BLOCKCHAIN TECHNOLOGIES AS A TOOL FOR IMPROVING TRANSPARENCY AND CONTROL OF FINANCIAL FLOWS IN FINANCIAL INSTITUTIONS

Анотація

The purpose of the article is to substantiate the role of blockchain technologies as a tool for improving transparency and control of financial flows in financial institutions in the context of the digitalisation of financial processes and the growing requirements for accountability and reliability of financial information. The article reveals the functional capabilities of blockchain technologies in the context of enhancing transparency of financial flows and strengthening control over financial operations in financial institutions. Practically oriented instrumental directions for the use of blockchain technologies in the activities of financial institutions are outlined, the implementation of which contributes to reinforcing control functions and increasing the transparency of financial operations. The mechanisms of blockchain influence on financial activities are systematised across informational, organisational, and control levels, which makes it possible to demonstrate the relationship between the technological characteristics of blockchain and the transformation of accounting, reporting, internal control, and audit processes. The key advantages and limitations of blockchain technology implementation are generalised, taking into account the specificfeatures of a regulated financial environment. The practical significance of the obtained results lies in the possibility of their application by financial institutions in developing digital transformation strategies, improving internal control systems, enhancing transparency in financial flow management, and adapting financial processes to contemporary technological challenges.

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