BLOCKCHAIN TECHNOLOGIES 1

BLOCKCHAIN TECHNOLOGIES

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Abstract

Blockchain technology could change financial transactions as well as bring in new

potentials for set up financial institutions. Altogether, incumbents along with startups require

overcoming technical, regulatory, and implementation challenges earlier than block chain

technology might turn into mainstream reality. Against that setting, this dissertation looks at the

stated and possible impacts on business-to-business transactions with stress on transaction costs,

asset verification, speed and transparency in West Africa. The thesis implements a pluralist

advance to look at the area under discussion based on analysis of the existing literature regarding

block chain technology about business-to-business transactions.

Key Words: Blockchain, Business-to-Business Transactions, Speed, Data privacy, Transaction

Cost, Asset Verification,

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To what extend block chain technologies could make B2B business transactions more efficient

and transparent in West Africa?

Introduction

Background of the study

The research majorly concentrates on evaluation of extend in which block chain technologies can

make B2B business transactions more efficient as well as transparent in West Africa. The

utilization of various work by different researchers are essential in this investigation as it assist in

the process of illustrating how block chain technologies affect B2B business transactions in

countries such as Ghana and Nigeria. It is clear that West Africa communities have been

experiencing cases of inefficient and non-transparent B2 business transactions. Such instances in

B2B business transactions has led to development of volatile marketplaces while on one side it has

resulted to the limitation of lifecycle of various products together with products. These challenges

within B2b business transactions have forced management of various companies within West

Africa to increase their focus on the use of Blockchain technologies to make such transactions

more efficient and transparent around various markets. Furthermore, applications of block chain

technologies have seen most managers of various B2B businesses increase their focus on the duties

played by such technologies in the business sector.

Research problem

In the recent times, development experts have turned their attention to the potential block chain

technologies for the purpose of addressing the long-standing challenges that relate to how to make

B2B market transactions more efficient and transparent in most countries in West Africa.
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Blockchain technology in these countries is perhaps the most talked about and yet the most

misunderstood emerging technology in the region within the present times. Besides, block chain

technologies remain to be emerging as one of the most disruptive technologies in present era with

the capacity to radically reshape how business is done by enabling secure, efficient, together with

transparent B2B transactions. While technology in West Africa stays to be one of the trending

topics in the region, the debate has primarily been centered on its potential. Such lag in actual

business usage is particularly prevalent in West Africa, with a survey by Accenture indicating only

thirty-one percent of local executives stating that block chain, as well as smart contracts, will be

critical or very critical to their organizations over the next years versus the global average of sixty

percent. Besides, block chain is the digital structure of data, a shared and distributed database that

entails the continuously expanding log of B2B transactions and their chronological order. There is

a need to make B2B business transactions more efficient and transparent in West Africa in order

to address challenges involving speed and costs associated with cross-border payments. In the

current era of globalization, block chain technologies have led to the expansion as well as the

integration of several economies around the B2B business transactions to be more transparent and

efficient in different nations in West Africa.

Relevance of the study

The idea of using block chain technologies to making B2B business transactions more efficient

and transparent in West Africa has been the challenging operations for most nations. The use of

such technologies leads to various influences on the behaviors of organizations along with

changing o different cultures of various nations within the region. It is evident in current period

that block chain technologies have emerged as the essential element in the current landscape of
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present business operations and transactions of B2B in West Africa. The process of revolution that

has been experienced in countries within West Africa such as Ghana and Nigeria that uses block

chain technologies to support their operations have attracted considerable attention to the impact

of such technologies into B2B business transactions. However, several influences of block chain

technologies remain to be uncertain particularly in the countries within West Africa with diverse

business culture. Moreover, block chain technologies in B2B business transactions have greater

influence on operations of individual countries in various manners. From various researchers of

various journals that relate with block chain transactions in B2B business operations, it is evident

that the researchers concentrate only on the way block chain technologies can be improved or

implemented in different West Africa regions to assist in satisfying and improving B2 business

transactions to be more efficient and transparent in the region.

Significance of the study

In the present B2b business transactions in West Africa, application of block chain technologies

performs essential roles in the process of production, management, together with distribution of

operations leading to shifts in behaviors of organization and their culture. Therefore, this research

is essential for various B2B business transactions in West Africa to be more efficient and

transparent by use of block chain technologies. The study is essential as it will ensure that West

Africa nations such as Nigeria and Ghana among other nation are capable of understanding the

extent to which block chain technologies are capable of making B2B business transactions to be

more efficient and transparent. The results of this study remain to be vital elements in the work of

various scholars in addressing the manner in which block chain technologies is significant for B2B

business transactions. Therefore, results of this study can be essential in assisting various
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organizations that utilize block chain technologies to understand how they can utilize the technique

in improving B2B business transactions. Moreover, results of this study can assist in understanding

various concerns that are linked with block chain technologies and making B2B business

transactions more efficient as well as transparent within West Africa regions.

Introduction

The previous month, MasterCard declared it would open up access to the block chain

technology. In keeping with the press release, "the MasterCard's block chain explanation offers a

new method for customers, businesses as well as banks to carry out transactions and is the

solution to the business strategy to offer disbursement solutions that meet up every need of

economic institutions and the end-consumers." MasterCard intends to apply the technology

primarily in the area of the business-to-business dealings (Crosby, et al. 2016). The corporation

considers its block chain expertise will assist in attending to challenges concerning speed,

transparency as well as costs linked with cross-border expenses.

The block chain is a technology following cryptocurrencies such as Bitcoin and

Ethereum. Using block chain technology businesses might create an irreversible digital ledger of

dealings. This technology might be incorporated into business practices these days, not just in the

future. Also, smart contracts might be made for accurately any undertaking: from the smart

homes, property insurance, payment cards, and even logistics (Yli-Huumo, et al. 2016). Besides,

block chain knowledge takes away the requirement for an essential authority to administer

transactions, enabling these transactions to be highly safe and hidden for hackers. The

technology has yet to be extensively implemented; however, it has by now proven essential for

the businesses and more so for B2B area because it frequently involves more significant
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transactions. But that's only one of many reasons the reasons why this block chain technology

might be necessary for B2B in West Africa.

Data Privacy

Blockchain technology offers high degrees of confidentiality by making sure that

transaction information is shared just in the middle of the participants concerned in those

dealings (Peters and Panayi, 2016). With block chain dealings, there is no requirement for the

third party. However, the degree of privacy-related to block chain expenses has heaved concerns

between many within the finance area. Though, besides the high degree of privacy made into this

block chain technology, there’s as well a high degree of transparency.

