Prospects for Using Blockchain to Create Regional Payment Platforms

Abstract

In scientific and expert circles, there is an increasing tendency to justify the feasibility of creating autonomous and independent mechanisms for international payments at the regional level; these payments will rely on local (regional) platforms for their facilitation. This study aimed to address these issues. One crucial component of this is shifting the research focus toward block chain and technologies of externalities. On the one hand, these technologies determine the prospects of sustainable development of the national economic system in terms of creating regional payment platforms, and on the other hand, these technologies support national sovereignty under sanctions imposed on the financial system. These issues are resolved using the proposed methodological approaches, which allow to systematize the generated effects and empirically justify them using econometric and statistical analysis methods. Our results indicate that the potential cumulative increase in Russia's gross domestic product (GDP) will be approximately 4% after the full-scale transition of transnational payments to blockchain, and within the Eurasian Economic Union (EAEU), the potential cumulative increase in Russia’s GDP will be approximately 0.25%. Additionally, the application of blockchain technologies in cross-border payments will contribute to the localization of external sanction pressure on the national economic systems of regional supply chain participants. These findings can be used to develop models for economic growth under conditions of systemic transformations and to prepare roadmaps for sustainable development of socio-economic systems under conditions of digital transformation and institutional changes.