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Study of Development Trends and Application Risks of Cryptocurrency and Blockchain Technologies in the Digital Environment

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  • Alovsat Garaja ALIYEV

Abstract

The paper is devoted to the study of the formation and development trends of cryptocurrency and blockchain technologies in the digital economic environment, as well as the risks and dangers of their application. According to the features of classification, the main features of virtual currencies have been explained. The risks and dangers that may arise with the regular use of cryptocurrency and blockchain technologies emerging in the digital environment were considered. As a result of the transformation of digital technologies, the study of the problems of formation and development of cryptocurrencies and blockchain technologies is one the urgent issue. As a result of improving the management of economic and business processes on the basis of modern ICT, a digital economic environment with new non-traditional technological features is being formed. The possibilities of applying cryptocurrency and blockchain technologies in economic structures and processes in the new economic environment have been explored. The security features of blockchain technology and the mechanism of operation of the cryptocurrency have been explained. The differences between cryptocurrency and traditional money have been explained, and the essence of different approaches to cryptocurrencies in the international arena has been analyzed. Statistical analysis of scientific publications on cryptocurrencies has been conducted. The capitalization dynamics of cryptocurrency are presented. The rating of cryptocurrencies is shown according to the level of capitalization. The dynamics of price changes in Bitcoin are given. The structural content of cryptocurrencies and blockchain technologies was explained, and their application in economic operations was studied. The risks and dangers of cryptocurrency in the digital environment were analyzed. The mechanism of their operation in business and financial operations was explained. The dangers of the use of cryptocurrencies in the existing traditional financial system have been identified. The problems of legal regulation of cryptocurrencies in the world have been analyzed. It was noted that although the use of such technologies poses risks and threats in modern financial markets and cryptocurrency exchanges, they can create new opportunities and prospects for the future development of the country's economy in the digital environment. In the 4.0 Industrial Platform in the Digital Environment, some recommendations have been given for preventing the risks and dangers of using cryptocurrency and blockchain technologies.

Suggested Citation

  • Alovsat Garaja ALIYEV, 2022. "Study of Development Trends and Application Risks of Cryptocurrency and Blockchain Technologies in the Digital Environment," Informatica Economica, Academy of Economic Studies - Bucharest, Romania, vol. 26(3), pages 37-49.
    • Handle: RePEc:aes:infoec:v:26:y:2022:i:3:p:37-49
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    References listed on IDEAS

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    1. Marian STOICA & Bogdan GHILIC-MICU & Marinela MIRCEA, 2019. "Restarting the Information Society Based on Blockchain Technology," Informatica Economica, Academy of Economic Studies - Bucharest, Romania, vol. 23(3), pages 39-48.
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