The effect of blockchain technology on business banking security: A case study of Zenith Bank, Kano
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Background of the Study
Blockchain technology, characterized by its decentralized and immutable ledger system, offers significant potential for enhancing security in business banking. Zenith Bank in Kano has begun exploring blockchain as a means to secure transactions, reduce fraud, and improve transparency. The use of blockchain enables the bank to create tamper-proof records of transactions, thereby minimizing the risk of data manipulation and unauthorized access. By automating verification processes and reducing reliance on intermediaries, blockchain technology also improves the speed and efficiency of transaction settlements. In addition, smart contracts—self-executing agreements coded on the blockchain—ensure that terms are automatically enforced, reducing the scope for human error and disputes (Oluwaseun, 2023). This innovation aligns with global trends towards enhanced data security and regulatory compliance, making it an attractive option for banks seeking to modernize their operations. However, the adoption of blockchain also raises challenges regarding scalability, interoperability with existing systems, and regulatory uncertainty. These issues underscore the need for a comprehensive evaluation of blockchain’s impact on business banking security at Zenith Bank (Adenola, 2024; Chukwu, 2025).
Statement of the Problem
Despite the promising security benefits of blockchain, Zenith Bank faces several obstacles in its implementation. Integration with legacy systems remains problematic, as blockchain platforms may not seamlessly interface with traditional banking software, leading to potential disruptions in transaction processing. Furthermore, the high cost of developing and maintaining blockchain infrastructure, along with the need for specialized skills, creates financial and operational challenges. Regulatory uncertainty further complicates the adoption of blockchain, as existing legal frameworks may not adequately address the novel aspects of decentralized technology. Additionally, concerns over scalability and the energy consumption of blockchain networks pose significant challenges, potentially limiting their effectiveness in high-volume business banking environments. These issues collectively hinder the full realization of blockchain’s potential to enhance security, thereby affecting customer trust and operational efficiency at Zenith Bank (Oluwaseun, 2023; Adenola, 2024).
Objectives of the Study
- To assess the impact of blockchain technology on enhancing business banking security at Zenith Bank.
- To identify integration and scalability challenges associated with blockchain adoption.
- To propose strategies to overcome regulatory and operational obstacles in blockchain implementation.
Research Questions
- How does blockchain technology improve security in business banking at Zenith Bank?
- What are the main challenges in integrating blockchain with existing systems?
- What measures can enhance blockchain scalability and regulatory compliance?
Research Hypotheses
- H₁: Blockchain technology significantly enhances transaction security in business banking.
- H₂: Integration challenges with legacy systems negatively impact blockchain’s effectiveness.
- H₃: Strategic investments in blockchain infrastructure improve scalability and compliance.
Scope and Limitations of the Study
The study focuses on Zenith Bank’s business banking operations in Kano, reviewing blockchain initiatives over recent years. Limitations include evolving technological standards and regulatory uncertainties.
Definitions of Terms
- Blockchain Technology: A decentralized ledger system that records transactions across multiple computers.
- Business Banking Security: Measures to protect financial transactions and data in business banking.
- Smart Contracts: Self-executing contracts with the terms directly written into code.
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