An Appraisal of Blockchain Applications in Secure Business Transactions: A Study of Fintech Companies in Niger State
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Background of the Study
Blockchain technology has revolutionized the way secure business transactions are conducted by providing transparency, immutability, and enhanced security. By decentralizing data storage and enabling cryptographic validation of transactions, blockchain minimizes risks such as fraud and unauthorized access (Nakamoto, 2024). In the fintech sector, blockchain applications such as smart contracts, digital wallets, and payment systems have transformed financial services globally.
In Niger State, fintech companies play a crucial role in promoting financial inclusion and driving digital innovation. However, challenges related to transaction security, data breaches, and fraud remain prevalent. The adoption of blockchain technology is seen as a potential solution to these issues. This study appraises the role of blockchain applications in securing business transactions among fintech companies in Niger State.
Statement of the Problem
Fintech companies in Niger State face increasing threats of data breaches, cyberattacks, and fraudulent activities, which undermine customer trust and operational efficiency. Traditional security mechanisms are often insufficient to address these evolving threats. Blockchain technology offers innovative solutions, but its adoption among fintech firms in the state is limited due to factors such as cost, complexity, and lack of awareness (Bello & Musa, 2023). This study evaluates the effectiveness of blockchain applications in addressing these challenges.
Objectives of the Study
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To assess the adoption level of blockchain technology among fintech companies in Niger State.
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To evaluate the effectiveness of blockchain applications in enhancing transaction security.
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To identify challenges fintech companies face in implementing blockchain technology.
Research Questions
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What is the adoption level of blockchain technology among fintech companies in Niger State?
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How effective are blockchain applications in enhancing transaction security?
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What challenges do fintech companies face in implementing blockchain technology?
Research Hypotheses
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There is no significant relationship between the adoption of blockchain technology and transaction security.
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Blockchain applications do not significantly reduce fraudulent activities in fintech companies.
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Challenges in implementing blockchain technology are not significant in fintech companies in Niger State.
Scope and Limitations of the Study
The study focuses on fintech companies in Niger State, assessing their use of blockchain technology for securing transactions. Limitations include variations in blockchain adoption levels and access to confidential transaction data.
Definitions of Terms
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Blockchain Technology: A decentralized digital ledger that records transactions securely and transparently.
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Business Transactions: Financial or commercial activities conducted between entities.
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Fintech Companies: Businesses that use technology to provide financial services.
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