Track: Industry 4.0

Abstract

The paper intended to offer insights on using Cryptocurrency as a Component of Blockchain technology in financial institutions with a focus on South Africa. The study sought:  (1) To highlight the economic impact that blockchain and Cryptocurrency have on the finance industry; (2) To learn more about how respondents; perspectives and experiences of blockchain and Cryptocurrency; and finally, (3) To determine what factors are helpful and harmful in the actual context of what would be deemed as a banking environment customers use a new group of e-commerce methods to conduct transactions without involving banks. A questionnaire was used to collect data, followed by interviews on respondents' different views related to blockchain and Cryptocurrency. From the large number of respondents that use financial institutions' services as a target, a sample of 200 participants took place in the study. The study's descriptive measures include variables such as the mean, standard deviation, and correlation analysis. The SPSS software summarized and analyzed the relevant data collected. Correlation analysis measured the inner relationship between factors and the study data. The study showed that Millennials and Generation Z are much more technology inclined. Most of them were educated and showed interest in blockchain technology and the use of Cryptocurrency. The results also revealed a strong relationship between the possibilities and risks associated with blockchain and Cryptocurrency. Blockchain has become a more efficient way to complete transactions. The study showed that respondents utilize Cryptocurrency and perform different transactions such as cash receipts, deposit corrections, and cross-border payments