The potential of applying blockchain technologies in various sectors of the digital economy
Keywords:
digital technology, digitization, Information and Communication Technologies, Economy
Abstract
The objective of the article is to determine the potential of blockchain technologies in various sectors of the digital economy, in the case of the countries of the European Union. Methodology. The research assesses the use of digital technologies to ensure the country's digital development, based on data from the European Commission and the Digital Economy and Society Index (DESI). On the basis of DESI, a cluster diagram was created to determine the potential for the use of blockchain technology in the countries of the European Union. Results. The potential for the use of blockchain technology in each country depends and is significantly connected with the introduction of different technologies and the availability of the Internet, the provision of digital services by the government, the development of human capital. The main potential advantages of the technology include the following: acceleration of globalization processes, ensuring the country's transition from real production to technological development, change of established business models, transformation and optimization of value chains of different sectors of the economy by reducing costs; transformation of the nature of mediation due to technological changes; the use of cryptocurrency to achieve the consensus of economic agents on the allocation of scarce resources on a global scale.
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References
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Underwood, S. (2016). Blockchain beyond bitcoin. Communications of the ACM, 59(11), 15-17. https://doi.org/10.1145/2994581
Vovchenko, N. G., Andreeva, A. V., Orobinskiy, A. S., & Filippov, Y. M. (2017). Competitive advantages of financial transactions on the basis of the blockchain technology in digital economy. European Research Studies, 20(3B), 193.
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Babkin A., V., Burkaltseva D., D., Pshenichnikov W., W., & Tyulin A., S. (2017). Cryptocurrency and blockchain-technology in digital economy: development genesis. St. Petersburg State Rolytechnical University Journal. Economics, 67(5), 9-22. https://doi.org/10.18721/JE.10501
Baralla, G., Ibba, S., Marchesi, M., Tonelli, R., & Missineo, S. (2018, August). A blockchain based system to ensure transparency and reliability in food supply chain. In European conference on parallel processing (pp. 379-391). Springer, Cham. https://doi.org/ 10.1007/978-3- 030-10549-5_30
Barefoot, K. et al. (2018). Defining and measuring the digital economy. US Department of Commerce Bureau of Economic Analysis, Washington, DC. Т. 15. https://www.bea.gov/system/files/papers/WP2018-4.pdf
Bhimani, A., Hausken, K., & Arif, S. (2021). Blockchain Technology Adoption Decisions: Developed vs. Developing Economies. In Information for Efficient Decision Making: Big Data, Blockchain and Relevance (pp. 91-113). https://doi.org/10.1142/9789811220470_0003
Britchenko, I., & Cherniavska, T. (2019). Blockchain Technology in the Fiscal Process of Ukraine. Economic Studies, 28 (5), 134-148. https://ideas.repec.org/a/bas/econst/y2019i5p134-147.html
Bukht, R. & Heeks, R. (2017). Defining, conceptualising and measuring the digital economy.
Development Informatics working paper, 68. https://dx.doi.org/10.2139/ssrn.3431732
Catalini, C. (2017). How blockchain technology will impact the digital economy. Blockchains Smart Contracts Internet Things, 4, 2292-2303. https://www.law.ox.ac.uk/business-law- blog/blog/2017/04/how-blockchain-technology-will-impact-digital-economy
Corallo, A., Paiano, R., Guido, A. L., Pandurino, A., Latino, M. E., & Menegoli, M. (2018, June). Intelligent monitoring Internet of Things based system for agri-food value chain traceability and transparency: A framework proposed. In 2018 IEEE Workshop on Environmental, Energy, and Structural Monitoring Systems (EESMS) (pp. 1-6). IEEE. https://doi.org/10.1109/EESMS.2018.8405814
Crosby, M., Pattanayak, P., Verma, S., & Kalyanaraman, V. (2016). Blockchain technology: Beyond bitcoin. Applied Innovation, 2(6-10), 71.
