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УДК 004.75:330.101.541:368.01

DOI: https://doi.org/10.36887/2415-8453-2025-1-59

Stetsko Mykola,
Doctor of Sciences in Economics, Professor, Professor of the Department of Financial Management and Insurance,
West Ukrainian National University
https://orcid.org/0000-0002-7728-9178
Dziuba Pavlo,
PhD student, West Ukrainian National University
https://orcid.org/0009-0009-7647-6682
Kovalchuk Vitalii,
PhD student, West Ukrainian National University
https://orcid.org/0009-0006-2883-1633

JEL classification: F20; G15; G22; L86; O31

The article identifies key ways blockchain fundamentally transform the financial services industry. The position argues that the active implementation of digital technologies, especially blockchain, is a progressive phenomenon that stimulates economic processes, enhances transparency and fraud protection, and provides financial benefits to all market participants. The work demonstrates trends in the global blockchain technology market, indicating that the Public Cloud will be the most profitable segment of blockchain technologies in the future. It has been proven that the use of blockchain technology in the financial sector, besides its advantages, also has significant drawbacks. Examples of real applications of blockchain and cases of its use in insurance are presented to demonstrate the strong points and capabilities of the technology. The problems and obstacles in applying Blockchain technology in the insurance sector are highlighted and presented, proving that certain circumstances arising in providing insurance services can accelerate the adoption of blockchain technology. Instances where the use of blockchain technologies in the insurance sector is necessary and an important tool are identified. To provide a clearer understanding of FinTech processes, particularly Blockchain, examples of insurance companies worldwide that successfully integrate such technologies into their operations are provided. It is argued that the insurance business uses this technology to reduce costs and offer clients higher quality and more appealing services, such as ease and convenience of accessing information and time savings. Similar digital technologies also allow companies to assess the trustworthiness of transaction participants. It is proven that digital technologies and tools can positively impact financial institutions by improving their financial and economic activity, enhancing transparency, speeding up settlements, reducing costs, and more. Digital technologies shape the financial market space, facilitating the creation of new digital assets and limiting centralized intervention in their circulation.

Keywords: blockchain, innovation, decentralization, financial technology, financial management, insurance company, insurance market tools, financial security.

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The article was received 04.018.2025