THE ROLE OF BLOCK CHAIN TECHNOLOGY IN EMERGING BUSINESSES IN NIGERIA. (A CASE STUDY OF SPRINGLIGHT TECHNOLOGY).

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Blockchain 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 the role of Blockchain technology in emerging Business in Nigeria. A case study of Springlight Technology.

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 set back 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 the role of Block chain technology in emerging Business in Nigeria. A case study of Spring light Technology.

1.3 OBJECTIVES   OF THE STUDY

The Main Objective of the study is to appraise the role of Block chain technology in emerging Business in Nigeria. A case study of spring light technology; The specific objectives include:

    i.        To assess the relevance of block chain in emerging businesses in Nigeria.

   ii.        To determine the effects of block on businesses.

 iii.        To establish the challenges of block chain technology in Nigeria.

1.4 RESEARCH QUESTIONS

    i.        What is the relevance of block chain technology on business organizations?

   ii.        What are the effects of block chain technology on businesses?

 iii.        What are the challenges of block chain technology in Nigeria?

1.5 STATEMENT OF THE HYPOTHESIS

Ho1: There is no significant role of block chain technology in emerging businesses in Nigeria.

1.6 SIGNIFICANCE OF THE STUDY

The study proffers an appraisal of the role of Block chain technology in emerging Business in Nigeria. A case study of spring light technology; 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 the role of Block chain technology in emerging Business in Nigeria. A case study of spring light technology.

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.

PROCUREMENT FRAUD

Procurement fraud is the exercise of dishonestly, obtaining an advantage, avoiding an obligation or causing a loss to public property or various means during procurement process.

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