These Blockchain systems consist of an utterly auditable in addition to its being an

appropriate ledger of transactions. The accounting is permanent and can't be forged. Entry in the

ledger might only be created if the system authorizes them. With the aim to change it, all another

block chain in this system would as well require to be altered. Therefore, it’s not possible to

remove the block chain transaction with an effort to cover it, and fraudulent transactions can't be

added (Peters and Panayi, 2016). The transparency gets rid of the requirement for checks as well

as balances that frequently take up significant workforce and capital. Payment transparency is

automatic using block chain. As a result, the number of predict economic reporting costs might

minimize by 70%. Statistics is as well optimized and made more straightforward, making it

unproblematic for businesses to keep to regulations as well as meet demand for information.

If access management is not dealt with properly, it might bring about dire consequences.

Besides, even if block chain technology might reduce safety and confidentiality risk, it might
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bring in new issues due to the decentralized environment of the block chain system. For instance,

protecting private keys is of great significance in a community block chain system. Even if

stealing private keys from the block chain system user is similar to thieving password from a

user of the non-block chain user, the slight difference comes in where when the password is not

remembered, in the decentralized block chain system, it is not possible to recover private keys

because of the lack of significant authority. Some people convey worry that bitcoin, as well as

related block chains, might be used for unlawful activities supported by the mystery of the user.

On the other hand, as pointed by Workie and Jain (2017) in bitcoin block chain network

identities might be traced into real-world individuality.

Workie and Jain (2017) state that modern technologies, once operating in association

with the objective to achieve market honesty as well as protecting financiers, could develop

access, good organization, and transparency. Though, they continue to utter the requirement to

enhance the block chain system with rules that deal with confidentiality objectives like

safeguarding “individually identifiable data and trade policies.” Additionally, they state that

private block chain networks might eliminate non-network members to access data and, as a

result, decrease the degree of transparency.

Savings

Good contracts are a part of the block chain know-how that is self-accomplished and

piled up on blockchains. As a result of the decentralized environment of this system, nobody

controls these contracts, and as a result, all the concerned party can be confident with their

validity (Mougayar, 2016). This system has the authority to manage and limit how the statistics

in this block chain is gotten and utilized. Due to the high degree of computerization in the
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technology, those businesses who will implement block chain will experience huge expenditure

savings.

Concerning the details by the Accenture, global management and professional services

corporation, block chain technology might decrease infrastructure expenses. This analysis

observed the banking business and established that “this block chain technology might decrease

infrastructure expenses in West Africa.” Within the B2B globe, block chain might as well

decrease the sum of costs that businesses pay to financial organizations (Huckle, et al. 2016). In

a lot of B2B financial transactions there're costs on all the parties concerned, and at times there

are costs at other points of the business process. However, with block chain, there isn't the third

party which transactions have to travel, bringing about fewer charges.

With the aim of surviving and meeting ever-increasing clients’ demands, the economic

sector has to continually innovate and satisfy transaction cost through the use of the latest

technologies. For this reason, the block chain system has been publicized as the advance engine

for economic areas (Catalini and Gans, 2016). At present, interbank payments frequently pass

through agent clearinghouses to be scrutinized through complex, time-consuming, as well as

costly processes. This technology might reduce the fee of transactions in the regions of business-

to-business payments. Nevertheless, from an accomplishment viewpoint, block chain system

players, technically, focus on disconnected applications that aim to present pain points of

significant ineffectiveness with an idea of applying the solutions slowly rather than

implementing wholesale changes.

Even if block chain technology might permit long-term cost decrease, in short-term, some

open expenditure is necessary to build up the block chain-founded infrastructure. Besides the
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payment area, this technology could reduce transaction costs connected to credit data and

significantly decrease the time of settlement facilitating near real-time payment because of its

network-based consent means, bringing about saving days of the holdup (Korpela, 2017).

Nevertheless, the implementation of block chain immediate payment would need a departure

from setting up measures for lending as well as borrowing safeties, and the applies of carrying

out trades once the market is open in particular hours of the day. Another aimed area of business

costs decrease through the use of block chain technology is private equity exchange. In the

supply-chain economics, block chain technology might reduce costs of businesses by

mechanizing manual routs as well as attenuating legal risks using smart contracts.

McKinsey approximates that block chain system could decrease the fee of the cross-

border transaction from about 26 dollars up to 15 dollars and decrease the annually operational

operating cost up to 15 billion dollars. Also, he states that the block chain could a swell decrease

the yearly fee of hazard by 1.6 billion dollars. A FinTech statement estimates that block chain

system will permit banks to set aside about twenty billion dollars within regions of cross-border

expenses, securities deal as well as regulatory compliance. Blockchain technology might

potentially infuse all areas of the economic business. Its effects will take in private securities,

Internet finance as well as other economic sectors. Additionally, the significance of the

centralization itself ought to be cautiously assessed as stated by Korpela, (2017) where he

cautions to force block chain system as an alternative to address problems that customary

centralized files might solve adequately well.

Speed
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The quantity of computerization in block chain know-how not simply has propositions

for the outcome of B2B Corporation; it as well indicates these businesses will be capable of

conducting their transactions quicker (Nofer, et al. 2017). This is as well factual for transactions

carried out on the inside. Because of automation, workers will no longer need to wait for them to

be paid the customary two weeks following completion of their work. As an alternative, they will

be salaried at the end of each workweek, or still daily. Additionally, block chain technology

might as well hurry up cross-border transactions.

Not including this block chain technology, global transactions might take days up to

weeks. However, block chain transactions might be made in seconds. Rather than having to go

through several parties, these block chain transactions require to be verified through the block

chain system. Professionals forecast block chain technology might only get quicker since its

scale rises (Nofer, et al. 2017). Like more companies hold close the technology, the B2B

transactions at all level will be run more efficiently. The more broadly block chain is

implemented in West Africa, the improved it will turn out to be.

Asset Verification

The initial activity to trade an economic asset using a block chain technology is verifying

particular features of this asset. To check the asset, the process involves proving that those

parties who try to do business are the lawful holders of these corresponding. Ownership is

recognized as soon as some entity indentifies, documents, as well as protects the rights of

somebody over an asset (Ouaddah, 2017). By itself, block chain technology might facilitate

direct possession verification using the virtue of an agreement means all the participants agree

that. This verification of the possession of these assets within the block chain technology is
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executed by a particular full node which builds the block that contains the asset data and is as

well confirmed by the other full nodes within the network which frequently establish the legality

of the all-new neighborhood as well as the general reality of the entire ledger.

The power of the block chain originates from the reality that no particular custodian has

authority over the whole ledger at all times. As an alternative, it is similar to the majority rule.

