The impact of innovative technologies on the informatization of the economy

Abstract

Subject. The article addresses the impact of innovative technologies on the economic sphere. Objectives. The aim is to identify the effect of the latest technologies on economic processes by considering the introduced innovations in the production of a particular sector of the economy. Methods. The study draws on general scientific methods of research. Results. The paper unveils the topic of using modern technologies, emerging in the market, in the informatization of the economy, reviews new technologies, i.e. artificial intelligence, including machine learning, and blockchain, enabling the State and business to accelerate their digital transformation and even change its scale. It also shows the effect of the influence of each technology in practice. Conclusions. The introduction of innovations contributes to higher competitiveness of the economy, renewal of the market, improvement of the quality and increase in the range of goods and services, the use of new methods of production, product sales, and better management. Many companies are making a significant leap in economic activity, thanks to the latest information technologies. Informatization gives a large increase in utility as it uses precise algorithms, the analysis of which, if performed by a man, would take a lot of time, and the machine copes with this in a fraction of a second.