Blockchain and Cryptocurrencies in Libya: a Study

Abstract

Third-party problems are increasing in financial transactions and the dependence of trust on a specific central institution or system will not last for long. Moreover, there is a great need for solutions to provide the right ways to start the shift from centralized systems that control all aspects of transactions to distributed systems. Thus, this research explores Blockchain, which is one of the promising remised to centralized systems that keep tracking our information and violate our privacy. This research provides detailed information on Blockchain and cryptocurrencies regarding their history, architectures, applications, pros and cons. Further, a questioner has been conducted to examine the level of knowledge regarding Blockchain and cryptocurrencies. The questioner was handed to over 200 employees from the public and private sectors. The most important indication from the questioner was that over 80% of the employees in both sectors think Blockchain applications will make a big impact when used on securing, commercial transactions or other technical areas.