Implications Of Blockchain Network In Telecommunications Operations In Nigeria
Implications Of Blockchain Network In Telecommunications Operations In Nigeria
Abstract
This study focused on the implications of blockchain network in telecommunications operations in Nigeria, telecommunication operators in Nigeria as case study. The study is was specifically focused on determining the benefits of blockchain network; examining the impact of blockchain network on the telecommunication operation in Nigeria and determining the relationship between blockchain network and the telecommunication operation in Nigeria.
The study adopted the survey research design and randomly enrolled participants in the study. A total of 100 responses were validated from the enrolled participants where all respondent are staff of telecommunication operators in Nigeria.
Table of Content
Chapter One:
Introduction
- 1.1 Background of the study
- 1.2 Statement of the problem
- 1.3 Objective of the study
- 1.4 Research questions
- 1.5 Hypothesis of the study
- 1.6 Significance of the study
- 1.7 Scope of the study
- 1.8 Limitation of the study
- 1.9 Definition of terms
- 1.10 Organizations of the study
Chapter Two:
Review of Literature
- 2.1 Conceptual framework
- 2.2 Theoretical Framework
- 2.3 Empirical review
Chapter Three:
Research Methodology
- 3.1 Research Design
- 3.2 Population of the study
- 3.3 Sample size determination
- 3.4 Sample size selection technique and procedure
- 3.5 Research Instrument and Administration
- 3.6 Method of data collection
- 3.7 Method of data analysis
- 3.8 Validity of the study
- 3.9 Reliability of the study
- 3.10 Ethical consideration
Chapter Four:
Data Presentation and Analysis
- 4.1 Data Presentation
- 4.2 Answering Research Questions
- 4.3 Test of Hypothesis
Chapter Five:
Summary, Conclusion and Recommendation
- 5.1 Summary
- 5.2 Conclusion
- 5.3 Recommendation
- References
- APPENDIX
- QUESTIONNAIRE
Chapter One
Introduction
1.1 Background to the Study
Blockchain is basically a distributed database that stores an irreversible, time-stamped history of record of transaction of every process between users on its network. Blockchain Technology is presently disrupting financial services industry (Notheisen, Hawlitschek, & Weinhardt, 2017). It already altering the provision of financial services in emerging markets in selected Africa region(Abubakar, Benna, & Benna, 2019). High regulatory uncertainties; hostility from Financial Services (FS) incumbents; poor data protection; disruptive technology; terrorism financing; money laundering; cyber crimes and identity theft or fraud as some of the challenges in fintech sector within the Nigeria ICT ecosysytem (Ojo & Nwaokike, 2018). However, blockchain has the potential to solve some of these challenges(Skinner, 2016).
The traditional financial service technology solutions is usually characterised by higher banking risks and lower bank penetration; creating a necessity for blockchain adoption. Blockchain in fintech has the potential to create a technology leap in organisation processes (Niforos, 2017)and boost financial inclusion and growth (Nir Kshetri, 2017). Blockchain technology is also flourishing in the private investment fund industry (Friedlmaier, Tumasjan, & Welpe, 2017). The associated innovation benefits of blockchain technology in private investment fund strategies promises a lasting change for the industry(Chen, 2018). For instance, a recent research shows that the use of blockchain technology by private fund advisers led to significant benefits for their clients (Kaal, 2017).
Integrating blockchain technology into business strategy could enhance industrial growth in Nigeria. A recent research measured the impact of blockchain technology in enhancing customer loyalty programs in Nigeria airline industry. It was discovered that the magnitude and scope of effective implementation of blockchain technology has direct positive effect on the achievement of the goals and objective of the customer loyalty program(Ebarefimia, 2017). Blockchain usage is also playing an important role in other sectors of the economy. Even agricultural sector(Dlodlo & Kalezhi, 2015) now stand the chance of embracing blockchain for fund management, product management and supply chain.
