Dmitry V. Kolesov Innovations Based on Distributed Registers in the Financial Sector as a Factor in Increasing the Competitiveness of States with Different Levels of Economic Development

DOI: 10.38050/2078-3809-2025-17-2-111-127

Abstract

The article considers the possibility of applying innovations based on distributed ledger technology in financial sector as a factor in increasing the competitiveness of states with different levels of economic development. The purpose of the study is to identify such innovations that exist at the beginning of 2025, as well as to identify the risks associated with their implementation. The research materials and methods include a systematic analysis of the existing literature, as well as empirical data on the introduction of technology in the financial sector. The results of the study showed that countries with developed economies are more actively implementing technology, which allows them to maintain their competitive advantages in the international arena. At the same time, technology opens up new opportunities for developing countries to access finance and improve the transparency of financial transactions. The study suggests that the innovations under study have the potential to significantly increase the competitiveness of economies. However, their successful implementation requires an integrated approach that considers the specifics of innovative products, as well as the risks and barriers associated with them for each economy.

Keywords: distributed ledger technology, international competitiveness, financial sector, blockchain, smart contracts, digital currencies.

JEL: O31, F65.

For citation: Kolesov, D. V. (2025) Innovations Based on Distributed Registers in the Financial Sector as a Factor in Increasing the Competitiveness of States with Different Levels of Economic Development. Scientific Research of Faculty of Economics. Electronic Journal, vol. 17, no. 2, pp. 111-127. DOI: 10.38050/2078-3809-2025-17-2-111-127.

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