Investigating the State of Blockchain Adoption in the South African Finance Industry

Significant growth has recently been observed within the DeFi sector. Most existing academic literature focuses on the potential benefits of blockchain adoption but does not address the actual current state of adoption in different countries. The objective of this study was to understand the current state of blockchain adoption within the South African finance industry by investigating factors that influence adoption, current perceptions and use cases within the industry. Using expert sampling and qualitative inquiry, this research identified several factors that positively or negatively influence blockchain adoption, which have been organised by technological, organisational, and environmental categories. The major factors influencing adoption include supportability, scalability, skills, regulations, collaboration, and competition. Perceptions of blockchain were mixed with some citing the technology as disruptive and some questioning its necessity. Various potential use cases were identified, among which digital identity and stable coins emerged as significant. Participants noted that digital identity received the most engagement in the industry.