Blockchain Readiness: Expert Perspectives From a Developing Economy

Introduction

Due to the advancing nature of information Communication technology (ICT) and the internet, this phenomenon of generating fake certificates has worsened over the years. There are problems with counterfeit documents and records, as well as authentication and verification issues by institutions. However, these issues of authentication and verification of certificates can be tackled with the use of Blockchain technology. Blockchain technology is an emerging technology that enhances reliability and ensures data integrity in records. Subsequently, blockchain innovation appears perfect to irradiate numerous of the issues mentioned above of fake paper documents.

The blockchain technology provides a better way of authenticating and verifying records and results from issuing authorities, allowing others to trust to prevail in a system (Yumna, Khan, Ikram, & Ilyas, 2019). Blockchain ensures better record verification in many fields (Grech & Camilleri, 2017; Rooksby & Dimitrov, 2017). Evidence of this technology is found mostly in fintech and supply chain platforms as well as record maintenance platforms (Sharples & Domingue, 2016; Chen, Xu, Lu & Chen, 2018). However, the scope of blockchain goes beyond the earlier mentioned platforms and can be incorporated into the applications and services in other sectors to verify and authenticate records and results across stakeholders (Yli-Huumo, Ko, Choi, Park, & Smolander, 2016; Lemieux, 2016).

This study employs a theory-based understanding of the readiness factors of Blockchain adoption in institutions in other sectors since there is arguably little or no research on Blockchain in a developing economy’s perspective using a theory. Hence this study.

This study is exploratory, and it is aimed at obtaining preliminary insights from Blockchain experts on how technology can benefit the other industries. Blockchain is now gaining recognition in developing economies, and there is a need for research to investigate its potential and how it will benefits firms in emerging economies.

The purpose of this study is to explore the influencing readiness factors of institutions in the adoption of Blockchain technology in Ghana.

These objectives will be addressed in this study:

• 1.

  To explore the awareness of Blockchain in institutions in Ghana.

• 2.

  To explore the readiness factors of institutions in the adoption of blockchain technology.

From the objectives, these are the questions of this study:

• 1.

  What is the nature of awareness of Blockchain in institutions in Ghana?

• 2.

  What are the readiness factors that influence the adoption of Blockchain in institutions in Ghana?

This question will help us better analyze the factors that influence the readiness of institutions to adopt and implement blockchain.

The importance of this study can be towed along the lines of research, policy, and practice; therefore, it will help contribute to knowledge in the Blockchain field.

This study is to explore the factors that influence the readiness of institutions to adopt and implement blockchain. The Chapter is organized into five sections. The first section is the introduction to the chapter. The second section presents an overview of Blockchain, advantages, and disadvantages of Blockchain, applications of Blockchain, related work on Blockchain, and the research framework as well as the research methods used in the chapter. The third section deals with the findings, analysis, and discussion. The fourth section presents future studies directions. The last part deals with the precis of the study, implications (and suggestions) to investigate, practice, and policy.