Nigeria IoT market has leap in the past three years, ranging from development of smart device to installation of smart solutions. The integration of blockchain technology into(Gubbi, Buyya, Marusic, & Palaniswami, 2013) would make it possible to track and lock the time dependent history of a state, status and change in activity of any internet enable device or sensor, on a blockchain network. This innovation increase IoT security and data transparency in IoT application market. An example is the development of a tiered vehicular forensics framework based on permission Blockchain to generate comprehensive evidence for resolving disputes and appropriating blame in automobile investigation. Blockchain makes it easy to prove the state of a smart vehicle on the blockchain network when an accident occurs. An evaluation of this framework against existing vehicular forensics approaches shows a significant advantage(Ugwu, Okpala, Oham, & Nwakanma, 2018). Indicating veracity of blockchain application in IoT application market(Dlodlo & Kalezhi, 2015). Nigeria was ranked high in corruption by Transparency International and this has been seen as one of Nigeria’s biggest challenge(Mike, 2019). Integrating Blockchain technology to services and processes in Nigeria, has the possibility of reducing corruption and enabling better transparency with accountability in Africa’s extractives sector(Washbourne, 2018). Conducting a free and fair election process is a daunting task in Nigeria.
A study by Dogo et al, evaluate the feasibility of using blockchain technology to substitute the current manual or semi digitized voting approach in Nigeria; this work employs the qualitative Strengths, Weaknesses, Opportunities and Threats(SWOT) and Political, Economic, Social and Technological(PEST) analysis approach to propose a strategic direction in adopting block chain Enabled E-voting (BEEV) system in Nigeria(Dogo, Nwulu, Olaniyi, Aigbavboa, & Nkonyana, 2018); indicating the possibility of adopting Blockchain Enabled E-voting (BEEV) system in Nigeria.
Though, in the early developmental stages, integration of blockchain technology in higher education processes are now being explored(Briggs, 2018); result reveals that blockchain holds promising potential for use in higher education processes (N. Kshetri & Voas, 2018). Some of these application are budding hypothesis while other areas have already started witnessing practical implementations(Dugan, 2017). Blockchain technology also has the potential in transforming global cities and regions; through the rise of borderless transactions and processes(Abubakar et al., 2019). There is need for an increase call for a collaborative and inclusive process of stakeholders’ engagement in blockchain emerging area, and the demands on the government especially the regulators as an important stakeholder to enact relevant legislation. There is also the need to fund blockchain research and leverage on it applications for exhaustive understanding and strategic adoption through critical insights for decision-making in the ICT ecosystem.
1.2 statement of the Problem
While blockchain technologies have extensive applications in sectors like finance and supply chain management, most telecommunication businesses are yet to feel the full force of this emerging technology. Most Technology Media and Telecom (TMT) companies rely on complex relationships between third-party providers to deliver quality and comprehensive services to their customers. Blockchain comes into its own when we think about building efficient and transparent systems that people trust. Against this backdrop this study will investigate the implications of blockchain network in telecommunications operations in Nigeria.
1.3 Objective of the Study
The main objective of this study is to examine the implications of blockchain network in telecommunications operations in Nigeria.
Specifically, the study aims
- To determine the benefits of blockchain network
- To examine the impact of blockchain network on the telecommunication operation in Nigeria
- To determine the relationship between blockchain network and the telecommunication operation in Nigeria
1.4 Research Question
The study to answer the following research questions
- What are the benefits of blockchain network ?
- Does blockchain network affect the telecommunication operation in Nigeria?
- What is the impact blockchain network on the telecommunication operations in Nigeria ?
1.5 Hypothesis of the Study
The study formulated and tested the following hypothesis in other to achieve the research objective
- H0: there is no significant relationship between blockchain network and the telecommunication operation in Nigeria
- Hi: there is a significant relationship between blockchain network and the telecommunication operation in Nigeria
1.6 Significance of the Study
This study will be of significant benefit to all countries of Africa and the world at large because it will bring to their notice the benefit of Blockchain network and how it contribute to viable medium for asset management. This study will also help the government of African countries and the world at large to see the need to stabilize their economies and improve their local currencies value. This study will also serve as a benchmark for students, scholars and researchers who may want to carry out further research on this topic or similar area in the future.
