Tonkykh, O. and Derhachova, V. and Palii, S. and Bratushka, S. and Zolkover, A. (2023) Blockchain Technology and the Transformation of Financial Systems: From Decentralization to Innovative Solutions in the Global Economy. Economic Affairs (68(04)). pp. 2221-2228.

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Title in English

Blockchain Technology and the Transformation of Financial Systems: From Decentralization to Innovative Solutions in the Global Economy

English abstract

The article outlines the essence of blockchain and the peculiarities of its application in the financial sector of the global economy in the context of its innovative development. The authors determined the directions of blockchain application in the accounting and audit of fuel and energy companies. These directions include smart contracts, collateral management, the use of stablecoins, tokenization of real assets, invoice factoring, crypto staking, transactions in the virtual world and reward tokens, the support of new types of B2B networks, simplification and tracking of data flow in a financial institution, and the replacement of paper money. The risks of using blockchain technologies in the financial sector were systematized and grouped into the following areas: the lack of familiarization and standardization; the high energy intensity of the system, cybersecurity, and other technical issues; financial practice issues, and technological barriers.

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