Socio-Economic Problems
of the Modern Period of Ukraine

Kavetskyy Volodymyr Yaroslavovych

Kavetskyy Volodymyr Yaroslavovych

Postgraduate of the Department of finance of the University of Banking




UDC 004.75; JEL O33
Kavetsky, V. (2018). Zastosuvannya blokcheyn-systemy u finansoviy sferi [Application of the blockсhain system in the financial sphere]. In Sotsial'no-ekonomichni problemy suchasnoho periodu Ukrayiny [Socio-Economic Problems of the Modern Period of Ukraine]: Vol. 130 (2) (pp. 14-18). Retrieved from [in Ukrainian].

Sources: 10

The phenomenon of technology blockchain is grounded as the basis for the functioning of the primary bitcoin cryptocurrency and various approaches to its understanding. The scientific publications of information security issues in the financial sector have been analyzed. The influence of blockchain technology on the financial sphere and the possibilities of interaction of cryptography with the economic system is investigated. The phenomenon of smart contracts is analyzed as one of the blockchain technology applications. It is determined that the smart contract is an agreement between the two parties, which is kept in blockchain. Such agreements may be concluded between two people, in other words, peer-to-peer, person and organization, or between man and machine. Examples of methods of blockchain technology and determination of the advantages of its introduction are considered. The advantages and potential of using blockchain technology in cashless internet calculations are analyzed. The advantages of introducing the blockchain technology into business and insurance are outlined. The following benefits for the insurance sector are highlighted: increasing customer loyalty and interest (a system that is not centralized and, where unilateral decisions are not made, causes much more trust from the client side); offers of new cost-effective products for emerging markets; development of insurance products related to the «Internet of Things» (smart sensors, telematics, etc.). Decentralization. opacity, theoretical unlimited, reliability, versatility are highlighted as advantages of blockchain technology for business. The potential consequences of the introduction of the latest technology for the financial sector of the economy both at the national level and globally are outlined. It is determined that in the future the mechanism of emission of cryptocurrency may have a significant impact on the global macroeconomic system and change it. It has been determined that in spite of revolution changes in the modern economy, in the short term, blockchain technology will be difficult to integrate into the existing infrastructure. However, it has been determined that blockchain technology can become a driving force in the financial system of the world, radically changing the way people settle between financial institutions, and become a universal method of calculation all over the world. 
cryptocurrency, bitcoin, blockchain, blockchain technology, smart contract 

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