BRANCHES OF BLOCKCHAIN TECHNOLOGY APPLICATION AND PROBLEMS OF ITS LEGAL REGULATION

Abstract

The article aims to define the concept of blockchain technology as an innovative technology, which is currently actively used in many countries of the world, and the possibilities of its application in various sectors of the economy. The author aims to make sure that it can become an effective tool in the development of the country's economy and a means of improving public administration. Foreign countries that have realized the importance and advantages of blockchain have successfully applied it in the field of public administration in recent years, implementing an economy based on new innovative technologies. In Kazakhstan, blockchain technology will be used in the financial sector by banks and in projects of large state-owned companies. However, blockchain technology has not been widely used in our country. This is due to the fact that there is no knowledge about blockchain technology, information is not disseminated enough, legal relations on the use of blockchain technology are not regulated in the laws, the areas of its application are not fixed, there is no concept defining the legal basis for its functioning, and special rules have not been adopted. Therefore, the authors conclude that for the successful application of blockchain technology in the sectors of the country's economy, in the provision of public services, it is necessary to form a legal framework in a timely manner. The development of industries in which blockchain technology is used necessitates amendments to the current legislation, as well as clarification of legal norms in order to adapt to the prevailing changes.