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Author(s): Yevhen Kononets, Miroslava Rajčániová

Title: The Blockchain Technology as a Necessary Tool between Contractual Relationships

Source: International Scientific Days 2018 :: Towards Productive, Sustainable and Resilient Global Agriculture and Food Systems :: Proceedings

ISBN: 978-80-7598-180-6


Publisher: Wolters Kluwer ČR, Prague

PY, pages: 2018, 2159-2173

Published on-line: 2018-11-09

Language: eng

Abstract: The article presents objective argumentation of using the blockchain technology which is expected to become a core factor for future interrelations between companies and individuals. Whereas, there are lots of economists who still manifest skeptical view for blockchain technology to rely on. Nevertheless, involving more and more links in a whole supply chain creates a progressive growth in popularization of decentralized web-technology throughout whatever economies irreversibly. The bitcoin as the main product of blockchain technology has already been proving it year by year. Not only crypto currency but also concept of smart contract will contribute in future contractual relationships as a matter of trust. Under the circumstances of mistrustful foreign currency, banks or mediators, the fear factor for cooperation all over the world will get much reduced as well as chances to be involved in unfair cooperation and interdependency. The aim of this paper is to present a basis of how blockchain technology works and give vivid examples of some sectors which have already succeeded in real practice essentially. Some assumptions and evidence in figures will be found. Also, there exist some barriers and difficulties for mass invention of this technology in common practice but certainly these obstacles will be inevitably eliminated over time. The technology itself is under constant developing and those investing in developing information systems today will definitely gain tenfold back tomorrow.

Keywords: blockchain technology, electricity price, fair trade practice, smart contract, supply chain

JEL Classification: L14, O31, D86, F23

Rights:Open Access :: Creative Commons BY-NC-SA 4.0 International Licence
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Toto dielo je publikované pod/This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International Licence.