ANALYSIS OF PROSPECTIVE DIRECTIONS OF ECONOMIC TRANSFORMATION THROUGH BLOCKCHAIN TECHNOLOGIES
Abstract
The article aims to analyze the potential directions for economic transformation through the implementation of blockchain technologies. The relevance of this topic lies in the increasing recognition of blockchain's ability to address the limitations of traditional centralized systems, including inefficiency, lack of transparency, and security vulnerabilities. The research methodology involves a comprehensive review of blockchain applications across various sectors, evaluating the benefits and challenges associated with decentralized systems. The results highlight the transformative potential of blockchain technology in enhancing transparency, security, and efficiency in economic processes. Specific focus is given to smart contracts, which automate and secure transactions without intermediaries, thus reducing costs and execution time. The study also underscores blockchain's role in promoting financial inclusion by providing access to financial services for the unbanked population, thereby fostering economic growth and reducing poverty. Furthermore, the research examines the impact of blockchain on supply chain management, illustrating how it can improve traceability and reduce fraud. Additionally, the article delves into the implications of decentralized finance (DeFi) and its capacity to revolutionize traditional financial systems by offering more accessible, transparent, and secure financial services. The practical value of this article is significant for policymakers and business leaders. It provides strategic insights into leveraging blockchain technology to drive economic transformation and innovation. The findings offer guidance on creating supportive regulatory frameworks and implementing blockchain solutions to achieve sustainable economic development. Additionally, the article discusses potential regulatory challenges and the importance of international cooperation in establishing standards for blockchain technology. The comprehensive analysis serves as a crucial resource for understanding how blockchain can be effectively integrated into various economic sectors to promote resilience, adaptability, and inclusive growth.
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