Emerging Opportunities for Blockchain Use by Small and Medium Enterprises (SMEs) in Developing Economies

Emerging Opportunities for Blockchain Use by Small and Medium Enterprises (SMEs) in Developing Economies

Benjamin Kwofie (Koforidua Technical University, Ghana) and Emmanuel Dortey Tetteh (University of Electronic Science and Technology of China, China & Koforidua Technical University, Ghana)
DOI: 10.4018/978-1-7998-3632-2.ch011

Abstract

The blockchain digital technology holds immense possibilities for the growth and development of developing economies such as Ghana. Since the emergence of blockchain technology, many developing economies have as yet to tap into its limitless possibilities with Ghana being no exception. In this chapter, the authors explore the possibilities for the blockchain for SMEs in developing economies like Ghana with a view to identifying the properties of a blockchain ecosystem that will facilitate their development, adoption, and use by SMEs.
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Perspectives On Blockchain Adoption And Use

Many experts, developers and reviewers of the Blockchain technology all over the world generally agree that Blockchain solutions are versatile and capable of helping parties involved in transactions secure digital assets, manage multicurrency transactions, facilitate the monitoring of supply chains, etc. (Uzialko, 2018). Blockchain use for cryptocurrency solutions or other business operations such as transactions, supply chain management, digital identity management, smart contracts or global fundraising has indeed taken the global financial sector by storm. This view is widely believed to have been afforded by properties of Blockchain technology such as trust, verifiability, traceability, immutability, digital identifiability, distributed and decentralized nature that have facilitated the technology’s quick adoption and transformation of the global trade environment.

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