Blockchain Characteristics and Implications: Assessing the Impact on Sustainability in Turkish Sectors
Krasnokutska N. S., Koray Adiguzel

Krasnokutska, Natalia S., and Koray, Adiguzel. (2023) “Blockchain Characteristics and Implications: Assessing the Impact on Sustainability in Turkish Sectors.” The Problems of Economy 3:265–270.
https://doi.org/10.32983/2222-0712-2023-3-265-270

Section: Finance and banking

UDC 336.74

Abstract:
Technological advances are accelerating the activation of the saving, preserving and using information in various economic models. Blockchain technology is one of the latest technologies used by many international institutions and organizations. Compared to other banking or technological technologies, it transmits and accumulates information transparently, instantly, and reliably at a low cost. As Turkey plays a significant economic role in the Middle East and Europe regions, this article highlights a sample of Turkish companies that use blockchain technology of the version 4.0. It is an attempt to measure the variables of the coefficient of trust, immutability, transparency, and cost reduction in combination with blockchain applications by scientists, administrative authors, and blockchain technologists. A quantitative descriptive approach has been adopted to examine the interrelation between blockchain applications and increase in transparency, confidence, stability, and cost reduction, based on the SPSS statistical software to produce accurate results. 19 Turkish companies were selected from 62 Turkish companies that have adopted blockchain, according to the official agency «BTCR» that tracks these organizations in Turkey. The selected companies, operating in banking, telecommunications, industry, and non-governmental associations, make large contributions to Turkey’s GDP. The study found that all four variables in the sectors improved significantly after the introduction of blockchain technology, but the systems for monitoring and tracking their influence were complex ones.

Keywords: blockchain, trust, immutability, cost reduction, sustainability, Turkey.

Tabl.: 3. Bibl.: 21.

Krasnokutska Natalia S. – Doctor of Sciences (Economics), Professor, Director, Educational and Scientific Institute of Economics, Management and International Business of the National Technical University (building U1, 2 Kyrpychova Str., Kharkiv, 61002, Ukraine)
Email: Nataliia.Krasnokutska@khpi.edu.ua
Koray Adiguzel – Postgraduate Student, National Technical University «Kharkiv Polytechnic Institute» (2 Kyrpychova Str., Kharkіv, 61002, Ukraine)
Email: koray.adiguzel@emmb.khpi.edu.ua

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