ADOPTION OF BLOCK CHAIN TECHNOLOGY ON DEPOSIT MONEY BANKS (CASE STUDY: FIRST BNK NIGERIA)
Abstract
ABSTRACT
This study investigates the adoption of block chain technology on deposit money banks. The study focuses on current awareness, challenges, potential benefits, and strategies for adopting blockchain technology among supply chain stakeholders in First bank, Nigeria. The research employs a structured questionnaire administered to 135 respondents representing various sectors within the supply chain. Findings reveal a high level of awareness but varying degrees of understanding among stakeholders, primarily sourced from news articles and peer interactions. Key challenges identified include cost implications, technical complexities, and regulatory uncertainties, which impede widespread adoption. Nevertheless, stakeholders recognize blockchain's potential to enhance efficiency, transparency, and security in supply chain operations. Government support through policy formulation, financial incentives, and publicprivate partnerships emerges as crucial for overcoming adoption barriers. Recommendations include targeted education initiatives, collaborative efforts among stakeholders, and strategic investments in research and development. This study contributes to the understanding of blockchain adoption dynamics in emerging markets, offering insights into navigating challenges and optimizing benefits for sustainable supply chain.
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