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Analysis of the international experience of implementing blockchain technology

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Abstract:
Background: Today, blockchain technology is of interest in both the technology and business sectors. The information technology industry is developing very rapidly in our time, and new technologies appear so often that specialists often do not have time to react to their appearance. One of the striking examples of modern information technology potentially capable of changing the organization of effective economic management is the technology of distributed ledgers. Blockchain technology is “cross-cutting”, that is, one that can be applied in many areas of the economy, management, including state, municipal and social spheres. This paper determines by the provisions and the need to form the basis for the prospective assessment of the consequences of the implementation of blockchain technology, both nationally and internationally and collect information on the state of the issue, comparison of information for a transaction using blockchain technology in the supply chain of logistics, proposing the model implementation and future research and recommendations. Methods: review of literature on the introduction of blockchain technology allows us to determine the current state of research issue, to note the lack of knowledge of blockchain technology and the use of a wide range of consumers. In this regard, it is necessary to conduct an analysis of the implementation of blockchain technology from the world experience. Results: the orientation of the introduction of blockchain technology to the technological side of logistics reduces risks and significantly increases stability since it forms its practical orientation. The introduction of blockchain technology in the industry is beneficial for increasing the efficiency of the workflow, data storage, managing the supply of goods, reducing errors in the document flow and its duration, reducing the duration of the logistics cycle. Conclusions: after reviewing the international experience in implementing the blockchain, it was concluded that entrepreneurs and authorities should constantly find new ways of methodological aspects of blockchain research and mechanism of applying technologies in the modern economic system. This experience shows that using blockchain technology in combination with other technologies can significantly reduce paperwork and growth of business activity, as well as reduce costs and increase efficiency. Also, based on the analysis results, we can formulate a conclusion that logistics is an industry in which the use of blockchain technology can solve the security problem in this area, as well as simplify and reduce the cost of transporting goods through smart contracts.
Keywords:
Pages:
138-149
JEL Classification:
M21, C89, C50, C60
How to cite:
Azimov, D. (2021). Analysis of the international experience of implementing blockchain technology. Access to science, business, innovation in digital economy, ACCESS Press, 2(2): 138-149. https://doi.org/10.46656/access.2021.2.2(2)
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