Ukrainian researchers provide scientific definition of blockchain

Experts from 482.solutions, the Blockchain Association of Ukraine (BAU) and PhD in economics Sergey Obushny analyzed the history of blockchain’s emergence, and examined the concept and characteristics inherent to the technology. The result was the publication of scientific article in the European Scientific Journal of Economic and Financial Innovation.

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As part of the study, experts analyzed 40 definitions of blockchain and 15 properties of the technology. 

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Head of BAU Natalia Drik told ForkLog that the diversity of definitions hinders the use of the blockchain concept and its interpretation in professional documentation:

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«In preparing documents for the state, we faced the need to define what the term “blockchain” means from a technological perspective. And then translate this into legal, legislative, and tax language».

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As a result of the study, the authors of the article formulated a definition of blockchain:

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«Blockchain is a chronological set of data elements called blocks, where each element is unique and has a direct and unbreakable connection to the previous one. This connection ensures a high degree of difficulty in changing and/or deleting data elements.»

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In the Ministry of Digital Transformation of Ukraine, officials said that the work will contribute to the formation of a system for the legal regulation of blockchain technologies.

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«Although the Ministry of Digital Transformation’s current focus is on creating a legal field for the virtual assets market, we actively monitor and support research in blockchain technologies,» said Maxim Demyanyuk, an expert in the Ministry’s Virtual Assets Development Department.

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Blockchain has been one of the directions in Ukraine’s strategy for developing the financial sector through 2025.

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As Deputy Minister of Digital Transformation Alexander Bornyakov stated, Ukraine plans to attract foreign blockchain specialists.

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