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The Role of Blockchain in Enhancing Transparency and Accountability in International Business

Emmanuel R Agumagu, Onyekwuluje Taiwo Paul, Ogechi Salome Ikebujo

Abstract

The integration of blockchain technology into international business operations represents a paradigmatic shift towards enhanced transparency and accountability across global value chains. This comprehensive analysis examines how distributed ledger technology addresses traditional challenges in international trade, supply chain management, and cross-border transactions. Through systematic review of current literature and empirical evidence, this study demonstrates that blockchain technology offers unprecedented opportunities for creating immutable records, reducing information asymmetries, and establishing trust among international business partners. The research reveals that while blockchain applications show significant promise in areas such as supply chain traceability, anti-corruption measures, and sustainable business practices, implementation faces substantial barriers including technological limitations, regulatory uncertainties, and organizational resistance. The findings suggest that successful blockchain adoption requires coordinated efforts among stakeholders, supportive regulatory frameworks, and strategic alignment with existing business processes.

Keywords

Blockchaintransparencyaccountabilityinternational businesssupply chain

References

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