A blockchain is an organized, decentralized,
unchangeable database that facilitates the recording of
network transactions. Blockchain has evolved as a
technology that may be employed in a variety of
industries in recent years. It is claimed to be the
technology that will make transacting simple, effective,
safe, and inexpensive. The primary goal of this work was
to investigate the impact of blockchain on financial
technology in Nigeria.
A systematic review was adopted for this paper.
The search method began with the identification of
digital libraries and web resources that were screened
for relevant materials. Six scholarly papers were chosen
after screening relevant literatures. Data were retrieved
in a methodically and organized into four major themes;
concept, importance, impact, and challenges of
blockchain on financial technology in Nigeria.
The findings indicate that blockchain technology
has the potential to improve the efficiency of numerous
areas of the financial industry. It can improve and
change cross-border payment, trade finance, capital
markets, as well as financial reporting and compliance.
It also simplifies the process of getting to know your
Blockchain deployment is expected to disrupt the
banking and financial systems by enabling a new method
of payment, speedier trade execution, a secure ledger,
smart contracts, and a variety of other advances. As a
result of the finding, this work motivate policymakers to
return to the boycott on blockchain exchanges in Nigeria
and by understanding these challenges, they can discover
arrangements to them and this in turn will offer
assistance the nation colossally.