Dorofeyev, M., Kоsov, M., Ponkratov, V., Masterov, A., Karaev, A., & Vasyunina, M. (2018). Trends and prospects for the development of blockchain and cryptocurrencies in the digital economy. European Research Studies Journal, 21(3), 429-445. https://doi.org/10.35808/ersj/1073
Efanov, D., & Roschin, P. (2018). The all-pervasiveness of the blockchain technology. Procedia computer science, 123, 116-121. https://doi.org/10.1016/j.procs.2018.01.019
Ertz, M., & Boily, É. (2019). The rise of the digital economy: Thoughts on blockchain technology and cryptocurrencies for the collaborative economy. International Journal of Innovation Studies, 3(4), 84-93. https://doi.org/10.1016/j.ijis.2019.12.002
European Commission (2021). The Digital Economy and Society Index (DESI). Available at:
https://digital-strategy.ec.europa.eu/en/policies/desi
Eurostat (2021a). Percentage of the ICT sector in GDP. Available at: https://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=isoc_bde15ag&lang=en
Eurostat (2021b). Percentage of the ICT personnel in total employment. Available at: https://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=isoc_bde15ap&lang=en
Eurostat (2021c). Employed ICT specialists –total. Available at: https://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=isoc_sks_itspt&lang=en
Eurostat (2021d). Individuals-internet use. Available at: https://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=isoc_ci_ifp_iu&lang=en
Eurostat (2021d). Use of ICT at work and activities performed. Available at: https://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=isoc_iw_ap&lang=en
Eurostat (2021e). Internet purchases by individuals (2020 onwards). Available at: https://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=isoc_ec_ib20&lang=en
Góźdź, K. J. & Van Oosterom, P. J. M. (2016). Developing the information infrastructure based on LADM–the case of Poland. Survey review, 48 (348), 168-180. https://doi.org/10.1179/1752270615Y.0000000018
Harris, C. G. (2018, April). The risks and dangers of relying on blockchain technology in underdeveloped countries. In NOMS 2018-2018 IEEE/IFIP Network Operations and Management Symposium (pp. 1-4). IEEE. http://dx.doi.org/10.1109/NOMS.2018.8406330
International Monetary Fund (2018). Measuring the digital economy. IMF Policy Papers. https://www.imf.org/en/Publications/Policy-Papers/Issues/2018/04/03/022818-measuring- the-digital-economy
Karapetyan, M., Timoshenko, L., Stroganov, I., & Pronina, I. (2019). The development of blockchain technology in Russia: outlook and trends. International Journal of Economics & Business Administration, 7(2), 279-289. https://doi.org/10.35808/ijeba/244
Kwok, A. O., & Koh, S. G. (2019). Is blockchain technology a watershed for tourism development? Current Issues in Tourism, 22(20), 2447-2452. https://doi.org/10.1080/13683500.2018.1513460
Muminova, E., Honkeldiyeva, G., Kurpayanidi, K., Akhunova, S., & Hamdamova, S. (2020). Features of Introducing Blockchain Technology in Digital Economy Developing Conditions in Uzbekistan. In E3S Web of Conferences (Vol. 159, p. 04023). EDP Sciences. https://doi.org/10.1051/e3sconf/202015904023
Sajja, G. S., Rane, K. P., Phasinam, K., Kassanuk, T., Okoronkwo, E., & Prabhu, P. (2021). Towards applicability of blockchain in agriculture sector. Materials Today: Proceedings. https://doi.org/10.1016/j.matpr.2021.07.366
Szeles, M. R. & Simionescu, M. (2020). Regional Patterns and Drivers of the EU Digital Economy. Social Indicators Research, 1-25. https://doi.org/10.1007/s11205-020-02287-x
Treiblmaier, H., Leung, D., Kwok, A. O., & Tham, A. (2020). Cryptocurrency adoption in travel and tourism–an exploratory study of Asia Pacific travellers. Current Issues in Tourism, 1- 17. https://doi.org/10.1080/13683500.2020.1863928
Tripoli, M., & Schmidhuber, J. (2018). Emerging Opportunities for the Application of Blockchain in the Agri-food Industry. FAO and ICTSD: Rome and Geneva. Licence: CC BY-NC-SA, 3. https://www.fao.org/3/ca9934en/CA9934EN.pdf
UNCTAD. (2019). Digital economy report 2019: Value creation and capture–Implications for developing countries. Geneva.
Underwood, S. (2016). Blockchain beyond bitcoin. Communications of the ACM, 59(11), 15-17. https://doi.org/10.1145/2994581
Vovchenko, N. G., Andreeva, A. V., Orobinskiy, A. S., & Filippov, Y. M. (2017). Competitive advantages of financial transactions on the basis of the blockchain technology in digital economy. European Research Studies, 20(3B), 193.
Yeoh, P. (2017). Regulatory issues in blockchain technology. Journal of Financial Regulation and Compliance. Vol. 25(2), 196-208. https://doi.org/ 10.1108/JFRC-08-2016-0068
Published
2022-01-14
How to Cite
Milashovska, O., Liba, N., Korolovych, O., Smyrnova, N., & Slatvinska, V. (2022). The potential of applying blockchain technologies in various sectors of the digital economy. Journal of the University of Zulia , 13(36), 288-304. https://doi.org/10.46925//rdluz.36.19
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