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Competitive Advantages of Financial Transactions on the Basis of the Blockchain Technology in Digital Economy

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Listed:
  • N.G. Vovchenko
  • A.V. Andreeva
  • A.S. Orobinskiy
  • Y.M. Filippov

Abstract

Modern economy is developing in a process able format, gradually turning into a virtual economic system. Digital economy serves as the new paradigm of economic development and reformats business relationship on the basis of the use of information.New information and network technologies are becoming major factors of globalizing economy production and contribute to rapid transition of economic agents from real sector to a network one, ensuring digital economy development and innovative business processes formation.The blockchain technology implements competitive advantages of financial contracts based on reduction of the costs on economic agents' interaction, provision of information transparency and effective control over operational risks. The blockchain technology contributes to financial security of the modernization operations of business processes and high organized centralized structures of the blockchain technology.The blockchain application for financial transactions allows providing high quality of the contracts implementation between the digital economy's economic agents.

Suggested Citation

  • N.G. Vovchenko & A.V. Andreeva & A.S. Orobinskiy & Y.M. Filippov, 2017. "Competitive Advantages of Financial Transactions on the Basis of the Blockchain Technology in Digital Economy," European Research Studies Journal, European Research Studies Journal, vol. 0(3B), pages 193-212.
    • Handle: RePEc:ers:journl:v:xx:y:2017:i:3b:p:193-212
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    References listed on IDEAS

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    1. Nagy K. Hanna, 2010. "e-Transformation: Enabling New Development Strategies," Innovation, Technology, and Knowledge Management, Springer, number 978-1-4419-1185-8, March.
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    Cited by:

    1. N.G. Vovchenko & S.S. Galazova & A.A. Sopchenko & O.S. Dzhu, 2019. "FinTech Ecosystem as an Instrument of Sustainable Development Provision," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 2), pages 147-155.
    2. Tandon, Anushree & Kaur, Puneet & Mäntymäki, Matti & Dhir, Amandeep, 2021. "Blockchain applications in management: A bibliometric analysis and literature review," Technological Forecasting and Social Change, Elsevier, vol. 166(C).
    3. A. Atabekov & O. Yastrebov, 2018. "Legal Status of Artificial Intelligence Across Countries: Legislation on the Move," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 773-782.
    4. Yu.V. Przhedetskiy & N.V. Przhedetskaya & K.V. Borzenko & V.A. Bondarenko, 2019. "Blockchain Technologies in Healthcare Institutions: Focus on Security and Effective Cooperation with the Government," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 2), pages 92-99.
    5. repec:ers:journl:v:xxi:y:2018:i:special2:p:.377-387 is not listed on IDEAS
    6. S.S. Galazova & L.R. Magomaeva, 2019. "The Transformation of Traditional Banking Activity in Digital," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 2), pages 41-51.
    7. Xiaoli Wang & Ying Gu & Mahmood Ahmad & Chaokai Xue, 2022. "The Impact of Digital Capability on Manufacturing Company Performance," Sustainability, MDPI, vol. 14(10), pages 1-24, May.
    8. Bai, Chunguang & Zhu, Qingyun & Sarkis, Joseph, 2021. "Joint blockchain service vendor-platform selection using social network relationships: A multi-provider multi-user decision perspective," International Journal of Production Economics, Elsevier, vol. 238(C).
    9. V.A. Makeev & M.V. Belikova & A.K. Isaev & D.I. Stratan, 2018. "Formation of an Integrated Financial Regulation System of Transport Corporations’ Economic Development," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 377-387.
    10. Elena V. Dmitrishina & Denis A. Uskov & Vita A. Yagovkina & Anna A. Mikhaylova, 2018. "Peculiarities of Financial Provision for the Implementation of State Programs with Scientific and Technical Components," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 614-623.
    11. Nicolas Neysen, 2020. "Blockchain and Smart Contracts in the Recording Industry," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 174-185.
    12. N.G. Vovchenko & O.B. Ivanova & O.V. Andreeva & E.D. Kostoglodova, 2018. "Conceptual Approach to the Development of Financial Technologies in the Context of Digitalization of Economic Processes," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 11-20.

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