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The Potential Role of Blockchain Technology in Addressing Development Challenges in Developing Countries

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Cutting-Edge Business Technologies in the Big Data Era (SICB 2023)

Part of the book series: Studies in Big Data ((SBD,volume 135))

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Abstract

Lack of transparency and accountability pose long-term challenges to the economic development of developing countries. This study argues that blockchain technology is a revolutionary innovation with the potential to address development challenges. However, it leaves behind a trail of challenges. Blockchain technology can help overcome various challenges by providing a secure digital infrastructure, facilitating faster and more cost-effective international payments, verifying identities, and securing property and property rights. The decentralized nature of blockchain technology creates new regulations by enhancing information security and transparency through the sharing of encrypted data between peer-to-peer (P2P) networks. To maximize the multifaceted contributions of blockchain technology in addressing development challenges, developing countries must act quickly to establish the necessary environment. This includes developing an organizational framework and appropriate digital infrastructure to support the economic potential and risks of blockchain technology and the digital economy. Further investigation into privacy-preserving mechanisms for blockchain is strongly recommended.

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Authors and Affiliations

  1. Al-Azhar University, Cairo, Egypt

    Karam Gadallah

  2. Oxford Centre for Islamic Studies, University of Oxford, Oxford, UK

    Karam Gadallah

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  1. Karam Gadallah
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Correspondence to Karam Gadallah .

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Editors and Affiliations

  1. Faculty of Business, Information Systems and Business Analytics, Al-Zaytoonah University of Jordan, Amman, Jordan

    Saad G. Yaseen

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Gadallah, K. (2023). The Potential Role of Blockchain Technology in Addressing Development Challenges in Developing Countries. In: Yaseen, S.G. (eds) Cutting-Edge Business Technologies in the Big Data Era. SICB 2023. Studies in Big Data, vol 135. Springer, Cham. https://doi.org/10.1007/978-3-031-42463-2_21

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