiatives such as hackathons, incubators, and funding opportunities can nurture a vibrant ecosystem of digital currency innovation.…”

Section: Recommendationmentioning

confidence: 99%

Digital currency adoption in Africa: A critical review and global comparison

Rhoda Adura Adeleye,

Onyeka Franca Asuzu,

Binaebi Gloria Bello

et al. 2024

World J. Adv. Res. Rev.

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This study critically examines the landscape of digital currency adoption in Africa, providing a comprehensive analysis that juxtaposes the region's progress against global trends. As the world witnesses an accelerating shift towards digital currencies, Africa stands at a crucial juncture in its financial evolution. This research delves into the factors influencing the adoption of digital currencies in various African nations, exploring the socio-economic, technological, and regulatory dimensions that shape their trajectory. The study employs a comparative approach, drawing parallels between Africa's digital currency adoption and global patterns. By examining successful case studies and identifying challenges unique to the African context, the research sheds light on the diverse experiences within the continent. Factors such as financial inclusion, regulatory frameworks, technological infrastructure, and cultural perceptions are scrutinized to unravel the complexities surrounding digital currency adoption. Furthermore, the study investigates the impact of global trends and initiatives on Africa's digital currency landscape. The analysis encompasses the role of international collaborations, regulatory harmonization efforts, and the influence of major digital currencies in shaping the African narrative. By identifying both opportunities and challenges, the research aims to offer insights that can inform policymakers, financial institutions, and stakeholders in fostering a conducive environment for digital currency adoption in Africa. The findings of this study contribute to the academic discourse on digital currency adoption, providing a nuanced understanding of Africa's position in the global digital financial ecosystem. In an era where technological advancements redefine traditional financial paradigms, this research aims to inform strategic decision-making processes that can unlock the transformative potential of digital currencies in the African context.

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Section: Recommendationmentioning

confidence: 99%

Digital currency adoption in Africa: A critical review and global comparison

Rhoda Adura Adeleye,

Onyeka Franca Asuzu,

Binaebi Gloria Bello

et al. 2024

World J. Adv. Res. Rev.

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“…The reviewed articles encompass a diverse range of geographical contexts, shedding light on the global interest in understanding the implications of blockchain technology for SMEs. The investigation spans various regions, including India (Kaur et al ., 2022; Paliwal et al ., 2020; Sahoo and Thakur, 2023), Ghana (Asante Boakye et al ., 2022, 2023), Saudi Arabia (Alshareef and Tunio, 2022), China (Chen et al ., 2021; Sun et al ., 2021a, b), Qatar (Dahdal et al ., 2020) and Russia (Christian et al ., 2020), and examines sectors as varied as housing (Utkarsh et al ., 2022), trade finance (Dahdal et al ., 2020; Truby et al ., 2022), livestock export (Miller et al ., 2023), e-commerce (Jiang and Chen, 2021; Li et al ., 2020) and automotive retail (Chen et al ., 2020). This diverse representation underscores the ubiquity of the exploration into blockchain's potential impact on SMEs across different nations and industries.…”

Section: Thematic Analysismentioning

confidence: 99%

“…(2022) emphasize that technological barriers substantially hinder blockchain adoption. Asante Boakye et al . (2022) discuss how blockchain, IoT and distributed ledger technologies (DLTs) can reduce transaction and monitoring costs.…”

Section: Thematic Analysismentioning

confidence: 99%

Filling the SME credit gap: a systematic review of blockchain-based SME finance literature

Kumar,

Phani,

Chilamkurti

et al. 2023

JTS

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PurposeThe review examines the existing literature on blockchain-based small and medium enterprise (SME) finance and highlights its trend, themes, opportunities and challenges. Based on these factors, the authors create a framework for the existing literature on blockchain-based SME financing and lay down future research paths.Design/methodology/approachThe review follows a systematic approach. It includes 53 articles encompassing multiple dimensions of blockchain-based SME finance, including peer-to-peer lending platforms, supply chain finance (SCF), decentralized lending protocols and tokenization of assets. The review critically evaluates these approaches' theoretical underpinnings, empirical evidence and practical implementations.FindingsThe review demonstrates that blockchain-based SME finance holds significant promise in addressing the credit gap by leveraging blockchain technology's decentralized and transparent nature. Benefits identified include reduced information asymmetry, improved access to financing, enhanced credit assessment processes and increased financial inclusion. However, the literature acknowledges several challenges and limitations, such as regulatory uncertainties, scalability issues, operational complexities and potential security risks.Originality/valueThe article contributes to the growing knowledge of blockchain-based SME finance by synthesizing and evaluating the existing literature. It also provides a framework for the existing literature in the area and future research paths. The study offers insights for researchers, policymakers and practitioners seeking to understand the potential of blockchain technology in filling the SME credit gap and fostering economic development through improved access to finance for SMEs.

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“…2.1. Introduction to Blockchain Technology Blockchain technology is a disruptive phenomenon that has transformed industries and civilizations [18]. Blockchain is a creative modification of distributed ledger technology that efficiently processes financial transactions.…”

mentioning

confidence: 99%

Insights into Industrial Efficiency: An Empirical Study of Blockchain Technology

Douaioui,

Benmoussa

2024

BDCC

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Blockchain technology is expected to have a radical impact on most industries by boosting security, transparency, and efficiency. This work considers the potential benefits of blockchain-focused applications in industrial process monitoring. The research design facilitates a detailed bibliometric analysis and delivers insights into the intellectual structure of blockchain technology’s application in industry via scientometric approaches. The work also approaches numerous sources in various industrial sectors to identify the transformative role of blockchain in industrial processes. Aspects such as blockchain technology’s impact on industrial processes’ transparency are discussed, while the paper does not ignore that success stories in applying blockchain to industrial sectors are often exaggerated due to a highly competitive environment that the cryptocurrency domain has become. Finally, the work presents major research avenues and decision-making areas that should be tackled to maximize the disruptive potential of blockchain and create a secure, transparent, and inclusive future.

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Blockchain technology prospects in transforming Ghana’s economy: a phenomenon-based approach

Cited by 11 publications

References 114 publications

Digital currency adoption in Africa: A critical review and global comparison

Digital currency adoption in Africa: A critical review and global comparison

Filling the SME credit gap: a systematic review of blockchain-based SME finance literature

Insights into Industrial Efficiency: An Empirical Study of Blockchain Technology

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