MANAGEMENT OF FINANCES AND PROCESSES USING CRYPTOCURRENCY TECHNOLOGIES

Abstract

This article is dedicated to an in-depth exploration of the role of cryptocurrencies and blockchain technologies in the context of contemporary management, process control, and finance. Its aim is a meticulous analysis of the fundamental aspects and mechanisms of blockchain that influence corporate strategies and financial planning, determining their potential for revolutionizing the financial sector, management, and business as a whole. The detailed nature of blockchain, characterized by decentralization and data reliability, is examined. Theoretical analysis explores the possibilities made available through the creation and recent popularization of cryptographic encryption, blockchain methodologies, and tools built on this foundation. The article illuminates how this technology can impact the formation of corporate strategies and assist in addressing financial challenges. Special attention is given to smart contracts, opening new horizons for automating business processes and ensuring their security and efficiency. The analysis delves into how smart contracts can alter the approach to financial management and business activities as a whole. A schematic representation of smart contract operation in the context of interactions within export agreements is presented. Furthermore, the advantages of utilizing cryptocurrencies are deeply investigated, including their potential for global transactions and investment appropriation. The analysis explores how this can expand business opportunities and contribute to its growth on a global scale. A comparative characteristic is conducted between two methods of accounting control, such as the double-entry system and the triple-entry system. A comparative table is constructed. Web 3.0 is considered as a tool for addressing specific business processes. Finally, recommendations are provided regarding the integration of these technologies into corporate systems, offering specific tools for improving business processes and creating a robust foundation for long-term development in the era of the digital economy. The results of the conducted research indicate significant prospects for further refining management practices and enhancing the efficiency of corporate strategies in the digital age.