The role of blockchain technology in improving the efficiency of fuel & energy companies

Abstract

This article discusses the impact of new technologies, such as blockchain systems for the functioning of enterprises in the fuel and energy sector. Authors give the definition of blockchain system and split it into types. The article depicts how the blockchain technology affects the fuel and energy complex. Existing cases of technology in the economy has been analyzed in this work. Authors highlighted barriers and prospects of the technology development. The work combines the theoretical aspects of blockchain technology and analysis of practical applications, high operational problems and predicting the potential beneficial effect of a new technology introduction. The aim of this work is to give an economic definition of efficiency of blockchain implementation in modern world. In this article the author used following methods: analysis, synthesis, induction, deduction, thought experiment method, hypotheticaldeductive method and retrospective analysis. In the process of research, the author came to conclusion that the evolution of blockchain has been explored. Main sectors of economics for blockchain use have been emphasized and economic effectiveness of technology has been substantiated.