Evolution of practical use of blockchain technologies by companies

Authors

DOI:

https://doi.org/10.36690/2674-5208-2022-1-42

Keywords:

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

Abstract

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.

 

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»

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Published

2022-03-30

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

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Section

Chapter 2. Development of Finance, Accounting and Auditing