Exploring theoretical constructs of blockchain technology in banking: Applications in African and U. S. financial institutions
1 Independent Researcher, United Kingdom.
2 Riot Games, California, USA.
3 Nigeria Inter-Bank Settlement System Plc (NIBSS), Nigeria.
4 Revville Technology Limited Lagos, Nigeria.
5 Information Security Advisor, Corporate Security, City of Calgary, Canada.
6 The Vanguard Group, Charlotte, North Carolina, USA.
Review
International Journal of Frontline Research in Science and Technology, 2024, 04(01), 035–042.
Article DOI: 10.56355/ijfrst.2024.4.1.0051
Publication history:
Received on 01 September 2024; revised on 11 October 2024; accepted on 14 October 2024
Abstract:
This review paper explores the theoretical underpinnings and practical applications of blockchain technology within the banking sectors of African and U.S. financial institutions. It delves into key theoretical constructs such as Distributed Ledger Technology (DLT), smart contracts, and cryptographic security, examining their potential to revolutionize banking operations through enhanced efficiency, security, and transparency. The paper contrasts the applications and challenges faced by banks in Africa and the U.S., highlighting the unique opportunities and hurdles in each region. Regulatory environments, technological barriers, and market potential are critically analyzed to understand the landscape of blockchain adoption in banking. The review underscores the transformative potential of blockchain in banking while suggesting areas for future research aimed at overcoming challenges and harnessing emerging opportunities for innovation and growth in the sector.
Keywords:
Blockchain; Banking; Financial Inclusion; Regulatory Challenges
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0