Analysis of the Feasibility of Quantum-Based Blockchain for Secure Digital Transactions at Nigerian Stock Exchange, Abuja
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Background of the Study
Blockchain technology has garnered significant attention for its ability to provide secure, decentralized transaction systems. In the context of the Nigerian Stock Exchange (NSE), blockchain could revolutionize how financial transactions, asset trading, and securities exchanges are conducted by enhancing transparency, security, and efficiency. However, as the frequency and complexity of digital transactions increase, traditional blockchain methods may face challenges related to scalability and security.
Quantum computing has the potential to offer a solution to these challenges. By leveraging quantum algorithms, blockchain systems can be made more secure and efficient, particularly in handling complex cryptographic tasks. This study examines the feasibility of integrating quantum computing with blockchain technology at the Nigerian Stock Exchange, focusing on how quantum-based blockchain can enhance the security of digital transactions and improve overall transaction throughput.
Statement of the Problem
While blockchain technology offers strong security for digital transactions, traditional encryption methods used in current blockchain systems could be vulnerable to future advances in computing power. As quantum computers become more powerful, they may be able to break the encryption methods that protect blockchain networks. The Nigerian Stock Exchange, which relies on digital transactions, faces the challenge of ensuring its blockchain systems remain secure in the face of potential quantum threats. This study investigates the feasibility of implementing quantum-based blockchain technology to secure digital transactions at the NSE.
Objectives of the Study
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To analyze the potential of quantum computing in enhancing blockchain security for digital transactions.
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To evaluate the feasibility of integrating quantum-based blockchain systems into the Nigerian Stock Exchange’s digital infrastructure.
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To assess the benefits and challenges of adopting quantum-based blockchain for secure financial transactions at the NSE.
Research Questions
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How can quantum computing improve the security of blockchain technology for digital transactions at the Nigerian Stock Exchange?
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What are the potential advantages of integrating quantum-based blockchain systems at the NSE over traditional blockchain technologies?
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What challenges does the Nigerian Stock Exchange face in adopting quantum-based blockchain for secure transactions?
Significance of the Study
This study will provide important insights into the potential for quantum computing to secure digital transactions at the Nigerian Stock Exchange. The findings will be useful for policymakers, financial institutions, and blockchain developers, enabling them to plan for the future security needs of financial systems in Nigeria. Additionally, the study will contribute to the global dialogue on the application of quantum computing in the financial sector.
Scope and Limitations of the Study
The study will focus on the feasibility of implementing quantum-based blockchain technology for secure digital transactions at the Nigerian Stock Exchange in Abuja. Limitations include the technical barriers to integrating quantum computing with existing blockchain systems and the potential regulatory challenges associated with the adoption of quantum technologies in financial markets.
Definitions of Terms
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Quantum-Based Blockchain: A blockchain system that incorporates quantum computing principles to enhance its security, scalability, and efficiency, particularly in cryptographic processes.
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Digital Transactions: The exchange of digital assets or securities through online platforms, such as stock exchanges or payment systems.
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Nigerian Stock Exchange (NSE): The central marketplace in Nigeria for the trading of stocks, bonds, and other securities, providing a platform for buying and selling financial instruments.
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