Model Structure for Block Chain Technology and Cryptocurrency for the Financial Services Sector in Zimbabwe

Academic Paper from the year 2021 in the subject Computer Sciences - Cryptocurrency, grade: 1.0, , language: English, abstract: The study was purposed to develop the model structure for Blockchain technology and cryptocurrency, and determine the factors that influence the adoption of Blockchain technology and cryptocurrency in Zimbabwe in order to make value-adding contributions to the cybersecurity risk management of the financial services sector. Cybersecurity is the collection of policies, techniques, technologies, and processes that work together to protect the confidentiality, integrity, and availability of computing resources, networks, software, programs, and data from attack. Cybersecurity threats have thus shifted from the cryptocurrency to attacking platforms using the cryptocurrency such as crypto exchanges. Essentially, there would be no bitcoin without Blockchain but Blockchain exists without bitcoin.The entire system works with a distributed ledger technology that operates on a decentralized pattern. The blockchain is distributed and highly available, exhibits irreversibility and immutability, and eliminates intermediaries in banking sector. For the Blockchain to function fully, it requires components such as the Node, Transaction, Block as a data structure, Chain of the blocks, Miners to perform the block verification process, and Consensus (consensus protocol).

The Mixed Method methodology was used. The research utilized focus groups and document analysis to gather knowledge on the subject. A survey was conducted which included distribution of questionnaires and conducting interviews with heads of the banking sector.