Blockchain technologies in digital economy: advantages and challenges

Abstract

Blockchain technology is known as one of the most transformative technologies of recent years, revolutionizing digital transactions and data storage. Originally developed as the underlying technology for Bitcoin, blockchain has since found numerous applications beyond cryptocurrencies, such as in supply chain management, identity verification, and smart contracts. In the digital economy, blockchain has the potential to significantly impact a wide range of industries and business models, from finance to healthcare and e-commerce. Blockchain issues have been developed by researchers who have focused on blockchain as the latest digital technology capable cause profound changes in society and are, to some extent, debatable. In particular, the work examines how blockchain and decentralized platforms have the potential to be powerful tools for managing large-scale social interactions and disrupting traditional power structures. However, it also cautions that the dominance of private interests within these distributed ecosystems could lead to the emergence of a stateless global society, posing significant risks. The purpose of the work is to explore the potential applications and impacts of blockchain technology in the digital economy, and to identify the opportunities and challenges that arise from the adoption of this technology in various sectors such as finance, healthcare, supply chain management, and intellectual property. Additionally, the work aims to provide insights into the role of blockchain technology in promoting digital transformation and innovation, and to assess the potential benefits and risks associated with the use of this technology in the context of the digital economy. It has been established that the use of blockchain in intellectual property can change the way creative works are protected, managed and monetized. It found that blockchain technology can be used to provide secure and transparent ownership records, automate licensing and royalty payments, and facilitate the identification of infringing uses. The main problems and limitations created by the use of blockchain technology are systematized: scalability, compatibility and regulatory regulation. As the technology continues to develop and evolve, it is imperative that these challenges are addressed in order to realize the full potential of blockchain. We believe that while blockchain technology is still in its early stages of development, it has the potential to transform various industries by providing secure, transparent and efficient data management solutions.