The Role of Blockchain Technology in Enhancing Security in Financial Transactions in Cameroon
Virginie Feudjio Takoutio *
Department of Banking and Finance, Faculty of Economics and Management Sciences, The University of Bamenda, Cameroon.
*Author to whom correspondence should be addressed.
Abstract
This study examines the role of blockchain technology in enhancing security in financial transactions in Cameroon. The objective is to investigate the relationship between blockchain-related variables and security effectiveness. A survey of 35 respondents was conducted, and robust linear regression analysis was employed to analyse the data. The results reveal that regulatory compliance has a statistically significant negative impact on security effectiveness, with a coefficient of -0.422 and a p-value of 0.034. System integration also has a statistically significant negative impact on security effectiveness, with a coefficient of -0.379 and a p-value of 0.036. The R-squared value is 0.297, indicating that about 29.7% of the variation in security effectiveness is explained by the independent variables. The study concludes that blockchain technology has the potential to improve security in financial transactions, but its adoption requires careful consideration of regulatory compliance and system integration.
Keywords: Blockchain technology, security effectiveness, financial transactions, regulatory compliance, system integration