Main Article Content
Abstract
Blockchain technology has emerged as a transformative force in the global financial landscape, offering unprecedented opportunities for enhancing the efficiency, transparency, and security of financial transactions. This article examines the applications of blockchain technology in local financial transactions, with particular emphasis on developing economies such as Nigeria. Drawing on a review of existing literature and case studies, this study explores how blockchain-based solutions are reshaping peer-to-peer payments, remittances, microfinance, credit systems, and regulatory compliance at the local level. The findings indicate that blockchain holds significant promise for financial inclusion, reducing transaction costs, and eliminating intermediary inefficiencies. However, substantial challenges including regulatory uncertainty, technological infrastructure deficits, and low digital literacy persist. The article concludes with policy recommendations for financial institutions, regulators, and governments seeking to harness blockchain for sustainable local economic development.