APPLYING BLOCKCHAIN TECHNOLOGY IN ECONOMIC ACTIVITIES
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Published:
Dec 30, 2024
Abstract
The article examines the use of blockchain distributed ledger technology in various sectors of the economy. It was found that since 2008, blockchain has developed as a tool for cryptocurrency transactions and was later adopted by major transport companies for cargo transportation management, proving its efficiency. The study is based on general scientific methods of cognition, including the dialectical method for understanding phenomena and the comparative legal method for analyzing approaches to the legal nature of distributed ledger technology. Using a systemic-structural approach, the author examined the benefits and risks of digitalization and blockchain application, leading to the article's conclusions. Blockchain is applied in IT, energy, finance, agriculture, logistics, and other sectors, improving efficiency and transparency in business processes. However, Ukraine lacks legislative regulation of this technology. If implemented, blockchain could become a tool for promoting transparent business practices, reducing risks, and minimizing interference from government authorities.
How to Cite
Bespalov, M., Solodchenko, S., Matveieva, A., & Hrytsenko, H. (2024). APPLYING BLOCKCHAIN TECHNOLOGY IN ECONOMIC ACTIVITIES. Baltic Journal of Legal and Social Sciences, (4), 15-23. https://doi.org/10.30525/2592-8813-2024-4-2
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Keywords
Blockchain, distributed ledger technology, digitalization, digital transformation of the economy, globalization, Ukrainian economy, economic activity
References
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2. Bashlai, S., Yaremko, I. (2023) Tsyfrovizatsiia ekonomiky ukrainy v umovakh yevrointehratsiinykh protsesiv. [Digitalization of the Ukrainian economy in the context of European integration processes]. Ekonomika ta suspilstvo. (48). 2023 https://doi.org/10.32782/2524-0072/2023-48-48. [in Ukrainian].
3. Iak blokcheiny mozhut zminyty svit. 06.05.2016 r. [How blockchains can change the world. 06.05.2016y.]. URL: https://www.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/how-blockchains-could-change-the-world [in Ukrainian].
4. Tsyfrova ekonomika: trendy, ryzyky ta sotsialni determinant, (2020). Kyiv zhovten 2020r. kerivnyk prektu O.Pyshchulina [Digital economy: trends, risks and social determinants. Kyiv, October 2020. project manager O. Pyshchulina]. URL: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://razumkov.org.ua/uploads/article/2020_digitalization.pdf [in Ukrainian].
5. Vinnyk, O.M., Shapovalova, O.V., (2023) Pravove zabezpechennia sfery publichnykh elektronnykh reiestriv [Vynnyk O.M., Shapovalova O.V. Legal support of the sphere of public electronic registers]. Aktualni problemy prava: teoriia i praktyka. № 1 (45), 2023. S.138–149 [in Ukrainian].
6. Blockchain beyond the hype: What is the strategic business value? B.Carson, G.Romanelli, P.Walsh, A.Zhumaev. Digital McKinsey. 2018. № 6. Pp. 1–13. [in English].
7. Ustymenko, V.A., Polishchuk, N.Iu., (2019) Perspektyvy zastosuvannia kryptovaliut v elektroenerhetytsi Ukrainy: zarubizhnyi dosvid i vitchyzniani zdobutky [Prospects for the use of cryptocurrencies in the electric power industry of Ukraine: foreign experience and domestic achievements] Ekonomika ta pravo. № 2 (53), 2019 URL: https://doi.org/10.15407/econlaw.2019.02.064 [in Ukrainian].
8. Balaziuk, O., Pyliavets, V. (2022). Tekhnolohiia blokchein: doslidzhennia suti ta analiz sfer vykorystannia. [Blockchain technology: research of the essence and analysis of the spheres of use] Ekonomika ta suspilstvo. (43). https://doi.org/10.32782/2524-0072/2022-43-13 [in Ukrainian].
9. Pashkov, V., Soloviov, O. (2019) Yurydychne vprovadzhennia tekhnolohii blokchein u farmatsiiu. [Legal implementation of blockchain technology in pharmacy] Mizhnarodna mizhdystsyplinarna naukova konferentsiia Suspilstvo, zdorovia dobrobut 25.11.2019 Tom 68 URL: https://www.shs-conferences.org/articles/shsconf/abs/2019/09/shsconf_shw2019_01027/shsconf_shw2019_01027.htm. https://doi.org/10.1051/shsconf/20196801027 [in Ukrainian].
10. Pro zatverdzhennia Poriadku kontroliu yakosti likarskykh zasobiv pid chas optovoi ta rozdribnoi torhivli: Nakaz MOZ Ukrainy vid 29.09.2014 roku № 677. [On Approval of the Procedure for Quality Control of Medicinal Products in Wholesale and Retail Trade: Order of the Ministry of Health of Ukraine of 29.09.2014 № 677] URL: https://zakon.rada.gov.ua/laws/show/z1515-14#Text [in Ukrainian].
