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Blockchain technology in enterprise operations: theoretical basis and practical application

Author

Listed:
  • Tetiana Osadcha

    (Kherson National Technical University)

Abstract

Blockchain technology is a relevant and promising area for use in all areas of modern business. Blockchain technology is designed to optimize work processes, such as storing information about all parties to a relationship and all transactions. The purpose of the article is to study theoretical approaches to understanding the essence of “blockchain technology†and to determine the advantages and disadvantages of using blockchain. The main characteristics of the areas of further application of blockchain technology are outlined. The article analyzes the legal framework for the use of virtual assets in Ukraine. The state of the legislative framework for the effective work of this area is not sufficiently formed, so there are difficulties in the quality application of blockchain technology in the field of entrepreneurship. Therefore, it is worth paying attention to the timeframe for the adoption of legislative acts regulating the operation of the blockchain for the effective functioning of the virtual asset market in Ukraine. This will create conditions for harmony between all market participants. The principles of state regulation of the turnover of virtual assets are listed. It is determined that blockchain technology was first used in the operation of cryptocurrency. The development of the use of cryptocurrency and blockchain technology is the result of the digitalization of the economy and globalization processes. The rating of cryptocurrency use is analyzed, which shows that Ukraine is among the countries that actively use cryptocurrency. The areas of blockchain technology use in Ukraine are listed. It is determined that blockchain technologies have high potential and are being rapidly implemented for further use in Ukrainian business. The introduction of blockchain at enterprises will create conditions for the efficient use of resources intended for the manufacture of quality products and will allow controlling the performance of work. This technology will also make it possible to assess all risks from information loss in a timely manner and develop an algorithm to minimize such risks.

Suggested Citation

  • Tetiana Osadcha, 2024. "Blockchain technology in enterprise operations: theoretical basis and practical application," Economic Synergy, Higher Educational Institution Academician Yuriy Bugay International Scientific & Technical University, issue 4, pages 205-219.
    • Handle: RePEc:bja:isteus:y:2024:i:4:p:205-219
    DOI: 10.53920/ES-2024-4-15
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    File URL: https://es.istu.edu.ua/EconomicSynergy/article/view/210/174
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    More about this item

    Keywords

    blockchain; transactions; virtual assets; entrepreneurship; cryptocurrency;
    All these keywords.

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • G1 - Financial Economics - - General Financial Markets
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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