Blockchain Technologies as a Reflection of Modern Reality: Diversity of Opportunities Versus Security Risks

Abstract

Digital technologies determine the dynamics of social and economic development of modern states. The emergence of blockchain technologies has created conditions, on the one hand, for the optimization of business processes in various sectors of the national economy, and, on the other hand, for the emergence of new threats to security, primarily information and economic properties, which can call into question the well-being of society and the sustainability of the state. The purpose of the study: to analyze the content characteristics of the blockchain technology, the trends of its implementation in various sectors of the economy and limitations, as well as to justify the blockchain technology as a promising tool for the development of the digital economy and overcoming the factors of global instability. The content characteristics of the blockchain technology are investigated, and their advantages for use in various sectors of the economy are determined. The classification of blockchain applications used in business is given depending on the mechanism of their implementation. The industry structure of the blockchain technology market is analyzed. The countries where blockchain is most actively developing are highlighted-the USA, China, and the UK. The degree of implementation of blockchain technologies in various sectors of the economy is analyzed, as well as the economic benefits of their use are revealed. It is proved that behind the versatility of the blockchain technology, there is a whole range of restrictions and threats that require leveling.KeywordsBlockchainDigital economyOpportunitiesRisksBlockchain flywheelCybersecurityJEL ClassificationO11O33E44