Problemi Ekonomiki (Jun 2018)
The Use of Blockchain in Transforming the System of Public Financial Control
Abstract
The transformation of the system of public financial control should occur through applying the latest IT technologies and innovative practices of monitoring and analysis. The existing problems of the system of public control and management should be an impetus for the transformation, the use of the most advanced technological achievements. The article discusses the advantages and disadvantages of applying distributed ledger technology (blockchain), the stages and sequence of performing the tasks of its implementation as the basis for effective, transparent, reliable public control. There determined the content of the stages and the sequence of actions to transform the architecture of public financial control on the basis of new technological capabilities that give an impetus to the initialization of regulatory and legal support for using blockchain technology in Ukraine. There proposed a general algorithm for implementing blockchain technology in the system of public financial control, which realization is aimed at clarifying and synchronizing the processes of improving the system of public financial control, IT support for the control system, increasing the safety and transparency of control actions, monitoring and interaction of individual control bodies and tasks. It is proved that the only significant restriction in the implementation of blockchain may be the rules regarding disclosure of personal data and information constituting a commercial secret.
