BLOCKCHAIN AND THE APPLICATION OF BLOCKCHAIN TECHNOLOGY

Thanks to cryptocurrencies, blockchain technology has recently become the focus of interest of both scientists and the public. The paper presents the principles on which blockchain is based and analyzes the possibilities of the application of blockchain technology in more detail. In a part of the analysis, some of the most common cryptocurrencies were considered, such as Bitcoin, Ethereum, USD Coin, Ripple, and ADA. Blockchains' applicability in supply chains, finance, real estate, health care, voting, and smart cities the authors discussed in the chapter about the application of blockchain technology. A separate chapter discusses the limitations of blockchain technology. Based on the analysis, at the end of the paper, the authors conclude that blockchain technology has great potential in automating and optimizing business processes and protecting the information and privacy of users. Given the demonstrated interest of companies in blockchain technology, investments, and demand for staff who understand it and can create applications, the authors concluded that the time of blockchain is yet to come.