Blockchain integration in public sector: A comprehensive review of economic and legal challenges

Radonjić, Ljubivoje and Bojić, Ljubiša and Novaković, Marko (2024) Blockchain integration in public sector: A comprehensive review of economic and legal challenges. Ekonomika preduzeća, 72 (5-6). pp. 305-321. ISSN 0353-443X

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Abstract

This paper presents a comprehensive analysis of the benefits, obstacles, and ramifications of integrating blockchain technology into public sector functions, specifically focusing on economic and legal aspects. The discussion commences with an examination of the societal relevance of blockchain technology, as it is poised to dramatically enhance procedural efficiency within public sector organizations. Subsequently, the paper delineates the primary research objectives, which encompass identifying the multitude of benefits of blockchain technology for the public sector, investigating its legal and economic consequences, and scrutinizing the challenges that public sector organizations might face during implementation. Research methodologies employed to attain these objectives consist of an extensive literature review and qualitative primary data acquisition from field experts. Findings reveal that blockchain technology holds the potential to augment the swiftness and dependability of administrative procedures while bolstering data security within public sector organizations, albeit some legal and economic apprehensions persist. Regardless of these challenges, the authors maintain that the public sector is poised to reap significant rewards from blockchain technology deployment due to its capacity to modernize and streamline operations, as well as its capabilities for precise and verifiable data storage. Research limitations include a scarcity of available primary data and reliance on a singular data collection method. Suggestions for future research involve conducting additional studies addressing the questions raised in this research and supplementing the findings with user perspectives.

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