Problems and Prospects of Blockchain Technology in Bangladesh Economy

Abstract

The Third Industrial Revolution is heavily relied on digital technologies. Information is stored in computers and technology are used to reduce cost and increase efficiency on daily activities and transactions. Such reliance makes users vulnerable towards technology-related risks. Among all researches that had been conducted worldwide, blockchain is considered to be the only technology to overcome the flaws of modern day technologies. This study is a descriptive research study focused on how Bangladesh plans to use blockchain technology with the aim of solving its problems in many different areas and fields by 2030. The objective of this study is to cover the fundamentals of blockchain and provide a clear idea on why it has become popular research topic throughout the years. The information for this study was collected through qualitative and secondary procedures. Government related information regarding blockchain technology was collected from ICT Division of People’s Republic of Bangladesh’s official website. Since it is currently in progress, there are no specified results on blockchain technology in Bangladesh. However, overcoming certain obstacles is likely to increase the probable success rate of blockchain implementation as described in this study.