DIGITAL TRANSFORMATION OF SMALL AND MEDIUM BUSINESSES IN UKRAINE USING BLOCKCHAIN
Abstract
The article thoroughly explores the possibilities of digital transformation for small and medium-sized businesses (SMBs) in Ukraine using blockchain technology, which is one of the key tools of modern digitalization. The significance of digital transformation for enhancing the competitiveness of SMBs in the context of the global economy and rapid technological changes is considered. The main benefits of blockchain for SMBs are analyzed, including ensuring business process transparency through the immutability and traceability of records, and the automation of operations through smart contracts, which helps reduce costs related to intermediaries, legal support, and administrative procedures. Blockchain also fosters trust among stakeholders, including customers, suppliers, and investors, as all transactions and operations are stored in decentralized ledgers and protected from unauthorized changes. The article provides specific scenarios for the application of blockchain technology for Ukrainian SMBs in various industries, such as the financial sector (simplifying and reducing the cost of international payments and attracting investments via crowdfunding), supply chains (enhancing transparency and efficiency in logistics processes), and intellectual property protection in creative industries. Successful examples of blockchain implementation by Ukrainian companies and startups are highlighted, particularly in the agricultural sector and logistics, demonstrating the potential of this technology to improve business efficiency and reliability. The main challenges facing Ukrainian entrepreneurs in adopting blockchain are analyzed, including high financial costs for integration, technological barriers, insufficient digital literacy among staff, and an underdeveloped regulatory framework, which creates legal uncertainty for technology users. The article also emphasizes the prospects of blockchain adoption for Ukrainian SMBs, such as business globalization, attracting foreign investments, optimizing interactions between businesses and the state, and advancing state initiatives based on blockchain technology. Implementing blockchain could become a key factor for the successful integration of Ukrainian SMBs into the global economy, ensuring transparency, security, and efficiency in business processes, as well as creating additional opportunities for innovative development and modernization.
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