Abstract:
In this review article the author explains the basics of blockchain technology and some of its key concepts.
The purpose of this article is to give a brief description of the currently existing options for using the
blockchain in the economy and the information technology industry. The article will be of interest to people
who are always in search of a new one; here are four specific applications that highlight technology. The authors
want to prove the fact that the «blockchain» is ready to be a good replacement for an already outdated
banking system. The paper also describes the main technological aspects and principles of the blockchain,
which allows us to evaluate the use cases presented. After all, throughout history you can see evidence of the
ability to change the value of a business. Today’s Internet serves as a digital marketplace, a platform for economic
activity and a repository of virtually all human knowledge. The authors describe the main stages of
evaluating a potential idea regarding the main aspects of the blockchain. This helps to understand the need to
develop a detailed model of the feasibility of a blockchain. The overarching theme is that an increasing number
of daily transactions involving money, stocks, and valuable documents can begin to be transmitted
through distributed network registers based on a chain of blocks with cryptographic protection and with a better
level of detail. The central argument is based on the fact that the blockchain will raise the market for the
provision of services by speeding up calculations and cleaning, including «smart contracts», data delivery and
gradual disintermediation. We also cover possible threats to this development, especially issues of regulation
and discussion of potential risks arising from this new technology.