11. Hrybyniuk, O.M., Dukhnytskyi, B.V., Sheremet, O.O. (2018) Perspektyvy vykorystannia tekhnolohii «blokchein» u silskomu hospodarstvi. [Prospects for the use of blockchain technology in agriculture] Ekonomika APK, 2018, № 3 S.75-81 URL: https://www.researchgate.net/publication/347934142_Perspektivi_vikoristanna_tehnologii_blokcejn_u_silskomu_gospodarstvi [in Ukrainian].
12. Lapko, O.O., Solosich, O.S. (2019) Tekhnolohiia blokchey̆n: poniattia, sfery zastosuvannia ta vplyv na pidpryiemnytskyi sektor. [Blockchain technology: concept, scope and impact on the business sector] BIZNESINFORM № 6 2019 S. 77–82 URL: https://cyberleninka.ru/article/n/tehnologiya-blokcheyn-ponyattya-sferi-zastosuvannya-ta-vpliv-na-pidpriemnitskiy-sektor/pdf [in Ukrainian].
13. Hurova, A., Kirpachova, M. (2021) Pravovi zasady zastosuvannia blokcheinu v kosmichnii diialnosti: osoblyvosti rehuliuvannia tekhnolohii na natsionalnomu, rehionalnomu ta mizhnarodnomu rivniakh. [Legal basis for the use of blockchain in space activities: features of technology regulation at the national, regional and international levels] Pidpryiemnytstvo, hospodarstvo i pravo 1/2021 S. 265–275. DOI https://doi.org/10.32849/2663-5313/2021.1.45 [in Ukrainian].
14. Kostenko, O.V., Radutnyi, O.E. (2022) Blokchein i metavsesvit: pravovi aspekty [Blockchain and the metaverse: legal aspects] Yurydychnyi naukovyi elektronyi zhurnal. № 9/2022. DOI https://doi.org/10.32782/2524-0374/2022-9/123 [in Ukrainian].
15. Popova, L.M., Hordiienko, K.Iu. (2023) Pravove rehuliuvannia vykorystannia fintech ta blockchain u bankivskomu sektori Ukrainy. [Legal regulation of the use of fintech and blockchain in the banking sector of Ukraine] Visnyk Luhanskoho navchalno-naukovoho instytutu imeni E.O. Didorenka № 3 (2023) DOI: https://doi.org/10.33766/2524-0323.103.142-154 [in Ukrainian].
16. Zhorniak, A. (2024) Zakonodavche (pravove) rehuliuvannia tekhnolohii blokchein. Suchasni vyklyky ta mizhnarodnyi dosvid. [Legislative (legal) regulation of blockchain technology. Modern challenges and international experience] Vidkryta nauka ta inovatsii. Tom 1 № 1(2024) S. 73–87 DOI: https://doi.org/10.62405/osi.2024.01.06 [in Ukrainian].
17. Koibichuk, V.V., Rozhkova, M.S. (2021) Doslidzhennia zastosuvannia blokchein-tekhnolohii u diialnosti svitovykh pidpryiemstv: metodychnyi pidkhid. [Research on the use of blockchain technologies in the activities of global enterprises: a methodological approach.] Pryazovskyi ekonomichnyi visnyk. Vypusk 4 (21) 2020 S. 118–123. DOI: https://doi.org/10.32840/2522-4263/2020-4-20 [in Ukrainian].
18. China COSCO Shipping Corporation Limited ULR: https://uk.wikipedia.org/wiki/COSCO_Shipping 19. OOCL. We take it personally. URL: https://www.oocl.com/eng/ourservices/eservices/myooclcenter/Pages/default.aspx [in English].
20. Ukraina uviishla do lideriv z blokchein-innovatsii. 26.01.2018 resurs Ukrinform [Ukraine has become one of the leaders in blockchain innovation] URL: https://www.ukrinform.net/rubric-economy/2390351-ukraine-listed-among-leaders-in-blockchain-innovation.html [in Ukrainian].
21. The 2021 Geography of Cryptocurrency Report. Storinka 7 URL: https://bit.ly/3MxwT37, data zvernennia 27.06.2024 [in English].
22. Proekt Zakonu pro obih kryptovaliuty v Ukraini vid 06.10.2017 r. № 7183 [Draft Law on Cryptocurrency Circulation in Ukraine] URL: https://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=62684 [in Ukrainian].
23. R. Balakrishnan, Unny, Bhajan, Lal, (2020). Blockchain in Supply Chain Management: A Review of the Capability Maturity Model. International Working Conference on Transfer and Diffusion of IT (TDIT), Dec 2020, Tiruchirappalli, India. pp. 149–158. [in English].