Abstract
Blockchain technology is an alternative financial process used in the banking sector. The aim of this study was to gain a better understanding of blockchain and cryptocurrency and to investigate the current state of this technology in South Africa. The study adopted a survey methodology, with the objectives of highlighting the relevance of blockchain and cryptocurrency, establishing how banking clients defined these concepts and how they used the technologies in making transactions. The survey also aimed to identify new or existing financial Acts or policies used to regulate blockchain and cryptocurrency and to determine the relationship between the opportunities and risks associated with the use of cryptocurrency. A survey questionnaire was distributed to a simple random sample of 200 respondents who used retail and commercial banking in Johannesburg, Gauteng. Data analysis was aided by correlation analysis and determining Cronbach’s alpha values, which were used to confirm the validity and reliability of the study. An inter-item matrix was conducted to identify relationships between the research factors. The Kaiser-Meyer-Olkin and Bartletts tests were performed to show how the factors between the variables explain each other. The results revealed that the respondents primarily use cryptocurrency and perform cryptocurrency-related transactions, such as payments for withdrawals or deposits. The respondents could easily define and understand cryptocurrency, but they tended to fail to understand blockchain technology. The survey showed that the opportunities and risks correlate with the respondents' level of awareness and their decision to enter blockchain and cryptocurrency. The knowledge and understanding of cryptocurrency are likely to ensure respondents understand the dangers and opportunities comes with the use of cryptocurrency
Keywords: Blockchain, Cryptocurrency, Peer-to-peer system, Digitisation, Innovation.