Challenges in Adoption of Blockchain in Developing Countries

Kumar, Rakesh; Tahir, Muhammad Faizan; Kumar, Sanjeev; Zia, Ahmed; Memon, Hallar; Mahmood, Waqas

doi:10.1109/iceest48626.2019.8981674

Cited by 13 publications

(9 citation statements)

References 10 publications

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“…A smart contract is practiced by decreasing child labour by authorizing farmers to farm upon fulfilling certain circumstances indicated in the smart contract protocol (Senou et al, 2019). Kumar et al (2019) surveyed in the form of a questionnaire to ascertain the problems faced by industries in adopting Blockchain technology in the global south. The survey was done in Karachi, Pakistan.…”

Section: Blockchain In Other Regionsmentioning

confidence: 99%

“…They concluded that the industries in developing countries are not hesitant and have set the least priority on Blockchain technology. They also believe that there is a lack of skilful resources in developing countries (Kumar et al, 2019). Bharti (2019) conducted exploratory research, and the data was gathered from different data sources such as journals and research papers.…”

Section: Blockchain In Other Regionsmentioning

confidence: 99%

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Adoption of blockchain technology in the banking sector of Ghana: Opportunities and challenges

Kofi¹,

Emmanuel²,

Frank³

2023

Afr. J. Bus. Manage.

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The evolution of blockchain technology has drastically altered the provision of banking services. Businesses are currently transitioning to a paperless environment. Robots are taking over laborintensive jobs, Artificial Intelligence (AI) is assisting in tracking any massive disaster, and biotech is assisting in curing multiple illnesses in a matter of seconds. Blockchain, one of the most important inventions of our time, is poised to assist individuals in reaching new heights of innovation in almost all domains. However, like other technologies, blockchain is confronting unique hurdles that must be overcome before widespread adoption particularly in Ghana and in Africa as a whole. This paper sought to examine the opportunities and challenges of the adoption of blockchain technology in Ghana. A qualitative technique in data gathering was employed for the purpose of this paper. The study used an interview-based technique, aimed to identify and communicate the problems that the banking sector in Ghana experiences in adopting blockchain technology. The interview took place in Ghana's capital, Accra. One representative from the Ghanaian Central Bank and nine from Commercial banks were interviewed. The paper concludes that the implementation of blockchain technology in Ghana's banking sector is being hampered by a lack of international norms or laws, high energy costs, a lack of intermediaries, poverty, corruption, a lack of infrastructure, and a lack of technical support.

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Section: Blockchain In Other Regionsmentioning

confidence: 99%

Section: Blockchain In Other Regionsmentioning

confidence: 99%

Adoption of blockchain technology in the banking sector of Ghana: Opportunities and challenges

Kofi¹,

Emmanuel²,

Frank³

2023

Afr. J. Bus. Manage.

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“…The number of miners is predicted to arrive to fifty million in 2020, according to these statistics. Based on that, a confidentiality challenge faces the miners within this technology [21].…”

Section: Blockchain Minersmentioning

confidence: 99%

Improving blockchain security for the internet of things: challenges and solutions

Al-Shabi

Alqarafi²

2022

IJECE

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<span>Due to its uniquely suited to the knowledge era, the blockchain technology has currently become highly appealing to the next generation. In addition, such technology has been recently extended to the internet of things (IoT). In essence, the blockchain concept necessitates the use of a decentralized data operation system to store as well as to distribute data and the transactions across the net. Therefore, this study examines the specific concept of the blockchain as a decentralized data management system in the face of probable protection threats. Furthermore, it discusses the present solutions that can be used to counteract those attacks. The blockchain security enhancement solutions are included in this study by summarizing the key points of these solutions. Several blockchain systems and safety devices that register security defenselessness can be developed using such key points. At last, this paper discusses the pending matters and the outlook research paths of blockchain-IoT systems.</span>

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“…Blockchain platforms run under standards that are different from the defined way for existing systems, which poses some challenges for users [128]. An application programming interface (API) is a set of rules and protocols that allows applications to integrate with each other; this needs to be developed to make BDLTs easier to adopt for users [178]. Therefore, to make blockchain more successful, the users' acceptance should be considered during blockchain implementation.…”

Section: Poor User Experiencementioning

confidence: 99%

An ISM Modeling of Barriers for Blockchain/Distributed Ledger Technology Adoption in Supply Chains towards Cybersecurity

2021

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Over the last few years, the increasing level of cyber risks derived from the growing connectedness of Industry 4.0 has led to the emergence of blockchain technology as a major innovation in supply chain cybersecurity. The main purpose of this study is to identify and rank the significant barriers affecting the implementation of blockchain technology as a key component of cyber supply chain risk management (CSCRM). This research relied on the “interpretive structural modeling (ISM)” technique in the structure of a hierarchical model to investigate the contextual relationships of identified challenges for blockchain adoption in CSCRM; it also classifies the influential challenges based on their driving and dependence powers. The results highlight that “cryptocurrency volatility” is the challenge at the top level of the hierarchy, implying weak driving power but it is strongly dependent on the other challenges. “Poor regulatory provisions”, “technology immaturity”, “dependent on input information from external oracles”, “scalability and bandwidth issues”, and “smart contract issues” are significant challenges for the adoption of blockchain in cyber supply chain risk management and are located at the bottom level of the hierarchy with higher driving power. The implications for theory and practice of the research are also highlighted.

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Challenges in Adoption of Blockchain in Developing Countries

Cited by 13 publications

References 10 publications

Adoption of blockchain technology in the banking sector of Ghana: Opportunities and challenges

Adoption of blockchain technology in the banking sector of Ghana: Opportunities and challenges

Improving blockchain security for the internet of things: challenges and solutions

An ISM Modeling of Barriers for Blockchain/Distributed Ledger Technology Adoption in Supply Chains towards Cybersecurity

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