1Department of Tourism, Hotel and Restaurant Business, Faculty of Cultural and Creative Industries, Kyiv National University of Technologies and Design, Kyiv, Ukraine
2Department of Management of Enterprises, National Technical University of Ukraine “Igor Sikorsky Kyiv Polytechnic Institute”, Kyiv, Ukraine
3Department of Public Administration, Interregional Academy of Personnel Management, Kyiv, Ukraine
4Department of Cybernetics and Informatics, Faculty of Economics and Management, Sumy National Agrarian University, Sumy, Ukraine
5Department of Finance and Business Consulting, Faculty of Management and Business Design, Kyiv National University of Technologies and Design, Kyiv, Ukraine
*Corresponding author: 1402at@gmail.com (ORCID ID: 0000-0001-7823-4761)
Online published on 15 July, 2024.
The article outlines the essence of blockchain and the peculiarities of its application in the financial sector of the global economy in the context of its innovative development. The authors determined the directions of blockchain application in the accounting and audit of fuel and energy companies. These directions include smart contracts, collateral management, the use of stablecoins, tokenization of real assets, invoice factoring, crypto staking, transactions in the virtual world and reward tokens, the support of new types of B2B networks, simplification and tracking of data flow in a financial institution, and the replacement of paper money. The risks of using blockchain technologies in the financial sector were systematized and grouped into the following areas: the lack of familiarization and standardization; the high energy intensity of the system, cybersecurity, and other technical issues; financial practice issues, and technological barriers.
• The study delves into diverse applications of blockchain technology in finance, encompassing crossborder payments, remittances, authentication, insurance, trade finance, smart contracts, auctions, and foreign exchange. It notes the technology’s rapid growth in Western countries, emphasizing its key roles in digital asset registries, cryptocurrencies, and trading platforms.
• The research provides a nuanced analysis of blockchain’s benefits and challenges, underscoring its potential to enhance transparency in financial services. While acknowledging its transformative impact, the study addresses obstacles, including the need for organizational changes in accounting, limitations in smart platform functionality, and concerns about security and associated risks.
Blockchain, Digitalization, Financial services, Innovations, Global economy
