INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Block chain technology is one of the newest, hottest and most intriguing technologies currently in the market. The technology is capable of providing a secure, transparent, and efficient processes for Entrepreneurs, startup companies, investors, global organizations and governments. Block Chain technology is a digital ledger which uses bit coin or other crypto currency to conduct transactions which are recorded chronologically and publicly (THE PROSHARE ECOSYSTEM, 2018). The technology, which can be described as a diary is difficult to forge. The block chain is definitely a resourceful invention that has grown significantly in use with an estimated market size of over 540 Million DOllars in 2018. Block chain was conceptualized and distributed by Satoshi Nakamato in 2008. The technology is capable of holding a secure history of data exchanges, use a peer-to-peer network to time stamp and verify each exchange, and can autonomously be managed without a central authority. This constitutes the backbone of digital currencies such as Bitcoin and Ethereum. It is expected that as the technology is widely accepted the decentralized Block Chain system will impact positively on the way business is transacted and managed and also transform banks, financial institutions, and other firms. The study seeks to appraise Block chain technology and its potential impact on the economy of Nigeria.
1.2 STATEMENT OF THE PROBLEM
Block chain technology has not been legally accepted in Nigeria even though it is currently being propagated among the people and in the social media. The Central Bank of Nigeria (CBN) has public warned Nigerians to beware of investments in crypto currencies, stating that virtual currencies are not accepted legal tenders in the country. This lack of government support constitutes a major setback to the growth and acceptability of the technology. The block chain is definitely a resourceful invention that has grown significantly in use with an estimated market size of over 540 Million DOllars in 2018. Block chain was conceptualized and distributed by Satoshi Nakamato in 2008. The technology is capable of holding a secure history of data exchanges, use a peer-to-peer network to time stamp and verify each exchange, and can autonomously be managed without a central authority. However there is the need to seek for government approval of the technology as a measure of expanding the network and acceptability. The problem confronting the study is to appraise Block chain technology and its potential impact on the economy of Nigeria.
1.3 OBJECTIVES OF THE STUDY
The Main Objective of the study is to appraise Block chain technology and its potential impact on the economy of Nigeria; The specific objectives include:
i. To assess the relevance of block chain in the Nigerian economy.
ii. To determine the effects of block on businesses in Nigeria.
iii. To establish the challenges of block chain technology in Nigeria.
1.4 RESEARCH QUESTIONS
i. How relevant is block chain in Nigeria economy?
ii. What are the effects of block chain on businesses in Nigeria?
iii. What are the challenges of block chain technology in Nigeria?
1.5 STATEMENT OF HYPOTHESIS
Ho1: There is no significant role of block chain technology in Nigerian economy.
1.6 SIGNIFICANCE OF THE STUDY
The study proffers an appraisal of Block chain technology and its potential impact on the economy of Nigeria; It provides relevant data for the effective formulation and implementation of policies to enhance the realization of envisaged objective.
1.7 SCOPE OF THE STUDY
The study proffers an appraisal of Block chain technology and its potential impact on the economy of Nigeria.
1.8 LIMITATION OF THE STUDY
The study was confronted with logistics and geographical factors
1.9 DEFINITION OF TERMS
BLOCKCHAIN TECHNOLOGY DEFINED
Block Chain technology is a digital ledger which uses bitcoin or other crypto currency to conduct transactions which are recorded chronologically and publicly. The technology, which can be described as a diary is difficult to forge.
PROCUREMENT DEFINED
Procurement is defined as the process of searching, finding, agreeing to terms, and buying goods, services, or works from an external source, through the process of tendering or competitive bidding process.
