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Smart contracts and business process automation: the technical aspect

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Category: Content №5 2023

Last Updated on 27 October 2023

Published on 30 November -0001

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Authors:

I.A.Chikov¹, orcid.org/0000-0002-2128-5506, Vinnytsia National Agrarian University, Vinnytsia, Ukraine; e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

S.V.Koliadenko¹, orcid.org/0000-0001-7670-6905, Vinnytsia National Agrarian University, Vinnytsia, Ukraine; e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

V.A.Supryhan¹, orcid.org/0000-0003-2539-8003, Vinnytsia National Agrarian University, Vinnytsia, Ukraine; e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

O.I.Tabenska¹, orcid.org/0000-0001-9629-9366, Vinnytsia National Agrarian University, Vinnytsia, Ukraine; e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

V.S.Nitsenko*^2,3, orcid.org/0000-0002-2185-0341, INTI International University, Nilai, Malaysia; SCIRE Foundation, Warsaw, the Republic of Poland, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

O.V.Holinko⁴, orcid.org/0000-0003-1980-3017, Dnipro University of Technology, Dnipro, Ukraine

* Corresponding author e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

повний текст / full article

Naukovyi Visnyk Natsionalnoho Hirnychoho Universytetu. 2023, (5): 186 - 192

https://doi.org/10.33271/nvngu/2023-5/186

Abstract:

Purpose. To analyze the process of implementing smart contracts for the automation of business processes, aimed at achieving high reliability and cybersecurity during contract execution, optimizing transaction costs, and maximizing the productivity of the enterprise’s internal operations.

Methodology. The research results were obtained using special and general methods of scientific knowledge, namely descriptive, comparative, strategic analysis, abstract-logical and generalization.

Findings. The study revealed the potential of smart contracts based on blockchain technology to improve business process efficiency, reduce costs, and ensure innovative development in the Ukrainian business environment.

Originality. A comprehensive analysis of the technical aspects of using smart contracts based on blockchain technology to automate business processes has been conducted; their impact on the business environment has been assessed; a comparison of popular programming languages and blockchain platforms for the development and deployment of smart contracts has been made; a SWOT-analysis of the implementation of smart contracts at Ukrainian enterprises has been carried out, which opens up prospects for innovative approaches to business practices and their optimization.

Practical value. The results of the study can be used to develop and implement innovative strategies in a business environment based on the integration of smart contracts based on blockchain technology in order to improve the efficiency of business processes.

Keywords: smart contracts, automation, business processes, blockchain, listing, SWOT analysis

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