Blockchain Technology: The Concept, Scope and Impact on Business

Abstract

The economic essence of the concept of "blockchain" has been concretized. It is proved that today the key area of the implementation of the blockchain technology is the financial sector, namely, payment systems built on the use of crypto-currency. On the example of Bitcoin crypt-currency, a thorough analysis of the role of cryptocurrencies in the financial system has been conducted. The prospects for using the blockchain technology in food production have been identified, where, through the development of modern systems of integrated supply chains, consumers will be able to control product quality, its organic origin, production technologies, concentrations of harmful substances. The possibility of using the blockchain technology in the real estate market, where it is possible to form electronic registries of land and real estate ownership with ensuring the security of this data, has been substantiated.

Keywords

• blockchain technology
• crypto-currency
• bitcoin
• payment systems
• financial sector
• food products
• real estate market