Blockchain as the newest financial institution: processes, strategies, technologies and practice of application in the conditions of digitalization of economy

Краус, Катерина Миколаївна and Краус, Наталія Миколаївна and Manzhura, O. (2022) Blockchain as the newest financial institution: processes, strategies, technologies and practice of application in the conditions of digitalization of economy Ефективна економіка (1).

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Abstract

The article describes the process of formation and development of digital economy and examines the changes that occur as a result in various sectors and spheres of public life. Authors argue that the latest technology in the work of financial institutions today belongs to such a new technology as Blockchain, which concentrates its efforts on trading in financial assets. At the same time, Blockchain is able to change the payment ecosystem by increasing the efficiency of financial transactions around the world. For financial institutions, the use of Blockchain technology also has its advantages, in particular, it provides an opportunity to improve operational efficiency during real-time cross-border transfers. Authors consider the three stages of development of Blockchain technology, and the stages of its formation are covered in terms of time Blockchain technology, from 2014 to 2025. The article proves that Blockchain is a multifunctional and multilevel information and communication technology, which aims to make the accounting of various assets reliable and instantly accessible to everyone. The principles of Blockchain construction and operation include network integrity, load sharing, value as an incentive, confidentiality and protection of rights, security. The most promising area of implementation of Blockchain is financial. Several possible applications of distributed registry technology in Blockchain applications are considered in terms of classes and areas of application. The article investigates e-commerce models that use Blockchain technology. Thus, B2B model is a typical basis for the formation of a digital platform that provides the ability to purchase goods, services and works online from one business to another. B2C model is most often embodied in digital platforms that operate according to the logic of the online store. B2G model is implemented in digital platforms for public procurement. C2B model involves creating value for customers for business. C2C model is represented by digital sharing platforms, as well as the sale of goods by consumers to each other. C2G model provides for the interaction of households with public authorities. G2B model is implemented through digital platforms for the provision of public services for business. G2C model provides for the interaction of households with public authorities. G2G model involves communication between government agencies and is often implemented in the context of e-government.

Item Type: Article
Uncontrolled Keywords: Blockchain; financial institutions; e-commerce; technology
Subjects: Статті у наукометричних базах > Index Copernicus
Статті у журналах > Фахові (входять до переліку фахових, затверджений МОН)
Divisions: Факультети > Факультет інформаційних технологій та управління > Кафедра управління
Depositing User: Катерина Миколаївна Краус
Date Deposited: 31 Jan 2022 08:05
Last Modified: 31 Jan 2022 08:05
URI: https://elibrary.kubg.edu.ua/id/eprint/40600

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