Economic Issues of Blockchain Use in Business: Challenges of Industry 4.0

Abstract

Today's world is developing at a fast pace, and new technologies appear every day, the use of which is aimed at improving people's lives. Industry 4.0 involves automation of all processes and stages of production and helps to increase interconnectivity. In this context, blockchain is one of the most promising technologies, which in recent years has confirmed its effectiveness due to the increase in the profits of companies that use it. This technology makes it possible to significantly reduce the costs of companies, especially those that are participants in the stock market. Blockchain ensures high stability and consolidation of positions in the market. At the same time, blockchain is capable of changing the payment ecosystem by improving the efficiency of financial transactions around the world. With its help, it is possible for companies to reduce data processing costs and increase the volume of information flows. The article analyzes the advantages and disadvantages of this technology, its prospects, and steps to implement blockchain in business. The purpose of the research is to investigate the level of use of blockchain technology by Ukrainian companies and to consider existing global examples. The advantage of using blockchain technology is that it allows a company to record both sides of a transaction simultaneously in a shared ledger in real-time, rather than simply keeping verified records of financial transactions in separate privately created databases or ledgers. The main drawback of blockchain technology is the lack of a single regulatory framework regulating the use of this technology.