Blockchain phenomenon: a penchant to reshape developing economies across Sub-Saharan Africa (SSA)

Elijah Asante Boakye, Hongjiang Zhao and Bright Nana Kwame Ahia

African Journal of Economic and Sustainable Development, 2023, vol. 9, issue 2, 155-176

Abstract: The enabled-applications of blockchain technology have advanced beyond crypto-currencies to potential transformations in the activities of individuals, businesses and economies. Blockchain technology computationally revamps many sets of processes in finance, manufacturing, healthcare and governance without third-party interventions. From a phenomenon-based approach, we address the potential of blockchain technology enabled-applications like Internet-of-Things (IoT), Smart Contracts and Distributed Ledger Technologies (DLT) to reshaping economic sectors. We also present three main blockchain-enabled models with the cases of Agriculture % Agro-Processing, Mining % Minerals Processing and Finance sectors in developing economies across Sub-Saharan Africa especially Ghana, on management objectives of cost-effectiveness, efficiency, reliability and risk reduction. Blockchain-enabled applications can reshape the supply chains of Agriculture % Agro-Processing to be less costly, Mining % Minerals Processing sector more corrupt-free and efficient with a reduced level of risks, offering efficient banking systems, reduction in privacy risks and operational complexities to the Finance sector.

Keywords: Sub-Saharan Africa; finance; agriculture % agro-processing; mining % minerals processing; blockchain-enabled models; blockchain phenomenon; economic sectors. (search for similar items in EconPapers)
Date: 2023
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