BLOCKCHAIN AS DATA PROTECTION IN FINANCE

Abstract

Five years ago, it would have been difficult to describe Kazakhstan’s economy as highly digitized. However, the country is currently implementing state programs aimed at improving the socio-economic conditions of its citizens, with a focus on digitalization and the streamlining of financial monitoring systems for budget expenditure. The process of introducing digital technologies, in various forms, serves to increase transparency in state reporting, which in turn helps to control budget expenditures and investments. The goal of these efforts is to improve economic indicators within the state budget system and to allocate public funds more efficiently in order to achieve the best results across all sectors of Kazakhstan’s economy. In addition, the adoption of blockchain technology can address various security threats and problems, such as phishing attacks, server hacking, and compromised accounts, by allowing users to reclaim control of their data. The use of blockchain, which offers a high level of security and privacy, has the potential to revolutionize industries that rely on trust. In the long term, it is expected that blockchain will become a widely accepted and integral part of society, similar to the internet. The digitalization of finance in Kazakhstan is necessary to simplify and automate accounting, financial monitoring, and various banking and tax operations. It also makes it possible to improve the transparency of financial reports and increase the efficiency of budget management. The digitalization of finance can also reduce the risks of errors in working with accounting documentation, simplify accounting, and improve cost control. With the use of digital technologies, the process of data collection, processing, and storage becomes more efficient, saving time and resources.