An Evaluation of the Effects of Blockchain Technology on Financial Accounting in Nigeria: A Study of the Nigerian Stock Exchange
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style:
- Recommended for :
- NGN 5000
Background of the Study
Blockchain technology has emerged as a transformative tool across various industries, including financial accounting. Its decentralized, transparent, and immutable ledger system offers significant potential for improving the accuracy, security, and efficiency of financial transactions and reporting (Adebayo & Osagie, 2023). In financial accounting, blockchain can revolutionize processes such as audit trails, real-time reporting, and fraud prevention.
In Nigeria, the adoption of blockchain technology is gradually gaining momentum, particularly in financial markets such as the Nigerian Stock Exchange (NSE). The NSE, as a hub for financial transactions and reporting, faces challenges including data manipulation, inefficiencies, and limited transparency (Okafor & Eze, 2024). Blockchain offers a viable solution to address these issues, enhancing the reliability and integrity of financial accounting.
This study examines the effects of blockchain technology on financial accounting practices within the Nigerian Stock Exchange.
Statement of the Problem
Despite the potential benefits of blockchain technology, its adoption in financial accounting within Nigeria remains limited. Key challenges include lack of technical expertise, regulatory uncertainties, and resistance to change (Olatunji & Balogun, 2025). The Nigerian Stock Exchange, as a central institution in the country’s financial market, has yet to fully explore the impact of blockchain on financial reporting and data security.
This study seeks to evaluate how blockchain technology affects financial accounting practices in the Nigerian Stock Exchange, addressing gaps in knowledge and highlighting areas for improvement.
Objectives of the Study
-
To examine the impact of blockchain technology on the accuracy and security of financial accounting in the Nigerian Stock Exchange.
-
To identify challenges associated with the adoption of blockchain technology in financial accounting.
-
To assess the potential of blockchain technology in enhancing transparency and efficiency in the Nigerian Stock Exchange.
Research Questions
-
How does blockchain technology affect the accuracy and security of financial accounting in the Nigerian Stock Exchange?
-
What challenges are associated with adopting blockchain technology in financial accounting within the NSE?
-
What is the potential of blockchain technology in enhancing transparency and efficiency in the NSE?
Research Hypotheses
-
Blockchain technology does not significantly enhance the accuracy and security of financial accounting in the NSE.
-
Challenges associated with adopting blockchain technology do not significantly affect its implementation in financial accounting.
-
Blockchain technology does not significantly enhance transparency and efficiency in the NSE.
Scope and Limitations of the Study
The study focuses on the effects of blockchain technology on financial accounting practices within the Nigerian Stock Exchange from 2015 to 2024. Limitations include limited access to data on blockchain applications in the NSE and potential bias in stakeholder responses.
Definitions of Terms
-
Blockchain Technology: A decentralized and distributed digital ledger that records transactions securely and transparently.
-
Financial Accounting: The process of recording, summarizing, and reporting financial transactions of an organization.
-
Nigerian Stock Exchange (NSE): Nigeria’s primary securities exchange, facilitating trading of equities and other financial instruments.
