Blockchain Readiness: Expert Perspectives From a Developing Economy

Blockchain Readiness: Expert Perspectives From a Developing Economy

Frederick Edem Broni Jr., Acheampong Owusu
DOI: 10.4018/978-1-7998-2610-1.ch008
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Blockchain technology is an emerging innovation, and it is viewed as a better approach to help the necessities of people and institutions in terms of record management. Using the Delphi technique and the PERM model, this chapter seeks to present the perspectives of experts in the field of blockchain on the readiness of the institutions in developing economies to adopt and implement it. The findings suggest that the understanding of the technology, knowledge on how to use it, availability of skilled personnel, availability of technical components, risk, capital, management support, business process, policies and regulations, and government initiatives on technology are key influencing factors assessing the readiness to adopt blockchain in a developing economy. It is expected that these findings will enlighten practitioners on the prospects of the application of blockchain in all sectors. The originality of this study lies in the fact that it is a maiden exploratory study that examines the factors that influence the readiness to adopt and implement blockchain technology in a developing economy.
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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.

Key Terms in this Chapter

Cryptocurrency: A virtual cash intended to fill in as a model of trade.

Bitcoin: A computerized and worldwide form of money. It enables individuals to send or receive cash over the web, even to somebody they don't know or don't trust.

Proof-of-Work: An algorithm used to affirm transactions and produce new blocks to the chain.

Payment Gateway: An online service that facilitates cashless transactions.

Peer-to-Peer: A distributed service whereby one person communicates with another, without intermediation by an outsider.

Blockchain: A public ledger of unchangeable transactions of records in a block, linked in a chain that is distributed over a public network of nodes (computers) visible to everyone on the network.

Cryptography: A strategy for encoding data in a specific way with the goal that those for whom it is planned can peruse and process it.

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