Blockchain technology: opportunities and challenges for financial institutions in Mali

Abstract

Many financial institutions are currently doing research about how to incorporate the Blockchain within their operations system. This Blockchain Technology is a new invention that is still in its expansion stage. Various companies are already specialized in it and are developing applications to help the financial sector, government, media, etc. to resolve nowadays obstacles and weaknesses. As many organizations have already done some research about the Blockchain Technology and how to use it in their daily operations, this technology remains unknown to the general public and managers do not know its opportunities and its challenges. The study has a general objective to analyze the opportunities and challenges of the Blockchain Technology on financial institutions in Mali. This came up after finding a gap in the research done by previous authors in the world. The study was guided by the following specific objectives: to analyze the opportunities of the Blockchain Technology for Financial Institutions in Mali, to analyze the challenges of the Blockchain Technology for Financial Institutions in Mali, to come up with the correlation between Blockchain Technology and financial institutions in Mali.. The study adopted both descriptive and comparative research design and the sample size is 156. The researcher used purposive techniques for selecting the respondents and researcher has used qualitative and quantitative data which were analysed with respect to the study objectives. The tool of analysis adopted in this study was Statistical Package for Social Sciences (SPSS) version 24 for descriptive data and the results obtained were presented in form of tables. Data were analysed using mean, standard deviation, correlation analysis, and analytical model. Spearman's correlation coefficient, (r=0.770) shows that there is Positive high correlation between Blockchain Technology and Financial Institutions in Mali. The regression analysis shows that 59.3% of the total variance of the opportunities and challenges were accounted for the studied Blockchain Technology. An ANOVA analysis of variance and after inspecting the significance level (which is .000 and <.05), it is noted that the regression model is highly significant and this help to reject the null hypothesis and confirm the hypothesis H01: by saying that there is a relationship between Blockchain Technology and financial institutions in Mali.