An Evaluation of the Impact of Blockchain Technology on Supply Chain Transparency in Fidelity Bank, Yobe State
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Background of the Study
Blockchain technology has gained widespread recognition for its ability to enhance transparency, security, and accountability in various sectors, including supply chain management (Narayan et al., 2023). In particular, blockchain offers a decentralized, immutable ledger that records transactions in real-time, making it an ideal solution for improving transparency in supply chains where trust and traceability are critical. For financial institutions such as Fidelity Bank in Yobe State, leveraging blockchain technology can streamline operations, enhance visibility, and reduce fraud, ultimately improving the management of resources and the relationship between the bank and its suppliers.
The integration of blockchain technology into supply chain processes has the potential to revolutionize how banks manage and track financial transactions related to procurement, inventory management, and logistics (Zhao & Li, 2024). As blockchain technology provides an encrypted, transparent record of every transaction within a supply chain, it reduces the risk of fraud and human error, providing banks with a more reliable method of tracking and auditing transactions (Makarov & Schoar, 2023). In the context of Fidelity Bank, Yobe State, the application of blockchain could significantly enhance supply chain operations by enabling the bank to monitor supplier performance and verify transactions more efficiently.
This study explores how blockchain technology impacts the transparency of Fidelity Bank's supply chain operations, focusing on factors such as data accuracy, supplier accountability, and operational efficiency. Given the growing interest in digital innovations in financial services, understanding the potential benefits of blockchain for improving supply chain transparency will contribute to the broader discourse on the digital transformation of the banking sector in Nigeria.
Statement of the Problem
While blockchain technology has been touted as a tool for enhancing supply chain transparency, its application within the banking sector, specifically at Fidelity Bank in Yobe State, remains underexplored. As a financial institution, Fidelity Bank faces significant challenges in managing its supply chain and ensuring transparency, particularly in the procurement of goods and services and the evaluation of supplier performance. Without proper visibility into the activities of suppliers and the flow of goods, Fidelity Bank could face operational inefficiencies, fraud, and other risks that could undermine its competitive edge. Thus, there is a need to evaluate how blockchain technology can address these challenges by offering a more transparent and efficient way to manage the bank's supply chain operations.
The gap in understanding the specific impacts of blockchain on supply chain transparency in Fidelity Bank necessitates further investigation. The findings of this study could provide valuable insights into the integration of blockchain in the banking sector, particularly for improving operational integrity and building trust in supplier relationships.
Objectives of the Study
1. To evaluate the impact of blockchain technology on the transparency of supply chain operations at Fidelity Bank, Yobe State.
2. To assess the benefits of blockchain in improving the accuracy and accountability of supply chain transactions at Fidelity Bank.
3. To recommend strategies for further integrating blockchain technology to enhance supply chain transparency in Fidelity Bank.
Research Questions
1. How does blockchain technology impact the transparency of supply chain operations at Fidelity Bank, Yobe State?
2. What are the benefits of using blockchain for improving accuracy and accountability in Fidelity Bank's supply chain?
3. What strategies can be implemented to fully integrate blockchain technology to improve supply chain transparency at Fidelity Bank?
Research Hypotheses
1. Blockchain technology has no significant impact on the transparency of supply chain operations at Fidelity Bank, Yobe State.
2. The use of blockchain technology does not significantly improve the accuracy and accountability of supply chain transactions at Fidelity Bank.
3. There are no significant strategies that can be implemented to integrate blockchain technology for enhancing supply chain transparency at Fidelity Bank.
Scope and Limitations of the Study
The research will focus on Fidelity Bank's supply chain operations in Yobe State, with an emphasis on evaluating the impact of blockchain technology on supply chain transparency. The study will involve reviewing internal records, conducting interviews with key personnel, and analyzing the bank's blockchain implementation. However, the study's limitations may include the availability of data, especially as blockchain technology is relatively new in the banking sector, and access to some confidential records may be restricted.
Definitions of Terms
• Blockchain Technology: A decentralized, digital ledger system that records transactions in a secure, transparent, and immutable manner.
• Supply Chain Transparency: The degree to which the components of a supply chain, including suppliers, processes, and transactions, are visible and verifiable to stakeholders.
• Financial Institution: An organization that provides services related to money management, such as loans, investments, and savings.
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