Opportunities and risks of implementing the blockchain for Ukrainian business

Abstract

The purpose of this study is to analyze the potential opportunities and risks of implementing a blockchain for Ukrainian enterprises, as well as to develop proposals for a system of actions for business tokenization. Methodology. The main research methods were critical, historical-logical and dialectical analysis and synthesis of socio-economic realities (studied ontological processes and current state of leading modern technologies), axiomatic method and analogy method (using the concept of innovative modernization), media monitoring and benchmarking (when comparing the activities of the largest public companies, the largest companies by market capitalization and startups with the highest rankings in Ukraine and the world to identify high-tech activities of the most powerful countries), desk research (organizing secondary information about blockchain technologies in the US and UK). Results. A study of potential opportunities and risks of blockchain implementation for Ukrainian enterprises was conducted. Proposals for the development of a system of actions for business tokenization have been developed. The nature of the blockchain of Ukrainian enterprises related to decentralization processes in society has been established. The ontological and organizational principles of the blockchain in the crypto industry are studied. The experience of using blockchain technology in the USA and Great Britain has been studied. The main projects of Ukrainian ministries and some state institutions, in particular the NBU, on the introduction of advanced world technologies are analyzed. The main advantages of blockchain technology for business in various fields of activity are identified. A parallel was drawn between the activities of the largest public companies, the largest companies by market capitalization and startups with the highest rating in Ukraine and the world. Practical implications. These practical recommendations can be applied not only in the Ukrainian business space, but also in the business of countries that have chosen innovative development. Value / originality. Algorithmic actions for the introduction of blockchain technology in Ukraine are proposed, taking into account the risks, opportunities and threats of Ukrainian business. Conclusions. Proposals for Ukrainian business were presented, including the systematization of basic concepts related to cryptotechnologies, the creation of a register of cryptocurrencies, which will indicate the name and protocol of cryptocurrency, adoption at the official level of a moratorium on the regulation and restriction of the right to conduct business related to cryptocurrencies, improving the legal support for legalization of mining in Ukraine.