Blockchain phenomenon: a penchant to reshape developing economies across Sub-Saharan Africa (SSA)
by Elijah Asante Boakye; Hongjiang Zhao; Bright Nana Kwame Ahia
African J. of Economic and Sustainable Development (AJESD), Vol. 9, No. 2, 2023

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.

Online publication date: Tue, 14-Feb-2023

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