Results of the Assessment of Possibilities and Prospects of Using Blockchain Technology in the Production Activities of Enterprises

Abstract

The basics of Blockchain technology and its application in various fields of activity are considered. The object of the research is Blockchain technology and the possibilities of its application in industries. This involves a detailed study of its fundamental components – decentralized network, mathematical cryptography, distributed consensus, transaction ledger and smart contracts, as well as their application, in particular, for automating and securing transactions and processes using smart contracts. The main problem to be solved is the integration of secure, transparent and efficient mechanisms for recording and processing transactions, as well as automating processes at different stages of production. The use of Blockchain, or rather smart contracts, has significantly improved production processes by automating routine operations and ensuring the security of transactions. Smart contracts developed using the Ethereum platform and the Solidity language are able to optimize production processes, but they are not devoid of risks, such as code bugs and cybersecurity issues. It is emphasized that the integration of Blockchain into production processes requires a basic understanding of the technology, a clear implementation strategy, and initial investment in infrastructure and integration. Despite the initial difficulties, the benefits of using Blockchain in terms of transparency, efficiency, and reliability can be significant, as evidenced by several specific examples. The authors explore the potential of smart contracts at different stages of the production cycle, highlighting the benefits in automating processes and ensuring security. The results show that smart contracts can significantly improve production processes by automating routine operations and ensuring transparency and security of transactions.