This apparent danger here is once a single unit controls more than 50% of the custodian of the

system (Bahga and Madisetti, 2016). Whether this is possible or not relies on the operational

setting. The immutability quality of block chain information makes it probable to store data

without letting up in its record. Afterwards, this increases the degree of reliance on the reality of

assets data on the block chain. Besides, immutability brings about traceability since block chain

contains confirmable timestamped reports of all assets ever traded within the block chain. As a

result, by the excellent feature of its incorporated native assessment trace, block chain system is

willingly accessible to validate assets.

Asset verification turns out to be possible and maybe more dependable using block chain

system. Moreover, immutability indicates that it’s not likely—particularly in the public 25 block

chain— fixing an error involving an asset by changing the database (Narayanan et al. 2016). As a

result, immutability gives traceability and dependability; even so, it makes it complicated to set

inaccuracies as well as human errors. Because of the character of its circulated ledger, it’s

debatable that block chain fixed redundancy is useful in extensively decreasing the possibility to

lose assets information. For this reason, contrasted with centralized databases, the block chain is

dependable as well as fault-tolerant since several network nodes preserve clones of this database.
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If nearly all of these network nodes fail, the system will carry on confirming records

uninterrupted because the database is accessible in a lot of other nodes as well as the agreement

mechanism is self-governing of the amount of equipped full nodes (Narayanan et al. 2016). On

the other hand, redundancy is associated with the cost of taxing assets in terms of processing

necessity and storage. At any rate, a decentralized agreement mechanism needs important

infrastructural as well as operational operating cost in regions of communication systems,

working out and storage to run a casual transactional economic system.

Additionally, it needs the effort to incorporate block chain-founded asset verification, at

the range, with the economic legacy processes; and to develop the abilities of block chain system

meeting the needs of the businesses (Zheng, et al. 2017). Financial policies, mainly, need high

throughput and rapidity—stock exchanges carry out more than 100K transactions for every

second that might require asset verification; for this reason, block chain technology has to be

able to deal with these kinds of loads. From an observance opinion, previous to deploy a block

chain-based system, there are quite a lot of regulatory rules regarding asset confirmation that

broker-dealers require to work out ways to adhere to.

Research question

More specifically, this research aims at offering clear feedbacks to specified research question that

is well-designed to investigate to effects that block chain technologies have on B2B business in

West Africa. The investigative question targets at answering the fundamental target of the research.

The question addressed in this study is fundamental in revealing the underlying rationale for

various impacts of block chain technologies on behavior as well as changing culture of B2B

business transactions within West Africa nations such as in Ghana and Nigeria.
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Primary question

To what extend block chain technologies could make B2B business transactions more efficient

and transparent in West Africa?

Research objectives

The primary objective of this research work is to critically evaluate potential benefits of

Blockchain Technology for B2B business transactions in West Africa. For instance, it focuses on

the legal, land registry documents, together with financial transactions within B2B business. The

aim targets at explaining how B2B business transactions can seize the moment of using block

chain technologies to develop business transactions that are more efficient and transparent in West

Africa. The investigation concentrates on showing how or to what extend B2B business

transactions within West Africa benefit from the use of block chain technology. The major nations

on focus comprise of Ghana and Nigeria as the case study in the research. Therefore, these research

objectives target at investigating how the use of block chain technologies created benefits to

business transactions of B2N regarding transparency as well as effectiveness within the West

Africa region. The study targets at offering the overall view concerning the significance of usage

of block chain technologies in making business transactions to be more efficient and transparent

among the stakeholders within the society.

Research approach

The survey will involve the use of quantitative research techniques. The techniques will be vital

in the investigation as it will aid in attaining the set research objective within the set timeframe. When

utilizing technique of quantitative research model, the target will be to attain the thorough
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understanding of the aspect of investigation based on traits of business persons, their feelings, as

well as feelings when they embrace the use of block chain technologies in making B2B business

transactions. The information in several instances is collected via processes of interviewing

concern parties rather than based on numbers and statistics that are present in various printed

journals.

Proposed conceptual framework (any main theory that you discovered within B2B transitions area

or the way you are going to investigate it).

Delimitations of scope and key assumptions

Outline of the master dissertation (how many chapters do you want to include - traditional 5-

chapter approach)

Literature Review

Blockchain and how it is used currently in West Africa

Blockchain in West Africa appears in peoples’ lives as the modern technology that

promises transaction of ubiquitous finances among distributed entrusted parties. It does such a

function without the need for intermediaries that include banks. Blockchain technology has

gained success and proves its functionality in several sectors within the region such as

cryptocurrencies (Clark and Burstall 2018). For instance, various organizations in the region are

attempting to harness its transparency as well as fault tolerance towards ideas of solving

problems in scenarios where many entrusted actors tend to be involved in the process of resource
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distributions. The two important areas that block chain is currently being used in West Africa

consist of food supply chain and agriculture to mention a few (Irving and Holden 2017).

Therefore, block chain technology has been a great device for the entrepreneurs within West

Africa, although only when these entrepreneurs make it their own during their operations.

The West Africa community has currently concentrated on the idea of using technology

to improve their supply chains, healthcare, financial services, innovators, and many other

corporations. The use of block chain in the region is essential as it helps most organizations to

disrupt and transform their traditional business models (Lee 2015). Many leaders in the region

through the use of block chain technology have been able to attain significant benefits of a

business that includes greater transparency, improve security, increase efficiency, improve

traceability, and improve the speed of business transactions. Pal (2016) recorded that operations

of block chain are currently used in the region to reduce the costs of business operations.

Therefore, block chain technology is currently being used in West Africa in many ways. It is

mostly used to attain greater transparency in business, enhance the security in the region, and

reduce costs of conducting business and other operations. It is also used in the current West

Africa society to improve traceability, enhance efficiency and speed of operations among other

functions.

To attain greater transparency in business operations

Transaction histories in West African nations are becoming more transparent in the

current world through the use of block chain technology. The use of block chain technology

remains to be the kind of distributed ledger. It allows participants of the network to share similar

records as contrasting to individual records. That common version can only be modernized

through agreement (Wolfskehl 2018). The idea means that every individual in business
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operations has the mandate to agree to every consensus in operations through the use of block

chain technology. Besides, block chain technology is currently being used to help in changing

the single transaction record that might require the amendments of all succeeding records

together with the complicity of the whole network. Therefore, block chain technology helps in

making data in different operations within the region to be more accurate, transparent, as well as

consistent than when it is pushed through the process of paper-heavy technique (Cooper and

Stanway 2018). Technology makes the data to be available to all participants that have

permission access to examine business data. Besides, block chain technology is used to help in

changing a single business transaction record that might require the change of all succeeding

records alongside the approval of the complete network.

