Blockchain: A Disruptive and Transformative Technology of the Fourth Industrial Revolution

Abstract

The blockchain, a technology that is variously described as Web 3.0 or the internet of value, is expected to play a disruptive and transformative role in the Fourth Industrial Revolution (4IR). As a digital platform, it is disrupting legacy business models and creating new ones. While much work is currently being undertaken on the advances and utilization of this nascent technology, there is a paucity of scholarly output, particularly from African centers of learning. This paper describes the evolution and development of the technology, its positive elements, and barriers to its application. Suggestions are made on opportunities available to African centers of excellence for carrying out research, consultancy, and curriculum development in new business models. National policies are essential in order to provide contexts for blockchain and related 4IR technology development and utilization.