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Economic Risk, Cyber Threats and Privacy Issues of Blockchain Technology in Nigeria

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  • Musa Ahmed Zayyad

    (Department of Computer Studies, Hassan Usman Katsina Polytechnic, P.M.B. 2052, Katsina State, Nigeria)

Abstract

Blockchain technology and cryptocurrency are continuously becoming more popular all over the world, especially with the rapid popularity of access to the internet. It appears to be one of the most significant trends of the modern era. It is difficult nowadays to spend a whole day without coming across issues of cryptocurrency in the news, or social networking sites, broadcasts channels and even legislations made by various governments. The debate surrounding the subject is highly polarized, with strong feelings on all sides of the multifaceted cryptocurrency. Some call it a bubble, while others believe it has the potential to destabilize the economy of the world. Blockchain technology, which is the heart of cryptocurrency, has been described as a major disruptor of the global business process. Many entrepreneurs have jumped on the initial coin offering (ICO) bandwagon, selling tokens to the general public and raising hundreds of millions of dollars. Therefore, the aim of this article is to investigate the impact of cryptocurrency on the global economy risk and cyber threats and privacy issues with particular emphasis on a developing country like Nigeria.

Suggested Citation

  • Musa Ahmed Zayyad, 2022. "Economic Risk, Cyber Threats and Privacy Issues of Blockchain Technology in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 6(1), pages 646-649, January.
    • Handle: RePEc:bcp:journl:v:6:y:2022:i:1:p:646-649
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    References listed on IDEAS

    as
    1. Scott Gilbert & Hio Loi, 2018. "Digital Currency Risk," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 10(2), pages 108-123, February.
    2. Rainer Böhme & Nicolas Christin & Benjamin Edelman & Tyler Moore, 2015. "Bitcoin: Economics, Technology, and Governance," Journal of Economic Perspectives, American Economic Association, vol. 29(2), pages 213-238, Spring.
    3. Sidi Boubacar ElMamy & Hichem Mrabet & Hassen Gharbi & Abderrazak Jemai & Damien Trentesaux, 2020. "A Survey on the Usage of Blockchain Technology for Cyber-Threats in the Context of Industry 4.0," Sustainability, MDPI, vol. 12(21), pages 1-19, November.
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