Enhancing security in the region

Various cultural perceptions opinions among negotiators in B2B business transactions

remain to be constant international business negotiations in West African markets. Some of the

aspects that influence intercultural transactions of B2B business consist of values, behaviors,

attitudes, together with norms among other vital aspects (Judd 2018). All these elements affect the

efficiency and transparency of B2B business transactions specifically in terms of communication,

style of negotiation, and different form of conducting business users within the region. In B2B

business in various nations such as Nigeria and Ghana, transactions do not only occur across their

borders, but they also occur across various cultures. Implementation of block chain technologies

in B2B markets performs a key role in ensuring that there is a firm connecting amongst the buyers

and sellers of different products in West African markets (Adjeleian, Jurjica, and Kim 2018). The

technology ensures that every party involved in the business transaction has the responsibility of

verifying that they simply understand one another before they can commence doing business.
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How Blockchain is used for B2B transactions

The use of block chain in most B2B companies helps corporations to become more

profitable. Most organizations term block chain to be the sophisticated algorithm that is well

developed for the cryptocurrency. According to Sandberg (2019), B2B companies can use this

technique to drive its distributed structure of data that manages their movements for electronic

cash. Therefore, block chain can be used in most B2B transaction as it replaces the

administrative functions of the bank or backing of the government. These advantages of the use

of block chain for B2B transactions are more important than Bitcoin (Johnstone 2018). The role

of block chain is commonly underestimated in some B2B companies, although it is valid for both

end users together with organizations to offer business solutions. Among other advantages in

B2b transaction, block chain can significantly increase the security alongside the profitability of

different projects of B2B.

Blockchain remains to be the decentralized ledger that most B2B companies use in their

transactions. Besides, B2b uses block chain techniques to have a database that can facilitate the

idea of sharing with the process of editing different calculations in transactions. Systems of block

chain are used in B2B transactions because they do not need any server or intermediaries to

perform transfer of information (Diebold and Theobald 2018). The system usage is useful in

B2B transactions as they can get rid of any intermediaries such as processors of money as well as

banks when it comes to the issue of making payments. However, the use of block chain system is

useful in the operations of B2Bcompanies since it provides the much needed decentralized

systems. These systems are useful in operations of B2 for various operations apart from the

finances of the company. As stated by Irving and Holden (2017), the use of block chain is

encouraged in B2B transactions as it facilitates diverse processes from storing sensitive

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information. The stored data can help the management of B2B companies to track products

during their operations. The use of block chain system can effectively serve for diverse purposes

in operations of B2B.

Use in creating services and products

Blockchain can be used in most transactions of B2B Company to create services together

with products for its customers. Therefore, the use of block chain in operations of B2B Company

to acts as the new type of bank (Al-Kahtani 2019). The use of block chain in operations of B2B

can help the company in sending or receiving money, get involved in contract signing, accepting

various deposits from customers, as well as making various money transfers between workers.

The blockchain is used in B2B transaction to improve operations of the supply chain together

with logistics (Lauslahti, Mattila, and Seppala 2017). Blockchain can also be used in B2B

transaction to allow for the simplest goods to be produced by the company. All participants of

the supply chain that uses such services can then be able to check the present state of the selected

product or any related information in their transactions. Therefore, block chain can be used in

such transactions to aid in reducing cases of error and fraud in operations. Besides, the services

of block chain can be used to help in making the process of identifying issues to be faster during

the transaction. It can also greatly help in improving the services of B2B by eliminating activities

that deal with paperwork (Heaven 2018). Furthermore, block chain can be used in B2B

transactions to enhance the trust between the partners in operations critically. By the use of such

services, then, every detail of the transaction made can be easily tracked. Blockchain has been

used in B2B transaction to help in improving the process of innovation (Keetley, Pulfer, and

Bottomley 2018). It also helps in process of finding new solutions to different solution

concerning the issues that affect effective operations of B2B in different places around West
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African countries. Therefore, block chain is mostly used to provide the best platform and options

that are necessary for improving the safety of every participant.

Improving operations

Blockchain technologies can be used in B2b transactions to improve how the company

operates. In most instances, block chain technologies take the company to the new era of their

operations by making ideals controlled not by humans but unbiased operations of machines

(Malviya 2016). The use of block chain has made it possible for the smart contracts within B2B

Company that were initially designed for different operations to change on how they are attained.

The use of such technologies has huge importance of making the company to change operational

rules that might be triggered by specific actions (Soley 2017). Therefore, block chain technology

can be used in a B2B company to approve all its terms and conditions to be effective and avoid

any misunderstandings.

Improving processes of saves

The process of sales within operations of B2B is based on relationships together with

responsibility. Through the use of blockchain, the company can have created trust in its

operations. It is clear that trust is an essential aspect in the operations of B2B Company and

block chain technology represent the manner to expedite the development of trusted relationship

at lower charges (O’Dair and Beaven 2014). The technology is used to improve the way B2B can

check buyer creditworthiness, requesting for securing forms of payment, or both. The company

has used blockchain technology in managing different policies of their credit to mitigate risks

within the trade.

Ease as well as speed operations

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In most business operations, the value proposition of block chain is that it takes out the

middlemen in transactions, allowing more autonomous kinds of engagement in operations. These

technologies can be used in B2B transactions in West Africa to easing as well as escalating the

speed of financial operations. Blockchain has banks that the company uses to make different

payments (Heston 2017). Hence, such replacements have made it possible for the company to

improve in their business operations that deals with financial transactions. The idea has also

helped in improving the operation of B2B transactions by reducing its costs to vendors alongside

customers.

Enhancing savings of B2B Company

B2B merchants in different retail or online need the cost savings promised by dealings of

the blockchain. For instance, the block chain can be used in transactions of B2b to seep the rate

of transactions. The idea can be achieved by the process of immediately moving the payment of

customers to the vendor (O'Leary 2018). Additionally, block chain technologies can be used to

speed ripples back through the chain as well as forward to the satisfaction of different customers.

Blockchain technologies can be used in B2b transactions to facilitate distribution together with

logistics in operations. It can also be used to increase efficiencies of B2B Company down the

line. Moreover, block chain technologies can be used in enhancing the savings of B2B Company

by bypassing credit card processors and other merchant services (Sengupta and Kim 2018).

Therefore, by using block chain, B2B Company can be able to reduce the overhead reflecting the

price of different services that it offers in international markets.

