The Impact of Blockchain on Competitive Strategy: A Case Study of Digital Market Place in Nigeria
DOI:
https://doi.org/10.61143/umyu-jafr.8(1)2025.020Keywords:
Blockchain, Competitive Strategy, Digital Marketplace, Transparency, EfficiencyAbstract
This study examines the role of blockchain technology in shaping competitive strategy within digital marketplaces. By leveraging primary data collected through surveys and statistical analysis, the study evaluates blockchain’s influence on key strategic components such as transparency, operational efficiency, cost reduction, and user trust. Specifically, it explores how blockchain adoption can act as a differentiating factor for businesses in a highly competitive digital space. The findings indicate that blockchain significantly enhances competitive advantage by streamlining processes, reducing transaction costs, improving security, and fostering trust among participants. Furthermore, blockchain’s role in eliminating intermediaries and enabling real-time, transparent transactions is shown to improve overall market dynamics. The study also highlights potential challenges businesses face in implementing blockchain, such as regulatory uncertainty, scalability issues, and high initial costs. It concludes by providing actionable recommendations for industry stakeholders, suggesting that blockchain adoption can be a transformative tool for digital marketplaces, but only if approached strategically with careful consideration of both the technological and business environments.
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