Exploring the Role of Blockchain in Promoting Transparency in E-Invoicing Systems Among Multinational Corporations in Nigeria
Keywords:
Blockchain, Data Security, E-invoicing, Multinational Corporations, TransparencyAbstract
Blockchain technology has gained attention because of its potential to increase transparency through decentralized, immutable, and cryptographically secure transaction records. This paper explores blockchain's role in promoting transparency in e-invoicing systems used by multinational corporations (MNCs) operating in Nigeria. E-invoicing automation has gained popularity due to the benefits of reduced costs and improved efficiency. This paper analyses blockchain's applicability by examining its technical architecture, the current state of e- invoicing used by MNCs in Nigeria, key challenges faced, and relevant regulatory frameworks. Pioneering case studies demonstrate blockchain's commercial viability for coordinating complex cross-border business networks. This study suggests a new framework with parts for a public-private blockchain system that can work with each other. This could change the way e-invoicing is clear by rebuilding trust digitally between different parties.
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