How important Blockchain can be

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Blockchain technologies present advantages of increased safety together with lowering

costs of international along with domestic transactions of payment in various organizations. It

has the advantage of enhancing operations of most corporations by replacing paper-based

together with manual purchase order alongside other documents of trade with smart contracts.

These smart contracts lead to be great advantages in the operations of corporations. Therefore,

the use of block chain technology comprises of various advantages (Irving and Holden 2016).

Blockchain technology remains to be the simple invention that has immense applications

reaching across international business together with human civilizations. For incidence, it is not

a coincidence that about eight percent of business in West Africa is either researching the

technology or already integrating the use of such technologies (Donald 2018). As block chain

technology usage matures and people figure out various techniques to implement its use and

improve the technology, global adoption will continue to improve.

Building of trust

Blockchain technology is important because it leads to the creation of a trust among equal

networks. The main grounds banks stay competitive is to act as the reliance third associate to

different dealings. For instance, if present economy lack banks, and as an alternative was

motivated by friendly trade transactions, then both parties cannot have trust between them during

the operation process (Wolfskehl 2018). Therefore, block chain technology remains an important

factor as it removes the fear between individuals in a business transaction. Moreover, block chain

technology has gained popularity due to its function as the underlying technology in Bitcoin.

Most individuals fail to distinguish the disparity between Bitcoin together with block chain.

It provides an effective business environment

 BLOCKCHAIN TECHNOLOGIES 23

Blockchain technology is important in the operations of different organizations in West

African countries. The technology provides an effective environment that is immutable in

business operations. Immutability in operation of block chain refers to the idea that nothing can

be modified in operation. Since all of the blocks in this technology are connected, then no

information in any of the pervious blocks can be changed without altering all the subsequent

blocks. Judd (2018) stated that the technology is important as it makes it clear when an

individual try to interfere with operations. Should a malevolent individual try to make such a

change, it would be rejected by the majority of nodes? Therefore, block chain technology is

important as it provides the historical transaction ledger that cannot be altered or corrupted by

hackers or rouged business managers.

Storing data

The use of block chain stretches far beyond the monetary use-case like the instance of

Bitcoin. Blocks that are found within block chain technology can hold any data. The ability of

these blocks to hold such information make block chain technology to be very versatile as well

as useful in business operations in most organizations in West Africa. Besides, block chain is

important as it provides an important room that can be used to store different records. Some of

these records that it can store consist of car logbooks, records of medical assistance, and land

titles among other important documents in business operations such as licenses. Additionally,

blockchains are valuable in the process where there is a need for keeping a record that is secured,

transparent, and tamper-proof is needed in the decentralized approach. Some of the areas that

block chain can be used in storing data include making the voting process to be transparent in

various elections that are held in nations around West Africa (Irving and Holden 2016). Besides,

it can be important as it is used in creating diverse financial tools and keeping records for
 BLOCKCHAIN TECHNOLOGIES 24

different products that a business purchases or sells. These technologies are important because it

improves the system of digital identification.

Implications for B2B then specifically for West Africa

Regional financial integration has been the increasing priority in most West African

nations in recent times. For instance, in consideration of the forum of negotiation for Continental

Free Trade Area that was convene for the first moment in Africa this year. The forum targets to

incorporate all fifty-three nations of Africa by presenting over a billion individuals. The

agreement set in place aim is to enhance trade within countries within Africa (Cooper and

Stanway 2018). In order to achieve integration of the economy, various makers of policies are

counting on regional economic communities that consist of West African economic as well as

the union of money to be the major building blocks. One of the regional economic communities

that are always overlooked at is the economy of West Africans a union of monetary that is both

the currency union together with the free zone of trade (Al-Kahtani 2019). Living in the current

society with daily advancement in technology, West African countries such as Nigeria alongside

Ghana are beginning to understand the usefulness of block chain technology.

Implications of the B2B marketing structure

B2B marketing trends like the maturity of automation of marketing software and the rise

of inbound marketing drove notable on different transactions throughout its operations. The

framework of marketing for B2B together with different conversion operations bypass of the

sales alongside the cycle of marketing (Keetley, Pulfer, and Bottomley 2018). The structure aim

at improving the marketing funnel by ensuring that the company can attract visitors, get visitors

to share different contents that goes viral. Besides, the structure of B2B comprises of onboarding
 BLOCKCHAIN TECHNOLOGIES 25

of sale funnels that engages all stakeholders within target organizations. The existing customers

in most cases can win social media followers by getting different reviews and case studies, as

well as get users to be able to share different contents of transactions.

B2B marketing

B2B describes transaction of business that exists between businesses. For instance, it

comprises of transactions between the retailer along with the wholesaler, or the wholesaler

together with the manufacturer. The marketing structures can be contrasted with business-to-

consumer business (B2C) that fundamentally comprise commerce transactions amongst the

operations and the clients or end consumers (O’Dair and Beaven 2017). Besides, the general

volume of transaction of B2B in West Africa is substantially superior in contrast with the level of

B2C dealings. The primary rationale is that in the normal chain of supply, various B2B dealings

consist of raw resources along with subcomponents and merely a lone dealing of B2C,

particularly the vending of the finished yield to the client or final consumers (Sengupta and Kim

2018). Therefore, B2B marketing in West Africa is about attaining the essential needs of

different businesses, although finally the order for several yield as well as operations completed

by these businesses are probably to be steered by their clients in their homesteads.

B2B markets always have the unit for making more complex decisions. In various

households in West Africa, even the most complex decisions are confined to the entire unit of the

family. However, items that consist of foodstuffs or cloths are usually decided by just an

individual (Irving and Holden 2017). In 2B markets, the unit if making the decision remains to

be highly complex or at least has the potential of performing such duties. The process of

purchasing low-risk together with low-value products may very well be the duty and

responsibility of the office junior (Donald 2018). The aimed audiences for the B2B
 BLOCKCHAIN TECHNOLOGIES 26

communications are regarded as vague comprise of different sets or team of always varying

persons that have diverse interests along with drives.

West African countries open for block chain acceptance

There are several developments in the West African countries. These developments

specify the growing attention in the blockchain. There are some inspiring inroads on application

of block chain in several states in Africa such as Nigeria and Ghana among other nations. In

West African states, local technology establishments have taken up the skills of block chain to

encounter numerous financial as well as political concerns that exist within the region in present

times. To present days, adoption of block chain has been irregular crosswise West African

nations, but that is varying (Clark and Burstall 2018). Different researchers have established that

block chain skills could be essential in solving the number of vital political together with societal

challenges within West Africa countries. However, major draws of technology of block chain in

West Africa countries are decentralized, transparent, and leading to the various possible

application based on combating cases of corrupt political alongside systems of voting.

