THE RELATIONSHIP OF BLOCKCHAIN TECHNOLOGY, CRYPTO MONEY AND FOREIGN TRADE

Abstract

Blockchain system is a system in which approval and verification processes are carried out through computers connected to a network without official authorization Although blockchain technology is used in many areas in the world, it is very closely related to crypto money technology and therefore payment systems. It has been observed that blockchain technology provides convenience to other sectors, especially financial markets. In fact, some countries have started preparations for the expansion of Blockchain technology on a regional basis. The biggest advantage of the data in this system is that it cannot be changed, deleted and is reliable in terms of confidentiality. However, the biggest disadvantage is the high energy consumption and the need for expensive computer systems. Although the reward per block from Bitcoin has decreased compared to the first periods, it will inevitably continue for many years. Blockchain payment methods in foreign trade will provide companies with significant convenience and time savings.