Evolution of practical use of blockchain technologies by companies





blockchain technology, tiers of blockchain, types of blockchain, company


The article examines the main stages of evolution of blockchain technologies in the activities of various companies from 1991 to the present. The aim of the article is to study the evolution of the use of blockchain technologies in the practice of different companies. The research methodology includes the use of the historical method to study the main stages of development of blockchain technologies and the study of blockchain use practices by different companies. The relationship between the stages of evolution and Tiers of Blockchain has been established: 2008-2013 (Blockchain 1.0); 2013-2015 (Blockchain 2.0); 2015-2018 (Blockchain 3.0); From 2018 to now (Generation X). The main types of blockchain (public blockchains; private blockchains; semi-private blockchains; sidechains; permissioned; distributed ledger; shared ledger; fully private of proprietary blockchains; tokenized blockchains; tokenless blockchains) are systematized. Peculiarities of practical implementation of blockchain technologies in the activity of companies of different sectors of the economy are studied. A SWOT-analysis was conducted, which revealed that blockchain technologies will undoubtedly continue to develop, affecting many industries, including public administration, retail, information technology, travel, health, education, agriculture and entertainment. One of the ways to improve the use of blockchain technologies should be: increasing the confidentiality of operations; scaling of chains of blocks; establishing compatibility between different blockchain systems; strengthening the security of blockchain operations; individual approach to the use of blockchain technologies.



Download data is not yet available.

Author Biography

Iryna Mihus, Matej Bel University

Doctor of Science (Economics), professor, Matej Bel University, Banska Bystrica, Slovakia; "KROK" University, Kyiv, Ukraine


The article is funded by the Matej Bel University program «UMB Support Scheme for International Researchers»


S. Makridakis, A. Polemitis, G. Giaglis and S. Louca, (2018). "Blockchain: The next breakthrough in the rapid progress of AI" Artificial Intelligence-Emerging Trends and Applications, London, U.K.:IntechOpen.

K. Fanning and D. P. Centers, (2016). "Blockchain and its coming impact on financial services", Corporate Accounting Finance, vol. 27, pp. 53-57.

I. Eyal, (2017). "Blockchain technology: Transforming libertarian cryptocurrency dreams to finance and banking realities", Computer, vol. 50, no. 9, pp. 38-49.

A. Simpson, (2018). "Australian regulation of blockchain and distributed ledger technology in banking and finance", J. Banking Finance Law Pract., vol. 29, no. 2, pp. 73-91.

A. Reyna, C. Martín, J. Chen, E. Soler and M. Díaz, (2018). "On blockchain and its integration with IoT. Challenges and opportunities", Future Gener. Comput. Syst., vol. 88, pp. 173-190, Nov.

S.-C. Cha, J.-F. Chen, C. Su and K.-H. Yeh, (2018). "A blockchain connected gateway for BLE-based devices in the Internet of Things", IEEE Access, vol. 6, pp. 24639-24649.

K. Yeow, A. Gani, R. W. Ahmad, J. J. P. C. Rodrigues and K. Ko, (2018). "Decentralized consensus for edge-centric Internet of Things: A review taxonomy and research issues", IEEE Access, vol. 6, pp. 1513-1524.

C. Qu, M. Tao and R. Yuan, (2018). "A hypergraph-based blockchain model and application in Internet of Things-enabled smart homes", Sensors, vol. 18, no. 9, pp. 2784.

S. Huckle, R. Bhattacharya, M. White and N. Beloff, (2016). "Internet of Things blockchain and shared economy applications", Procedia Comput. Sci., vol. 98, pp. 461-466, Oct.

Y. Zhang and J. Wen, (2017). "The IoT electric business model: Using blockchain technology for the Internet of Things", Peer-to-Peer Netw. Appl., vol. 10, no. 4, pp. 983-994.

J. Zhang, N. Xue and X. Huang, (2016). "A secure system for pervasive social network-based healthcare", IEEE Access, vol. 4, pp. 9239-9250.

C. Esposito, A. De Santis, G. Tortora, H. Chang and K.-K. R. Choo, (2018). "Blockchain: A panacea for healthcare cloud-based data security and privacy?", IEEE Cloud Comput., vol. 5, no. 1, pp. 31-37, Jan./Feb.

M. A. Engelhardt, (2017). "Hitching healthcare to the chain: An introduction to blockchain technology in the healthcare sector", Technol. Innov. Manage. Rev., vol. 7, no. 10, pp. 22-34.

R. Dennis and G. Owen, (2015). "Rep on the block: A next generation reputation system based on the blockchain", Proc. 10th Int. Conf. Internet Technol. Secured Trans. (ICITST), pp. 131-138, Dec.

A. Schaub, R. Bazin, Omar Hasan and L. Brunie, (2016). "A trustless privacy-preserving reputation system", Proc. IFIP Int. Conf. ICT Syst. Secur. Privacy Protection, pp. 398-411.

History of blockchain. URL: https://www.icaew.com/technical/technology/blockchain-and-cryptoassets/blockchain-articles/what-is-blockchain/history.

A timeline and history of blockchain technology. URL: https://www.techtarget.com/whatis/feature/A-timeline-and-history-of-blockchain-technology.

Y. Zou, T. Meng, P. Zhang, W. Zhang and H. Li, (2020). "Focus on Blockchain: A Comprehensive Survey on Academic and Application," IEEE Access, vol. 8, pp. 187182-187201, doi: 10.1109/ACCESS.2020.3030491.

S. Sh. Sarmah. (2018). Understanding Blockchain Technology. Computer Science and Engineering. 8(2): 23-29 DOI: 10.5923/j.computer.20180802.02.

Mihus I. (2022). Possibilities of using blockchain technologies to protect fraud. Science Notes of KROK University, (1(65)), 84–94.

Iredale G. (2021). Top 20+ Enterprises Implementing Blockchain Technology. URL: https://101blockchains.com/enterprises-implementing-blockchain.

The evolution of blockchain: Transactions, contracts and applications URL: https://cointelegraph.com/explained/the-evolution-of-blockchain-transactions-contracts-and-applications

R. Sheldon (2021). A timeline and history of blockchain technology. URL: https://www.techtarget.com/whatis/feature/A-timeline-and-history-of-blockchain-technology

M. Dabbagh, M. Sookhak and N. S. Safa, (2019). "The Evolution of Blockchain: A Bibliometric Study," IEEE Access, vol. 7, pp. 19212-19221, doi: 10.1109/ACCESS.2019.2895646.

M. N. M. Bhutta et al., (2021). "A Survey on Blockchain Technology: Evolution, Architecture and Security," IEEE Access, vol. 9, pp. 61048-61073, doi: 10.1109/ACCESS.2021.3072849.




How to Cite

Mihus, I. (2022). Evolution of practical use of blockchain technologies by companies. Economics, Finance and Management Review, (1), 42–50. https://doi.org/10.36690/2674-5208-2022-1-42



Chapter 2. Development of Finance, Accounting and Auditing