Blockchain technology through models of social media also contributes to the more open

as well as an inclusive economy. Such opportunities are especially pertinent for Africa, where

the huge segment of the population is expelled from the formal financial systems (Lauslahti,

Mattila, and Seppala2017). Therefore, genuine cases of block chain in West African nations are

several. From the idea of bringing efficiency in the process of voting to register titles of lands,

enabling seamless online transactions, enabling people to send, receive, and save money

seamlessly. One fascinating use of block chain is the digital identifier. Financial identity remains

to be vital to society along with financial inclusion in different emerging economies in West

African countries (Johnstone 2018). The block chain help in the formation of the capabilities of
 BLOCKCHAIN TECHNOLOGIES 27

smart contracts for real estate transactions in Africa is a good show on how technology can be

used in B2B transactions.

The other factor that makes block chain to be important in West Africa countries is that it

aids in operations or the provision of foreign aid. It helps in improving the process of charity

donation, distribution of medicine and food around different regions without any form of

discrimination (Adjeleian, Jurjica, and Kim 2018). Therefore, by using block chain technology,

the government can be able to track and trace purposes that could be the perfect game changer in

B2B transactions. Besides, the use of block chain is important in B2B transactions in West

African nations because it aids in the process of solving numerous problems in the trade cycle.

There are presently high cross-border as well as domestic costs of transactions in West Africa

countries compared to other regions around the continent. Therefore, such cases tend to limit

cases of cross border transactions of trade. Additionally, the use of blockading technology is

significant as it can aid in the process of addressing several issues that relate to trade within B2B

(Sandberg 2019). Therefore, block chain technology in West African countries could be used in

other domains. There is huge potential beyond the economic sector such as in different sectors

that could benefit from streamlining of the supply chain that consists of energy and agricultural

sector in different nations such as Ghana and Nigeria.

Initiatives of block chain technology in West Africa

Though many nations around West Africa are still undecided concerning the application

of block chain, the increasing numbers of nations are already welcoming the technology either in

authority or through a business that is privately owned. West African countries like Nigeria

together with Ghana have already adopted the use of block chain technology in one way or B2B

transactions (Soley 2017). Main initiatives, projects, along with experiments are diverse within
 BLOCKCHAIN TECHNOLOGIES 28

these regions. For instance, according to the report by Malviya (2016), the most significant

factors have impacted the progress of block chain in West Africa countries are many. Some of

these factors that hinder its growth consist of a large informal sector in those nations. However, it

is clear that even formal organizations in these regions see great opportunities for the use of

block chain technology and even the adoption of cryptocurrencies.

How block chain is used in West Africa

Ghana Bitland – registration of land

The authority of Ghana has requested the aid of local startups that aim at developing

systems of block chain that can offer owners of land in Ghana with the necessary documenters of

land ownership. These documents are necessary as they can help in dispelling different issues

that include cartel of corruption (Heaven 2018). Ghana forms an interesting case since eighty

percent of the national land is communally owned. Presently, Ghana does not have the reliable

registration system of land that can lead to cases of land disputes, the incapability to prove

ownership of land to any financial institution another barrier to doing development in the land.

Bitland, the Ghanaian corporation has focused on the use of block chain to announce plans that

are essential in creating the immutable, universal, and transparent activities that involve land

registrations. The use of block chain in thus important in operations of different companies in

West Africa nations as it aid in improving the manner operations are conducted (Cooper and

Stanway 2018). For instance, it helps companies to store all their details regarding their

possessing and those of other citizens in a safe and secure system.

Future impacts that block chain technology has on the development of B2B transactions in

West Africa
 BLOCKCHAIN TECHNOLOGIES 29

The future impacts of the technology of block chain make operators of B2B to stay

focused on what they can perform better. It helps in improving the payments across the

departments of operations as block chain present an increase in a number of transaction made in

a day (Judd 2018). The use of block chain enables every individual to have a simple way of

communicating with one another while they share information on how various organizational

structure can be set. As stated by Soley (2017), usage of blockading technology makes it simple

for the B2B transactions to deal with big data. The improvement of the manner of dealing with

such data makes B2B to take the full interest of the semantic web in their operations. It also

ensures that the transactions of B2B to have huge impacts on operations of society and how they

store various data. Additionally, block chain technology can be sued in B2B transactions to make

future data to be in line with emerging business information and focus on a single element that

deals with converging data in various sectors. The technology can be used to enhance the process

of registering procedure that empowers the process of business examination to be performed

with clear strategies.

Methodology
 BLOCKCHAIN TECHNOLOGIES 30

Following chapter of literature Review you need to cover Methodology (justification of chosen

methods, qualitative/quantitative research design, selection of key participants (if there are),

Variables, Data Collection Procedure etc.

Analysis and Findings

Data Analysis Chapter(s) should bring all the key analytical findings from your data

interpretations.

Chapter 4

Introduction

This section is based on the results and analysis of quantitative data, compile all the

results garnered from data collection methods. The findings established from the questionnaires

as well as the semi-structured interviews are discussed from the previous research findings and

the available literature which apply in a bid to establish differences and similarities manifested in

the current study and previous studies. The last section shall capture a summary of this section

and briefly introduce chapter five.

This study was carried out as a way of comprehensively diving into the extent to which

block chain technologies could make B2B business transactions more efficient and transparent in

West Africa. The use of block chain has not been well exploited well in west Africa countries

via the use of B2B business transactions. A comprehensive description of the research

methodology was asserted in chapter 2.

 BLOCKCHAIN TECHNOLOGIES 31

Results and Analysis of the Qualitative data

Introduction

During the intangible phase of this study, qualitative data was collected. The early steps

in the current study included contacting the respondents in person as a way of investigating how

block chain could make B2B business transactions more efficient and transparent in west Africa.

Data which was elicited during the interview section and questionnaires which were distributed

was articulated in the review section and therefore it shall not be discussed in this chapter. The

third step included block chain experts who helped the researcher in filling the questionnaires

and answering the interviews. the researcher developed interview questions from various aspects.

In the same manner questionnaires were developed from open-ended and closed-ended

questions. Consequently, there was a primary analysis which was used as evaluation of best

B2B chain used in west Africa companies. Since the current study was on the effective measures

to be taken in effecting B2B business transactions efficient in west Africa, the researcher made

questions to recognize some of the measures to be taken in effecting B2B chain transitions.

List of Questions in the questionnaire

1. Is your company currently using block chain technology?

2. If no, does your organization plan to implement Block chain technology?

3. What is the main benefit your organization hopes to obtain from using Block chain?

4. To what extent does the regulatory uncertainty around block chain technology

restrict/prohibit your organizations adoption?

