Using Blockchain Technologies to Manage Business in the Digital Economy

Abstract

Blockchain is a distributed data storage technology that includes information about all transactions of system participants in the form of a blockchain. Blockchain offers a reliable way to perform processes, ensures stable performance, eliminates the possibility of data duplication, and reduces costs. The promising technology is rapidly gaining popularity and is being implemented in various fields, including business process management. However, even though blockchain technology has been around for several years, many business leaders are still not familiar with it because there is very little information and blockchain technology has not yet been widely used in enterprise infrastructure. Therefore, blockchain technology for business process management remains a hot topic, and the significant advantages of blockchain technology in improving business efficiency cannot be ignored. Thus, this article discusses the main features of using blockchain technology in the management of business processes in the digital economy. Also, the main advantages and disadvantages of technology implementation are presented, problems that business leaders may face are considered. In addition, the important aspects of the use of blockchain technology in the management of business processes in the digital economy are analyzed.