CRYPTOCURRENCY AND BLOCKCHAIN WITHIN DIGITAL TECHNOLOGY

Abstract

In the conditions of a steady surplus of up-to-date information, institutional and value-based tools for reducing the uncertainty of economic activity fade into the background, the paternity that progresses as a result of a combination of the short-term temporal paradigm, historically and institutionally inherent in the Western business traditions and becomes an important structural element, with the fundamental innovation of the information-network economy, the actual manifestation of which is the production of excess information and the creation of conditions for reproduction of uncertainty at the higher level. Cryptocurrencies emphasize the crisis of the banking institutions of financial intermediation as a result of the trust destruction as a natural result of the dominance of the financial component in the system of complementary interaction between financial intermediaries and subjects of the real economy sector, which in turn led to the crisis of financial intermediation and led to the desire of financial services consumers for operating activity without any mediation. Nowadays, the first cases of blockchain technology influence on the processes of reformatting the basic principles of human society development - information asymmetry and trust, which can testify to the depth of the modern transformation transition, are observed. An indirect development effect regarding information-network economy is the intensification of households` credit activity and the development of financial-oriented patterns of behavior, which indicate a prevailing focus on short-term prospects in economic and social activity, an increase in the value of self-interest over the interests of family and immediate surroundings, and a reduction in the impact of long-term hierarchical responsibility (in the generations context) on financial decision-making processes. A striking result of these patterns is an increase in household debt, which leads to a narrowing of economic freedom. Financial culture is gradually losing its role as a basic factor in the development of financial patterns of behavior, that in turn influences financial decision-making process, meanwhile the factors of economic and social conditions, banking marketing tools using client databases are updated.