5. Do you think that Block chain technology will dramatically disrupt the industry that your

company operates in?

6. On a scale of 1-5, how important would block chain be for your business?
 BLOCKCHAIN TECHNOLOGIES 32

Each of the question has been discussed and the results tabulated in the form thy were answered

by respondents who participated in the interview and questionnaire sections. Intuitively, the

answers were brewed as a way of answering the research question.

Results and Analysis

Since the current study was quantitative in nature, SPSS statistical model was used to analyze the
data brewed from the interview section. All the questions were fed in SPSS statistical model as a
way of analysis.

Is your company currently using block chain technology

Frequenc Percent Valid Cumulative
y Percent Percent
Yes 42 76.4 79.2 79.2
Valid No 11 20.0 20.8 100.0
Total 53 96.4 100.0
Missing System 2 3.6
Total 55 100.0

42 respondents indicated that indeed, the companies used Block chain technology while only 11
respondents indicated that the companies don’t use the technology. This represented 76.4% and
20.85 respectively of all the total respondents. If the companies indicated that they don’t use
block chain technology, they were required to answer if they would use it in the future. This
question was on the run of knowing the willingness of companies in west Africa in using B2B
block chains. Basically, the author wanted to establish the rate at which B2B block chain has
been successfully implemented in west Africa. A vast majority of companies in west Africa
seems to have appreciated the use of B2B block chain as efficiency in business transition. The
whooping percentage has been attributed to the occurrence of new technology among many west
Africa countries.

If no, does your organization plan to implement Block chain

technology
Frequenc Percent Valid Cumulative
y Percent Percent
Yes 10 18.2 90.9 90.9
Valid No 1 1.8 9.1 100.0
Total 11 20.0 100.0
 BLOCKCHAIN TECHNOLOGIES 33

Missing System 44 80.0

Total 55 100.0

10 respondents indicated that they indeed had plans to implement block chain technology within
the next 12 months while only one respondent indicated that they don’t plan to use it in the
future. This represented 90.9% and 9.1% of the respondents respectively.
Respondents were asked to give their opinion on the benefits of use of block chain technology.
Below is an SPSS output of the responses.

What is the main benefit your organization hopes to obtain from using Block
chain?
Frequenc Percent Valid Cumulative
y Percent Percent
Improved business 15 27.3 28.3 28.3
efficiency
Better data protection 20 36.4 37.7 66.0
Better transaction 16 29.1 30.2 96.2
Valid
integrity
Increased transaction 2 3.6 3.8 100.0
speed
Total 53 96.4 100.0
Missing System 2 3.6
Total 55 100.0

20 respondents indicated that the use of block chain is good for data protection. This represented
37.7% of the respondents. Only 2 respondents indicated that block chain technology increases
the transaction speed. This represents 3.8% of the total respondents.
Below is an SPSS output of what extent the regulatory uncertainty around block chain
technology restricts the adoption of organizations.

To what extent does the regulatory uncertainty around block chain

technology restrict/prohibit your organizations adoption?
Frequenc Percent Valid Cumulative
y Percent Percent
Low 13 23.6 24.5 24.5
Valid Slightly 24 43.6 45.3 69.8
low
 BLOCKCHAIN TECHNOLOGIES 34

Slightly 13 23.6 24.5 94.3

high
Slightly 3 5.5 5.7 100.0
high
Total 53 96.4 100.0
Missing System 2 3.6
Total 55 100.0

Majority of the respondents that the extent is slightly low. This represented 45.3% of the
respondents while only 3% indicated that the extent is slightly high.
Below is an SPSS output of whether the use of block chain technology disrupts the industry that
the company operates in.

Do you think that Block chain technology will dramatically disrupt

the industry that your company operates in?
Frequenc Percent Valid Cumulative
y Percent Percent
Yes 2 3.6 3.8 3.8
Maybe 15 27.3 28.3 32.1
No 28 50.9 52.8 84.9
Valid
I don’t 8 14.5 15.1 100.0
know
Total 53 96.4 100.0
Missing System 2 3.6
Total 55 100.0

Majority of the respondents indicated that block chain technology will not disrupt the industry
that the company operates in. This represented 52.8% of the total respondents. Only two were for
the idea that it would indeed affect.
The importance of block chain technology in an individual business was also discussed. Below is
an SPSS output of how important block chain is in an individual’s business

On a scale of 1-5,how important would block chain be for your

business
Frequenc Percent Valid Cumulative
y Percent Percent
 BLOCKCHAIN TECHNOLOGIES 35

Slightly 1 1.8 1.9 1.9

low
Moderate 10 18.2 18.9 20.8
Valid Slightly 20 36.4 37.7 58.5
high
High 22 40.0 41.5 100.0
Total 53 96.4 100.0
Missing System 2 3.6
Total 55 100.0

Majority of the respondents felt that block chain technology is important for businesses. This
indicated 22 respondents which is a percentage of 41.5%.
From the research question, we get the research hypothesis. Therefore, we wish to test the null
hypothesis that the use of block chain in not efficient in West Africa against the alternative
hypothesis that it is efficient in West Africa. This hypothesis will be tested using the first and
third question. Below is the SPSS output of the question.

ANOVA
Is your company currently using block chain technology
Sum of df Mean F Sig.
Squares Square
Between 1.579 3 .526 3.614 .019
Groups
Within Groups 7.138 49 .146
Total 8.717 52

The p-value is 0.019 which is less than 0.05 and hence the null hypothesis is rejected. Therefore,
block chain technology is efficient in West Africa.

Analysis and Interpretation of the Primary Data

The findings on the light of the research question have unfolded many issues related to B2B block

chain in west Africa companies. The study reveal that many companies in west Africa have

accepted the use of B2B block chain as efficient way of transaction. This has been made on the

basis of multicorporations which have gained momentum in most west Africa companies.
 BLOCKCHAIN TECHNOLOGIES 36

The results of the survey have revealed that over all the companies in west Africa have
agreed on the efficiency of using B2B block chain in businesses as a way of achieving
transparency. 42 respondents indicated that indeed, the companies used Block chain technology
while only 11 respondents indicated that the companies don’t use the technology. This
represented 76.4% and 20.85 respectively of all the total respondents. If the companies indicated
that they don’t use block chain technology, they were required to answer if they would use it in
the future. This question was on the run of knowing the willingness of companies in west Africa
in using B2B block chains. Basically, the author wanted to establish the rate at which B2B block
chain has been successfully implemented in west Africa. A vast majority of companies in west
Africa seems to have appreciated the use of B2B block chain as efficiency in business transition.
The whooping percentage has been attributed to the occurrence of new technology among many
west Africa countries.
 BLOCKCHAIN TECHNOLOGIES 37

