Assessing the Viability of Blockchain Technology for Enhancing Financial Services in Tanzania: Prospects and Limitations

Abstract

Study objective: This research study assessed the viability of blockchain technology in Tanzania by examining its prospects and limitations. Blockchain technology has gained significant attention globally for its potential to revolutionize various industries through enhanced security, transparency, and efficiency. However, its applicability and adoption in Tanzania, a developing country, may be influenced by unique institutional, technological, economic, and social factors. Methodology: The study focused on a number of regions in Tanzania. The study adopted a mixed-methods research design, incorporating quantitative surveys and qualitative interviews and focus group discussions. A purposive sampling technique was employed to select key stakeholders, including business representatives, government officials, and individuals from different sectors and regions of Tanzania. The data collected was analysed using data visualization techniques. Expected results: The research findings will provide insights into the current state of blockchain technology adoption in Tanzania, the perceived prospects and limitations, as well as stakeholders' perspectives. Implication of the findings: The results of this study will contribute to the existing literature on blockchain technology adoption in developing countries and offer practical recommendations for policymakers, businesses, and individuals interested in exploring the potential of blockchain technology in Tanzania.