The Role of Blockchain Technology in Reducing Fraud in the Financial Sector in Nigeria (2018-2022)
- 1. Department of Financial Management Technology, Management Technology, Federal University of Technology, Owerri, Nigeria.
- 2. Department of Business Administration, School of Management, University of Science and Technology Of China, 96 Jinzhai Road, Baohe District, Hefei, Anhui Province 230026, China
- 3. Department of Arts Education, Faculty of Education, University of Port Harcourt, River State Nigeria.
- 4. Department of Agribusiness and Management, Michael Okpara University of Agriculture, Umudike. Abia State, Nigeria
Description
Fraud remains a serious challenge in Nigeria's banking industry, impeding economic progress and waning public trust. This paper investigates the potential of blockchain technology in tackling fraud concerns, concentrating on how it might promote transparency and create a verified system of transactions. This research also explores the challenges to blockchain use and gives solutions for policy and practice in Nigeria. The technique adopted studied relevant literature and data from Nigerian financial institutions were analyzed. The findings collected from this study will supply essential information for financial institutions and regulators, helping to build future strategies for combating financial fraud through emerging technology like blockchain.
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