Conceptual approaches to conducting an economic justification for the application of blockchain in international settlements

Abstract

In the context of the transition of the world economy to the sixth technological order, marked, in particular, by large-scale processes of digital transformation of economic relations, many experts agree that blockchain and digital currencies of central banks (CBCBs) built on their basis, as one of the innovations of today, will have a significant impact on business processes. In particular, these technologies play a special role in the sphere of building and new organization of transnational payments and supporting global trade in general, including as part of the involvement of new participants whose access is limited by the current cost of cross-border money transfers, as well as infrastructural restrictions in the financial sector. Researchers attach no less importance to the technologies under consideration in the context of a tool for building a new system for organizing financial transactions in the context of sanctions restrictions on the access of national economies to global clearing services (SWIFT, etc.). However, it should be noted that the study of the feasibility of using digital currencies as part of ensuring cross-border payments in the context of systemic transformations requires, in addition to a systemic analysis of technological and regulatory risks, justification of the generated effects in both the economic and social spheres. This article is devoted to the solution of these issues, through the prism of developing conceptual approaches to the study of the problems posed.