1.7 Scope of the Study
This study shall enroll staff of telecommunication operators and Nigeria communication commission (NCC) as participants for this study.
1.8 Limitation of the Study
The major factors amongst others that posed a challenge to the researcher while carrying out this study were insufficient time given for the study, inadequate literature on this topic, and insufficient fund.
1.9 Definition of Terms
Assessment:
The action or an instance of making a judgment about something
Surge:
A sudden powerful forward or upward movement, especially by a crowd or by a natural force such as the tide.
Cryptocurrency:
Is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. Much of the interest in these unregulated currencies is to trade for profit, with speculators at times driving prices skyward.
Usage:
The action of using something or the fact of being used.
Africa:
Africa one of the 7 continents of the world. Africa is the world’s second-largest and second-most populous continent, after Asia in both cases. At about 30.3 million km² including adjacent islands, it covers 6% of Earth’s total surface area and 20% of its land area. With 1.3 billion people as of 2018, it accounts for about 16% of the world’s human population.
1.10 Organizations of the Study
The chapter one consist of the introductory part of the study which includes the study background, the statement of the research problem, the study objective and scope of the study.
The second chapter is a critical review of other literatures relevant to the study and its objectives including the theoretical framework for the study. While the third chapter is methods of data collection, sampling and data analysis used in conducting the study. The fourth chapter centres around the research findings including an analysis of how it relates to previous findings. The fifth chapter consists of the summary of findings, conclusion and recommendations base on the study objectives.
Chapter Five
Summary, Conclusions and Recommendations:
5.1 Introduction
This chapter summarizes the findings on the implications of blockchain network in telecommunications operations in Nigeria, telecommunication operators in Nigeria as case study. The chapter consists of summary of the study, conclusions, and recommendations.
5.2 Summary of the Study
In this study, our focus was on the implications of blockchain network in telecommunications operations in Nigeria, telecommunication operators in Nigeria as case study. The study is was specifically focused on determining the benefits of blockchain network; examining the impact of blockchain network on the telecommunication operation in Nigeria and determining the relationship between blockchain network and the telecommunication operation in Nigeria.
The study adopted the survey research design and randomly enrolled participants in the study. A total of 100 responses were validated from the enrolled participants where all respondent are staff of telecommunication operators in Nigeria.
5.3 Conclusions
With respect to the analysis and the findings of this study, the following conclusions emerged;
Blockchain is an emerging technology with the ability to track and trace a transaction or product path from source to sink with exceptional security and transparency. Though, Blockchain was initially used in cryptocurrency transactions such as bitcoins, however, with the rise of blockchain based applications, the potential benefits of this ground-breaking technology is unparalleled. It can be observe from this paper that blockchain application can be applied across various industries within Nigeria, increasing efficiency and transparency. However, blockchain is a disruptive technology, hence, it is essential that effective planning and research is carry out prior to applying blockchain to government verticals. Governments of emerging economies also need to stimulate entrepreneurial awareness of emerging technology through training and promotion to facilitate investment readiness. Similar to every emerging technology, the adoption of blockchain to its full potential is dependent on the extent that government and relevant stakeholders take the lead in supporting and unveiling market-creating innovation on blockchain platforms.
5.4 Recommendation
Based on the findings the researcher recommends that, the cost of ignoring the usability of cryptocurrency, outweigh it’s perceived risks of not legislating it in the future, especially by developing countries like Nigeria. It is highly imperative therefore that the African countries either reviews her regulatory framework for the purpose of the usability and legislating of cryptocurrencies, which must specify the terms and conditions with respect to privacy law in the interest of the countries and citizens, anti-laundry and loss recovery in case of illicit transactions and possible attacks on users, insurance of crypto-assets in the interest of investors, necessary disclosure of transaction details on jurisdiction basis for the purpose of tax returns to the government. These would serve as protection of the interest of investors, general users and the African governments as well. Alternatively, the African countries could harness resources to develop her local cryptocurrency with the welfare of the citizen and the confidence of investors in mind. The major and peculiar challenge that the countries would likely encounter considering this option would include lack of infrastructures and electricity problem.
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