An assessment of blockchain applications in business banking: A case study of Keystone Bank, Abuja.
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Background of the Study
Blockchain technology has emerged as a disruptive innovation in the banking sector, offering enhanced security, transparency, and efficiency. Keystone Bank, Abuja, has been exploring the application of blockchain for various business banking operations, including digital payments, loan processing, and trade finance. Blockchain’s decentralized ledger technology ensures data integrity and provides an immutable record of transactions, which is particularly valuable in mitigating fraud and reducing operational risk (Ogunleye, 2023).
By implementing blockchain solutions, Keystone Bank aims to streamline processes, reduce transaction costs, and accelerate settlement times. The technology also facilitates secure peer-to-peer transactions without the need for traditional intermediaries, thereby enhancing trust and reducing the potential for errors (Ibrahim, 2024). Additionally, blockchain enables smart contracts, which automate and enforce contractual agreements without manual intervention. These benefits collectively promise to transform business banking by increasing operational efficiency and improving customer experiences. However, the adoption of blockchain is accompanied by challenges such as regulatory uncertainty, scalability issues, and integration complexities with existing banking systems (Adeleke, 2025).
This study examines the practical applications of blockchain in business banking at Keystone Bank, evaluating its impact on service delivery, security, and efficiency. By analyzing both the benefits and obstacles encountered, the research aims to provide insights into how blockchain can be effectively integrated into corporate banking processes and contribute to long-term operational improvements (Chinwe, 2025).
Statement of the Problem
Despite the potential benefits of blockchain applications, Keystone Bank, Abuja, faces significant hurdles in fully adopting the technology. A major problem is the integration of blockchain solutions with existing legacy systems, which often results in compatibility issues and data silos (Ogunleye, 2023). These integration challenges can lead to delays in transaction processing and limit the overall efficiency of banking operations. Additionally, regulatory uncertainty surrounding blockchain technology creates a challenging environment for its widespread adoption, as compliance with financial regulations remains complex and resource-intensive (Ibrahim, 2024).
Another critical issue is the scalability of blockchain systems. The technology’s current limitations in handling high transaction volumes may impede its effectiveness in a busy business banking environment. Moreover, the cost of implementing and maintaining blockchain solutions, along with the need for specialized technical expertise, further constrains adoption. These challenges collectively highlight a gap between the theoretical advantages of blockchain and the practical difficulties in its implementation, underscoring the need for targeted strategies to overcome these barriers (Adeleke, 2025).
Objectives of the Study
• To assess the effectiveness of blockchain applications in business banking at Keystone Bank, Abuja.
• To identify integration and regulatory challenges associated with blockchain adoption.
• To evaluate the impact of blockchain on operational efficiency and transaction security.
Research Questions
• How does blockchain technology improve business banking operations at Keystone Bank?
• What integration challenges hinder the effective deployment of blockchain solutions?
• How do regulatory and scalability issues affect blockchain adoption in business banking?
Research Hypotheses
• H1: Blockchain applications significantly enhance transaction security and operational efficiency.
• H2: Integration challenges between blockchain and legacy systems negatively impact system performance.
• H3: Regulatory uncertainty and scalability issues are negatively correlated with blockchain adoption success.
Scope and Limitations of the Study
This study focuses on Keystone Bank’s business banking operations in Abuja. Limitations include restricted access to proprietary blockchain implementation data and evolving regulatory frameworks.
Definitions of Terms
• Blockchain: A decentralized digital ledger technology that records transactions securely.
• Smart Contracts: Self-executing contracts with the terms of the agreement directly written into code.
• Legacy Systems: Older IT infrastructures that may hinder integration with blockchain.
• Scalability: The capability of a system to handle a growing amount of work.
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