Abstract

Using the research of David Chaum, Suart Haber, Scott Stornetta, and Nick Szabo on concepts related to Blockchain Technology (BT) as foundation, an unknown person, under the pseudonym “Satoshi Nakamoto”, invented the first blockchain network which supported Bitcoin (BTC), the first-ever cryptocurrency, in 2008. With the passing of time, BTC gained popularity, and, in recent times, it was declared as a legal tender of El Salvador. Since the invention of BTC, various industries have started to see the value of BT, leading to relevant uptake and the creation of more crypto assets (e.g. Dogecoin, Litecoin and Ethereum). Though research suggests that BT can serve as a vital tool that promotes better financial inclusion—especially in developing countries—BT is often met with significant resistance due to discrepancies between its value in use and its value in exchange. Notwithstanding the foregoing, this study was conducted to ascertain the feasibility of BT in Zimbabwe, as a tool to promote financial inclusion. To achieve the study’s objective, non-empirical, exploratory research was conducted that took on the form of an online desktop review. From the research conducted, it appears that BT is a feasible tool that can curb financial inclusion problems, particularly in Zimbabwe—at least in a theoretical dispensation.

Keywords: Blockchain Technology, Bitcoin, POW, POS, POA, Cryptocurrency, Crypto asset, Ethereum, Decentralized Finance, DeFi