A Study on the Role of Blockchain Technology in Improving Corporate Governance Transparency in Nigerian Banks: A Study of Polaris Bank in Sokoto State
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Background of the Study
Blockchain technology is revolutionizing corporate governance by enhancing transparency, accountability, and efficiency. In the banking sector, where trust and regulatory compliance are paramount, blockchain offers innovative solutions to longstanding challenges such as fraud, data tampering, and opaque decision-making processes (Adeola & Bello, 2023).
Polaris Bank, a prominent financial institution in Nigeria, has shown interest in leveraging blockchain technology to improve governance practices. However, the adoption of blockchain in Nigerian banks remains in its infancy, with limited research on its effectiveness and challenges (Oluwaseun & Ibrahim, 2024). Studies suggest that blockchain can provide a decentralized and tamper-proof ledger, fostering greater transparency and stakeholder confidence (Chukwu et al., 2025).
This study investigates the role of blockchain technology in improving corporate governance transparency in Polaris Bank, with a focus on its operations in Sokoto State.
Statement of the Problem
Despite significant advances in banking technologies, governance challenges persist in Nigerian banks, including lack of transparency, fraud, and inefficiencies in decision-making processes. Polaris Bank, like many others, has faced scrutiny over governance practices, raising questions about the effectiveness of existing frameworks (Afolabi & Musa, 2024).
Blockchain technology presents a promising solution, but its adoption in Nigeria faces hurdles such as regulatory uncertainties, high implementation costs, and technical barriers. This study addresses these issues by exploring the potential of blockchain to enhance governance transparency in Polaris Bank.
Objectives of the Study
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To evaluate the current governance practices in Polaris Bank.
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To examine the role of blockchain technology in improving transparency in corporate governance.
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To identify challenges to blockchain adoption in Nigerian banks and propose solutions.
Research Questions
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What are the current governance practices in Polaris Bank?
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How can blockchain technology improve governance transparency in Nigerian banks?
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What challenges hinder the adoption of blockchain technology in Polaris Bank?
Research Hypotheses
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Blockchain technology does not significantly improve governance transparency in Polaris Bank.
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There is no significant relationship between blockchain adoption and fraud reduction in Nigerian banks.
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Existing governance practices are sufficient to ensure transparency in Polaris Bank.
Scope and Limitations of the Study
The study focuses on the role of blockchain technology in enhancing corporate governance transparency in Polaris Bank, specifically in Sokoto State. While it provides valuable insights, the findings may not fully apply to banks with different operational structures. Limited access to blockchain-specific data and expertise may also pose challenges.
Definitions of Terms
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Blockchain Technology: A decentralized digital ledger that records transactions in a secure and transparent manner.
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Corporate Governance: The system of rules and practices by which an organization is directed and controlled.
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Transparency: The openness and clarity of an organization’s decision-making processes and operations.
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