BLOCKCHAIN AS A TOOL FOR PROTECTING ECONOMIC TRANSACTIONS: ADVANTAGES AND LIMITATIONS

БЛОКЧЕЙН КАК ИНСТРУМЕНТ ЗАЩИТЫ ЭКОНОМИЧЕСКИХ ТРАНЗАКЦИЙ: ПЛЮСЫ И ОГРАНИЧЕНИЯ

Кирсанова Юлия Евгеньевна

студент, кафедра национальной и региональной экономики, Российский экономический университет им. Плеханова,

РФ, г. Москва

Терехова Юлия Зиновьевна

научный руководитель, старший преподаватель с в/о, Российский экономический университет им. Плеханова,

РФ, г. Москва

ABSTRACT

This article is devoted to the analysis of blockchain technology as a tool for protecting economic interactions. The paper examines the technological foundations of distributed ledger security: the role of cryptography, hashing, and consensus mechanisms. Based on the analysis, the key advantages of blockchain are highlighted, including decentralization, data immutability, and automation of smart contracts that minimize fraud risks. Special attention is paid to a critical analysis of the limitations of the technology: scalability issues, regulatory risks, and software code vulnerabilities. In conclusion, it is concluded that blockchain is an effective, but not universal means of protection, requiring an integrated approach to implementation, taking into account existing technical and legal barriers.

АННОТАЦИЯ

Данная статья посвящена анализу технологии блокчейн как инструмента защиты экономических взаимодействий. В работе рассматриваются технологические основы безопасности распределенных реестров: роль криптографии, хеширования и мииеханизмов консенсуса. На основе анализа выделены ключевые преимущества блокчейна, включая децентрализацию, неизменность данных и автоматизацию смарт-контрактов, которые минимизируют риски мошенничества. Особое внимание уделено критическому разбору ограничений технологии: проблемам масштабируемости, регуляторным рискам и уязвимостям программного кода. В заключении делается вывод о том, что блокчейн является эффективным, но не универсальным средством защиты, требующим комплексного подхода к внедрению с учетом существующих технических и юридических барьеров.

Keywords: blockchain, economic transactions, cryptography, hashing, consensus, data immutability, scalability, energy consumption.

Ключевые слова: блокчейн, экономические транзакции, криптография, хеширование, консенсус, неизменность данных, масштабируемость, энергозатратность.

The modern economy is characterized by rapid digitalization, which entails not only an increase in transaction efficiency, but also an increase in cyber threats. Traditional centralized security systems reveal vulnerabilities: single points of failure, fraud risks, and distrust between counterparties become serious barriers to the secure exchange of values. In these circumstances, blockchain technology, or distributed ledger technology, offers an alternative security model based not on trust in intermediaries, but on mathematical algorithms. Its application goes far beyond cryptocurrencies, penetrating into the banking sector, logistics and public administration. The blockchain is a decentralized database where information is distributed among multiple network nodes. Each block of data connected to the previous one cryptographically forms a chain that ensures the immutability and transparency of the stored information. Each new block contains an imprint of the previous block. This scheme forms a chain. Changing an existing transaction entails the need to adjust the entire blockchain, which is a difficult task, especially in a network with a large number of autonomous participants. [2]

Now let's consider the protection of economic transactions in the blockchain, since at any moment the system can fail or hackers can hack it, for example. The first type of such protection is cryptography, which uses asymmetric encryption using public and private keys. Upon initiating a transaction, a user employs their private key to generate a unique digital signature. This signature, verifiable by any individual on the network possessing the corresponding public key, ensures transaction authenticity and prevents fraudulent replication unless the private key is compromised. Cryptography employs digital signatures to guarantee the legitimacy and integrity of every transaction. By utilizing their private key, users digitally sign transactions, enabling any network member to confirm the signature's validity through the associated public key, thus preventing unauthorized modifications. [3] The second type of protection is hashing. Hash functions in the blockchain create unique identifiers for each transaction or block of data. Each transaction is hashed before being written to the block. Should any element of a transaction be altered, the corresponding hash will instantly be different, thereby flagging an inconsistency. Hashing forms a sequence of blocks, with each block incorporating the hash of its predecessor. This interconnected structure guarantees that any alteration to a block necessitates the re-computation of all following blocks. Consequently, it becomes practically infeasible for an unauthorized party to tamper with the blockchain without being detected. The third type is consensus. Consensus protocols control how transactions are verified and added to the blockchain. There are two types of consensus:

• Proof of Work (PoW) — miners compete in solving complex "mathematical puzzles". The first miner who manages to solve the problem adds a new block with transactions to the blockchain. Then other miners and validating nodes verify and confirm the solution.
• Proof of Stake (PoS) — instead of solving puzzles, validators are selected based on the number of coins in the betting. Validators take turns suggesting and confirming new blocks. If the validator tries to cheat the system, he will lose his stake in the staking. [1]

Therefore, we can say that the blockchain is an effective mechanism for protecting economic transactions from data leaks or hacking by hackers. Firstly, after writing the data to the blockchain, it is almost impossible to change or delete it. This is achieved through cryptographic hashing, consensus mechanisms, and distributed ledgers. Secondly, there is no single control center in blockchain networks, meaning the system relies on a distributed network of participants, where everyone keeps a copy of the registry and participates in the verification process. [3]

However, blockchain has many risks and limitations for its use:

• Problems with scalability. In the case of public blockchains like Bitcoin, the load on the network may increase, and the transaction processing time may increase.
• Energy consumption. Mining and processing transactions on the blockchain require a significant amount of computing power and energy.
• Lack of standards. Blockchain projects are constructed using various languages and are governed by consensus, yet they remain entirely distinct. Interoperability, or moving assets between different blockchains, is a far more intricate task than transferring money between distinct banking services.
• The potential for a "majority takeover" is a critical concern. If a collective of malicious actors manages to command 51% or more of a blockchain's validating power, they gain unilateral authority over its ledger. This would permit the surreptitious misappropriation of assets, masked as routine network activity. While the immense logistical and financial investment required makes this scenario unlikely, it represents an intrinsic and unfixable design limitation. [4]

The analysis allows us to conclude that the blockchain is an effective, but not universal, tool for protecting economic transactions. The technology provides a high level of security through decentralization, cryptographic protection, and data immutability. However, there are objective limitations: scalability issues, regulatory uncertainty, and software code vulnerabilities. Thus, it is advisable to use blockchain where transparency and the absence of intermediaries are critically important, but taking into account existing technical and legal barriers. Further development of the technology will be determined by the success of scaling solutions and integration into the legal field.

References:

1. Что такое блокчейн: история, применение и будущее технологии / [Электронный ресурс] // РБК : [сайт]. — URL: https://www.rbc.ru/crypto/news/68c154f59a79477149d400a9 (дата обращения: 17.03.2026).
2. Блокчейн / [Электронный ресурс] // СБЕР Про : [сайт]. — URL: https://sber.pro/publication/blokchein/ (дата обращения: 17.03.2026).
3. Обеспечение безопасности транзакций с помощью Blockchain / [Электронный ресурс] // OxaPayБлог : [сайт]. — URL: https://oxapay.com/blog/ru/secure-payments-with-blockchain/ (дата обращения: 17.03.2026).
4. Зачем нужен аудит смарт-контрактов. Кто и как ищет уязвимости в блокчейне / [Электронный ресурс] // РБК : [сайт]. — URL: https://www.rbc.ru/crypto/news/68ed23339a7947710b3d94bf (дата обращения: 17.03.2026).