The effects of blockchain technology penetration testing: Evidence from the emerging economy - Nigeria

The effects of blockchain technology penetration testing: Evidence from the emerging economy - Nigeria

Blockchain penetration testing is critical in ensuring that blockchain networks are secured and resilient to cyber threats. There¬fore, firms must adopt blockchain penetration testing as a holistic approach focusing on risk management and compliance. Adopting questionnaires based on a sample of 122 firms in Nigeria and analysed with a multiple regression model, the results reveal that blockchain penetration testing has a positive impact on reducing risk and breach of data security in firms that carry out this test, which invariably implies that there will be fewer cyber-attack and no threat to loss of any data and smooth transactions process in the firm. The paper highlights implications for firms supporting the policy-making process in terms of data protection and regulation in financial institutions, the supply and logistics company sector in Nigeria, and other sectors that might want to adopt blockchain technology.