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JOAMS 2024 Vol.12(1): 47-51
doi: 10.18178/joams.12.1.47-51

The Role of Blockchain Technology and Cryptocurrencies in the Digital Economy

Joseph O. Witts 1, Amedeus R. Shine 2, Wilson T. Shayo 3, Catherine L. Soko 2, Mussa L. Mwanga 2, Elda K. Mushonela 2, and Natasha N. Ng’wanakilala 2
1. WITTS Consulting Inc., Musoma, Tanzania
2. CRDB Bank PLC, Tanzania
3. AfriExim Bank, Egypt
Email: joseph_witts@yahoo.com (J.O.W.); amed.roman@gmail.com (A.R.S.); wilsonshayo@gmail.com (W.T.S.); Cathykibwana@gmail.com (C.L.S.); mussalolla@gmail.com (M.L.M.); eldamushonela0@gmail.com (E.K.M.); natashankwabi@gmail.com (N.N.N.)
*Corresponding author

Manuscript received August 24, 2023; revised September 20, 2023; accepted October 17, 2023; published March 29, 2024.

Abstract—Significant developments have been made in the financial sector through cryptocurrencies specifically bitcoin towards the adoption of blockchain technology compared to other sectors. It is estimated that by 2025, 10 percent of global GDP will be on the blockchain. Over 80% of prior research work on blockchain has focused on cryptocurrencies and 20% on other sectors. Findings show that blockchain technology plays a significant role in promoting trust, enhancing social cohesion, facilitating funds transfer, Initial Public Offers (IPOs), global commerce, and elimination of the intermediaries, hence, efficiency. There is exponential growth in the application of blockchain across other spheres such as healthcare, the Internet of Things (IoT), cloud computing, and smart contracts. Implementation of blockchain technology in transportation and accommodation such as Arcade City is challenging the current Uber business model by allowing commuters to transact directly with taxi drivers. However, blockchain may not be entirely immutable as nodes with superior computing power may do anything from changing the blocks to manipulating transactions. Full adoption of blockchain technology may impose significant risks to banks ranging from cyber-attacks to loss of financial and nonfinancial data and capital investments for early adopters migrating from legacy systems.

Keywords—blockchain technology, cryptocurrencies, blockchain for financial services, blockchain immutability, shared economy applications, blockchain for other sectors

Cite: Joseph O. Witts, Amedeus R. Shine, Wilson T. Shayo, Catherine L. Soko, Mussa L. Mwanga, Elda K. Mushonela, and Natasha N. Ng'wanakilala, "The Role of Blockchain Technology and Cryptocurrencies in the Digital Economy," Journal of Advanced Management Science, Vol. 12, No. 1, pp. 47-51, 2024.

Copyright © 2024 by the authors. This is an open access article distributed under the Creative Commons Attribution License (CC BY-NC-ND 4.0), which permits use, distribution and reproduction in any medium, provided that the article is properly cited, the use is non-commercial and no modifications or adaptations are made.

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