A Review of the Impact of Blockchain on Data Transparency in Nigerian Businesses: A Study of Fintech Startups in Jigawa State
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Background of the Study
Blockchain technology, known for its decentralization, transparency, and immutability, has the potential to revolutionize data management across various industries (Olaniyi & David, 2023). By providing an immutable ledger of transactions, blockchain ensures that all data exchanges are transparent, traceable, and secure. This is particularly important in the fintech sector, where trust and transparency are key factors in customer relationships and regulatory compliance.
In Jigawa State, fintech startups are beginning to integrate blockchain technology into their operations to enhance data transparency, secure transactions, and build trust with customers. However, while blockchain offers promising benefits, its adoption in Nigerian businesses is still in the early stages. This review aims to examine how blockchain technology is transforming data transparency in fintech startups in Jigawa State and its implications for Nigerian businesses in general.
Statement of the Problem
Fintech startups in Jigawa State face issues related to data transparency, security, and trustworthiness, which can undermine customer confidence and regulatory compliance (Adegoke & Aliyu, 2024). While blockchain technology promises to address these concerns, its adoption is slow due to factors such as cost, lack of awareness, and the technical challenges associated with its implementation. This study reviews the impact of blockchain on data transparency within the fintech sector in Jigawa State, highlighting its potential benefits and challenges.
Objectives of the Study
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To review the role of blockchain technology in enhancing data transparency for fintech startups in Jigawa State.
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To assess the impact of blockchain technology on improving trust and security in fintech transactions.
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To explore the challenges fintech startups face in adopting blockchain technology for data transparency.
Research Questions
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How does blockchain technology improve data transparency in fintech startups in Jigawa State?
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What impact does blockchain have on trust and security in fintech transactions?
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What challenges do fintech startups in Jigawa State face in implementing blockchain for data transparency?
Research Hypotheses
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Blockchain technology does not significantly improve data transparency in fintech startups in Jigawa State.
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Blockchain technology does not significantly enhance trust and security in fintech transactions.
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The challenges in adopting blockchain technology do not significantly hinder its impact on data transparency in fintech startups.
Scope and Limitations of the Study
This review focuses on fintech startups in Jigawa State and their use of blockchain technology to enhance data transparency. Limitations include access to proprietary business data and varying levels of blockchain adoption across startups.
Definitions of Terms
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Blockchain Technology: A decentralized, distributed ledger system that records transactions across multiple computers, ensuring transparency and security.
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Data Transparency: The practice of making data accessible, clear, and understandable to authorized stakeholders.
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Fintech Startups: New companies in the financial technology sector that use technology to improve financial services and operations.
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