SUBSTANTIATION OF THE FIELD OF APPLICATION OF CRYPTOCURRENCIES IN THE DIGITAL ECONOMY

Abstract

Currently, representatives of various industries are showing interest in the Bitcoin cryptocurrency based on blockchain technology. Experts identify several areas of application that require special attention. Let's list some of them and describe them. First of all, these are the financial and banking sectors, since most blockchain-based applications are currently being developed for them. These are mainly interbank payments, credit history and securities.

This is due to the fact that the global financial services market is the largest industry sector by market capitalization. The problem is that the problem of inefficient processes is very acute in the financial system, namely: the vulnerability of centralized systems, the problems of paper transactions. All this ultimately leads to an increase in costs on the part of the consumer. In addition, 45% of financial intermediaries, in particular stock exchanges, suffer from fraud every year [1]. And if the latest blockchain-based technologies replace only a small part of such operations, then we can already talk about improving the efficiency of the financial sector.