Competitive Advantages of Financial Transactions on the Basis of the Blockchain Technology in Digital Economy

N.G. Vovchenko, A.V. Andreeva, A.S. Orobinskiy, Y.M. Filippov
European Research Studies Journal, Volume XX, Issue 3B, 193-212, 2017
EOI: 10.11214/thalassinos.20.05.019

Abstract:

Modern economy is developing in a process able format, gradually turning into a virtual economic system. Digital economy serves as the new paradigm of economic development and reformats business relationship on the basis of the use of information.New information and network technologies are becoming major factors of globalizing economy production and contribute to rapid transition of economic agents from real sector to a network one, ensuring digital economy development and innovative business processes formation.The blockchain technology implements competitive advantages of financial contracts based on reduction of the costs on economic agents' interaction, provision of information transparency and effective control over operational risks. The blockchain technology contributes to financial security of the modernization operations of business processes and high organized centralized structures of the blockchain technology.The blockchain application for financial transactions allows providing high quality of the contracts implementation between the digital economy's economic agents.


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