Most of the companies which had not used B2B block chain technology agreed to starting using
it with immediate effect as a way of meeting their business objectives. 10 respondents indicated
that they indeed had plans to implement block chain technology within the next 12 months while
only one respondent indicated that they don’t plan to use it in the future. This represented 90.9%
and 9.1% of the respondents respectively.
 BLOCKCHAIN TECHNOLOGIES 38

The benefits of B2B block chain were eminent from the results with 20 respondents

indicated that the use of block chain is good for data protection. This represented 37.7% of the

respondents. Only 2 respondents indicated that block chain technology increases the transaction

speed. This represents 3.8% of the total respondents. Generally, the statements in the questionnaire

were all positively constructed in a way to receive results on agree and disagree and they revealed

a general acceptance of B2B block chain on west Africa companies. In addition, the different

sections of the questionnaire were based on different issues and therefore the results found on the

trends were in line with the issues.

 BLOCKCHAIN TECHNOLOGIES 39

The analysis on the extent to which the regulatory uncertainty around block chain

technology could restrict/prohibit organizations adoption revealed that the extent was slightly low.

The statement presented in this section were all interwoven on the restrictions which could be

manifested in adoption of B2B block chain among the companies. This represented 45.3% of the

respondents while only 3% indicated that the extent is slightly high. This analysis shows that

business representatives in west Africa believe that B2B block chain could elevate the rate of

transparency. This has been manifested by the vast companies which have increased B2B block

chain for marketing purpose and significant output has been manifested in their organizations. It

means that these organizations were ready to adopt B2B block chain and that many organizations

were aiming to adopt B2B block chain in a bid to achieve their business objectives. There are only

3 percent respondents who indicate slightly high on restrictions in adopting B2B block chain in

their organizations. This indicates that there are very few companies which have been left behind

in adopting and appreciating the significance of B2B block chain technology in their

businesses.
 BLOCKCHAIN TECHNOLOGIES 40

The analysis done on the dramatic impact of Block chain technology on disrupting the

industry operating the company indicated that block chain technology will not disrupt the industry

that the company operates in. analysis of this section shows that many business representatives

have accepted the role of B2B block chain technology in regulating consumer behavior and believe

that B2B block chain can have positive impact on their businesses. 52.8% agreed that B2B block

chain technology could not disrupt their organizations. This whooping percentage clearly showed

that many west Africa companies have built up a good infrastructure which can accommodate B2B

block chain technology in their organizations. A mere 2 percent indicated that B2B block chain

technology would have dramatic impact on their industries.

The representatives also affirmed on the impact of B2B block chain technology on their

company’s policy and acclaimed of positive and significant impact on consumer research done

through internet concerning the policies of their business organizations as well as the outcomes.

This means that there are many business representatives in west Africa who are aware of the

potential impact of B2B block chain technology and its effectiveness in business transparency on

transactions. Due to this fact, it is essential to launch awareness on business representatives of all

companies operating in west Africa on the potential impact of B2B block chain technologies as

key drivers in transaction transparency leading to high profitability and good relationship with

consumers.
 BLOCKCHAIN TECHNOLOGIES 41

Analysis done on the o importance block chain would bring in business revealed that block

chain is important for businesses. A whooping majority felt that B2B block chain technology is

important for a healthy business transparency. 41.5% agreed on the importance of B2B block

chain technology importance on business. This section was made of sections which reflect the

valid low, slightly low and slightly high on the importance of B2B block chain technology. High

record was achieved on slightly high which show that majority of their business representatives

agreed on the importance of B2B block chain technology on their businesses. From the results,

41.5 % of people who had slight high belief agreed on importance of B2B block chain technology.

A few percent were on valid low on the importance of B2B block chain importance on businesses.

From the mixed results, it is clear that business organizations in west Africa have a long way in

recognizing the importance of B2B block chain technologies in companies. At the same time, the

business representatives seem to have not observed a strong positive impact of B2B block chain

technology in west Africa as a tool of policy administration and that is why the adoption of B2B

block chain technology seems to be low among some representatives.

 BLOCKCHAIN TECHNOLOGIES 42

The last section of the questionnaire was made on the test of the null hypothesis which is

rejected and found wrong. Basically it is made from the importance of B2B block chain on

businesses in west Africa. From the results, B2B block chain play a vital role in transaction

transparency among businesses in west Africa. Responses brewed from this section confirm that

many business organizations operating in west Africa have accepted the significance of B2B block

chain technology in transparency. A considerable p value of 0.19 indicates that the use of B2B

block chain is important in transaction transparency for companies in west Africa. However, there

are a minimal percentage of 3% who still do not acknowledge the importance of B2B block chain

technology in their business organizations. Due to these statistics, there is the need of

demonstrating a competitive advantages of B2B block chain technology in promoting transparency

in companies based in west Africa .

Chapter Summary

The current chapter has summarized the findings, data analysis and presentation of the

extent to which block chain technologies could make B2B business transactions more efficient and

transparent in West Africa. The use of B2B block chain technology has been attribute significance

in as far as business transactions and transparency is concerned. Majority of business

representative have the feeling that business objectives can only be achieved via application of

B2B block chain technology.

This study was carried out as a way of comprehensively diving into the extent to which

block chain technologies could make B2B business transactions more efficient and transparent in

West Africa. The use of block chain has not been well exploited well in west Africa countries via

the use of B2B business transactions However, a few percentages seem to have a negative impact

on B2B block chain technology. Due to this percentage, there is the need of having vigorous
 BLOCKCHAIN TECHNOLOGIES 43

campaign on awareness of B2B block chain technology among west Africa companies. In addition,

a few percentages have a feeling that effecting B2B block chain may disrupt their organizational

structure. Considerable percentage have a feeling that integrating B2B block chain technology has

no impact on their company structure. This shows that the companies have laid well structure

which can accommodate B2B block chain.

Conclusions

Asset verification, transaction costs, speed, data privacy are some of the few regions of

the business-to-business transaction realm. Additionally, this work is one of many lenses to look

at the effect of block chain technology on B2B transactions. Future research ought to, then, look

at different theoretical frameworks as well as other financial transaction regions to bring more

light on this trend. While gathering and combining the literature as well as the observed data, I

generally examined different features of block chain technology effect on business-to-business

transactions. Future research ought to look deep to the broader regions of costs associated with

changing to and using block chain-enabled business-to-business transactions.

 BLOCKCHAIN TECHNOLOGIES 44

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