Ebekozien, A; Aigbavboa, C; Thwala, W D; Samsurijan, M S; Ahmed, M A H; Aliu, J and Adekunle, S A (2024) Appraising the application of cryptocurrency technologies in the Nigerian built environment: stakeholders' perspective. International Journal of Building Pathology and Adaptation, 42(7), pp. 93-112. ISSN 23984708
Abstract
Purpose: Twenty-first century digitalisation birthed new methods of payment systems like the emergence of cryptocurrencies. Cryptocurrency technologies have been identified as drivers for crypto-smart contracts and procurements. Studies regarding the application of cryptocurrency technologies in the Nigerian built environment industry are uncommon. Therefore, this paper aims to explore the relevance of cryptocurrency technologies to the sector, examine the perceived barriers that may hinder cryptocurrency technologies implementation and propose measures to promote the applications. Design/methodology/approach: The research conducted a virtual interview across Abuja and Lagos cities to appraise stakeholders' perceptions. The interviewees were requested to proffer answers to the research questions. The study conducted 25 semi-structured interviews with knowledgeable stakeholders. The data were analysed, and findings were reported in themes. Findings: Enhanced the era of smart contracts, increased liquidity for small and medium-sized enterprises (SMEs) and new openings to raise more funds for capital-intensive construction projects emerged as the advantages where cryptocurrency technologies can benefit the sector if allowed to operate. Cryptocurrency technology applications are not without some anticipated hindrances. Risk of loss of investment/price instability, lack of intrinsic value, money laundering, attracting speculators, criminal activities/security issues, lack of clarity and awareness and lack of skills emerged as the frequently anticipated barriers that may hinder cryptocurrency technologies applications. Research limitations/implications: The study is limited to cryptocurrency technology applications in Nigeria’s built environment, and a qualitative method has been adopted. Originality/value: Besides uncovering barriers hindering cryptocurrency technology usage via an unexplored mechanism, the study is one of the few studies to proffer measures to improve cryptocurrency technology usage in the built environment.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | built environment; cryptocurrency; Nigeria; smart contract; stakeholders; technology; interview |
| Index terms: | Abuja, emergence, construction project, methodology, qualitative method, digitalization, interview, smart contract, implementation, built environment, Lagos, Nigeria, liquidity |
| Subjects: | infrastructure and transport systems, systems engineering, research methods, Geography, production management, digital technology, contractual arrangements, economic analysis, data collection methods, research design and methodology |
| Topics: | Digital Applications, Urban Studies, Procurement, Engineering Principles, Project Management, Geographical Context, Research Practice, Business Strategy |
| Descriptive scope: | 5 PCTEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here