Analysis of the implementation of blockchain technologies in management to ensure transparency, efficiency and sustainability

Abstract

This paper tackles the critical problem of how blockchain technology can boost management practices' transparency, efficiency and sustainability in a transitional economy like Ukraine. The focus is to systematically evaluate blockchain's impact on this outcome by analysing the roles of blockchain implementation, digital security, decentralisation, and innovation in Ukraine from 2008q1 to 2023q4. All the variables are stationary at the first difference revealed from the unit root test of Augmented Dickey-Fuller. The series cointegration is confirmed using the bound test of Augmented Dickey-Fuller. The study uses time series data and an Autoregressive Distributed Lag (ARDL) model. The long-run results indicate that decentralization and digital security are incredibly influential in enhancing efficiency and sustainability. Furthermore, ECMt−1 is negative and statistically significant, suggesting a long-term equilibrium adjustment. Such policy recommendations include a supportive regulatory framework, incentives toward sector-specific blockchain applications, secure, transparent digital ecosystems, and using blockchain to its full potential in the sectors.