EXPLORING THE POTENTIAL OF BLOCKCHAIN TECHNOLOGY: APPLICATIONS, FUTURE DEVELOPMENTS, AND RISKS

The article analyzes the application of blockchain technology in finance, data encryption and storage, health care, taxation and other areas of economic life. Based on the results of the study, the main mechanisms of interaction of business entities using blockchain technology were determined, the main positive and negative sides of the application of these technologies were determined, as well as the prospects and difficulties of the development of innovative technologies. An assessment of the implementation of the analysis of the impact of blockchain technology on the economic sphere is given. Thanks to the efforts made by financial companies and banks to develop the financial sector using blockchain technology applications, it is expected that in the near future we will be able to observe the positive dynamics of the movement of growing capital. The article focuses on the use of blockchain technology in financial markets. The positive impact of the introduction of the latest digital technologies on the quality of financial services is described. The existing regulatory guidelines regarding the use of digital technologies in general and blockchain in particular are outlined. An assessment of the financing structure and regional distribution of blockchain technology in the world was carried out. Attention is paid to the issue of the spread of the blockchain industry in Ukraine and this forecast regarding the potential of using blockchain in the financial market. Blockchain security in terms of how it affects data and system security.