Is Africa ready to join the blockchain revolution: a feasibility study

Abstract

This study assesses the readiness of African governments to adopt blockchain technology, which has gained global recognition since the emergence of bitcoin in 2008. The paper examines whether African governments, given their political, economic, and social challenges, are prepared to embrace the blockchain revolution. The research focuses on a feasibility study of several African countries, including Nigeria, South Africa, and the Central African Republic, using a mixed-methods approach that combines quantitative and qualitative data analysis methods. The author draws on Jennifer Bridges' four interdependent elements of a feasibility study, which include political feasibility, economic feasibility, technical capacities, and legal and regulatory compliance. The study examines how blockchain technology can provide transparent and reliable systems to combat corruption and mismanagement in government structures, which contribute to poor service delivery in the region. Furthermore, the research evaluates the potential positive and negative outcomes of blockchain implementation on African development, such as an increase in foreign direct investment and productivity, and a reduction in wasteful expenditure.