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.
Table of Contents
1.0 Introduction
1.1. Background
1.2 Statement of the Problem
1.3 Research Objectives
1.4 Research Questions
1.5 Significance of the Study
2.0 Review of the Literature
3. Methodology
4. Data Analysis
5.0. Conclusion
Research Objectives and Themes
The primary objective of this research is to develop a robust model structure for blockchain technology and cryptocurrency within the Zimbabwean financial services sector. The study aims to evaluate the performance of these technologies, ascertain their relationship, assess their impact on service delivery, and identify the factors influencing their adoption, ultimately contributing to improved cybersecurity risk management.
- Evaluation of blockchain and cryptocurrency performance in cybersecurity systems.
- Analysis of the relationship between blockchain technology and cryptocurrency.
- Assessment of the impact of blockchain and cryptocurrency on financial service delivery.
- Identification of key factors influencing technology adoption in Zimbabwe.
- Development of a theoretical application model for the Central Bank of Zimbabwe.
Excerpt from the Book
1.1. Background
Cybersecurity is the protection of internet-connected systems such as hardware, software, and data from cyber-threats (Kshetri, N., 2017). 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 (Berman, D.S. et al, 2019). Cybersecurity can also be defined as protecting systems, networks, and programs from digital attacks. Cybersecurity takes many different forms, which include phishing and social engineering, ransomware and internet of things suspectibilty. Of primary concern is cryptojacking and the susceptibility of internet of things to cyberattacks. Due to the rapid increase in the use of the internet and internet of things, there is need to ensure that all the transactions and information on the internet is secure. The global acceptance and usage of cyptocurrency, raises a lot of cybersecurity uncertainties.
Bitcoin is the most common type of cryptocurrency and it has enjoyed overwhelming success since its launch in 2008. Cryptocurrency is being equated to gold hence in some circles it is known as “digital gold.” Zimbabwe like many other nations, slowly joined the whole world in using digital currency.
Summary of Chapters
1.0 Introduction: This chapter introduces the core concepts of cybersecurity and the background of blockchain technology within the context of the Zimbabwean financial landscape.
2.0 Review of the Literature: This section explores existing theories and global trends regarding blockchain adoption, cryptocurrency classification, and the associated risks and benefits.
3. Methodology: This chapter details the mixed research approach, data collection tools, and sampling techniques utilized to gather information from the banking sector.
4. Data Analysis: This section presents the findings from the surveys and interviews, evaluating the performance of cryptocurrency and blockchain technology on Zimbabwean cybersecurity systems.
5.0. Conclusion: The final chapter summarizes the research objectives, reflects on the findings, and provides strategic recommendations for local authorities and the banking sector.
Keywords
Cybersecurity, Blockchain Technology, Cryptography, Cryptocurrency, Bitcoin, Cryptojacking, Financial Services, Distributed Ledger, Digital Currency, Data Integrity, Immutability, Consensus, Central Bank Digital Currency, Risk Management, Zimbabwe.
Frequently Asked Questions
What is the core focus of this research paper?
The paper focuses on developing a structural model for blockchain technology and cryptocurrency to enhance cybersecurity risk management specifically within the Zimbabwean financial services sector.
What are the primary thematic areas covered?
The research covers blockchain architecture, cryptocurrency mechanics, cybersecurity threats, the impact of these technologies on banking, and the proposed implementation of Central Bank Digital Currency (CBDC).
What is the main goal or research question of the study?
The primary goal is to evaluate the performance of blockchain and cryptocurrency on Zimbabwean cybersecurity systems and to determine the factors that influence the successful adoption of these technologies.
Which scientific methodology was employed?
A Mixed Method Research (MAR) approach was used, incorporating focus groups, document analysis, and a descriptive survey design to ensure a comprehensive understanding of the research problem.
What topics are addressed in the main body of the work?
The main body examines the conceptual framework of blockchain, the benefits of immutable distributed ledgers, the mechanics of cryptojacking, and the specific application models for the Reserve Bank of Zimbabwe.
Which keywords best define this study?
The core keywords include Cybersecurity, Blockchain Technology, Cryptocurrency, Bitcoin, Financial Services, and Central Bank Digital Currency (CBDC).
How does blockchain address the "centralized load" problem in banking?
Blockchain utilizes a distributed, decentralized ledger structure that eliminates intermediaries, allows for real-time transaction processing, and offloads manual documentation tasks, thereby improving operational efficiency.
Why is the "regulatory layer" significant in the proposed CBDC model?
The regulatory layer is essential for providing governance, enforcing compliance, maintaining financial stability, and managing the lifecycle of digital currency through tools like Public Key Infrastructure (PKI).
What specific security threats does the paper highlight regarding Bitcoin?
While the blockchain itself is secure and immutable, the paper highlights that cybercriminals target the "nodes" or users, using techniques like ransomware and cryptojacking to steal computing power and credentials.
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- Gabriel Kabanda (Autor:in), 2021, Model Structure for Block Chain Technology and Cryptocurrency for the Financial Services Sector in Zimbabwe, München, GRIN Verlag, https://www.grin.com/document/1119788
