Title: Blockchain phenomenon: a penchant to reshape developing economies across Sub-Saharan Africa (SSA)

Authors: Elijah Asante Boakye; Hongjiang Zhao; Bright Nana Kwame Ahia

Addresses: School of Management and Economics, University of Electronic Science and Technology of China, Chengdu, Sichuan, China; Centre for West African Studies, University of Electronic Science and Technology of China, Chengdu, Sichuan, China ' School of Management and Economics, University of Electronic Science and Technology of China, Chengdu, Sichuan, China; Centre for West African Studies, University of Electronic Science and Technology of China, Chengdu, Sichuan, China ' School of Management and Economics, University of Electronic Science and Technology of China, Chengdu, Sichuan, China; Centre for West African Studies, University of Electronic Science and Technology of China, Chengdu, Sichuan, China

Abstract: The enabled-applications of blockchain technology have advanced beyond crypto-currencies to potential transformations in the activities of individuals, businesses and economies. Blockchain technology computationally revamps many sets of processes in finance, manufacturing, healthcare and governance without third-party interventions. From a phenomenon-based approach, we address the potential of blockchain technology enabled-applications like Internet-of-Things (IoT), Smart Contracts and Distributed Ledger Technologies (DLT) to reshaping economic sectors. We also present three main blockchain-enabled models with the cases of Agriculture & Agro-Processing, Mining & Minerals Processing and Finance sectors in developing economies across Sub-Saharan Africa especially Ghana, on management objectives of cost-effectiveness, efficiency, reliability and risk reduction. Blockchain-enabled applications can reshape the supply chains of Agriculture & Agro-Processing to be less costly, Mining & Minerals Processing sector more corrupt-free and efficient with a reduced level of risks, offering efficient banking systems, reduction in privacy risks and operational complexities to the Finance sector.

Keywords: Sub-Saharan Africa; finance; agriculture & agro-processing; mining & minerals processing; blockchain-enabled models; blockchain phenomenon; economic sectors.

DOI: 10.1504/AJESD.2023.129029

African Journal of Economic and Sustainable Development, 2023 Vol.9 No.2, pp.155 - 176

Received: 07 Oct 2020
Accepted: 05 Feb 2021
Published online: 14 Feb 2023 *

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