INTEGRATION OF BLOCKCHAIN TECHNOLOGY AND THE INTERNET OF THINGS

Abstract

The article analyzes the results of the use of digital technologies in international trade. At the heart of the new technological revolution are digital technologies, especially the Internet of Things and blockchain. The Internet of Things (IoT) is a revolutionary networking technology of people, devices, physical and virtual objects, processes, and systems that can communicate with each other through data transmission. The Internet of Things allows these objects to communicate, exchange data, and analyze information about the world around them through networks and cloud software platforms. This technology helps solve many productions and household problems, gives control over the supply chain, prevents equipment failures, and opens up opportunities to sell new digital products and services. Under the influence of digitalization, international trade has become more fluid, global chains have become more flexible, delivery times for goods have been reduced, smart contracts have become widely used, and credit has become more accessible as a means of financing trade. With the advent of digital technologies and the transformation of the Internet into an important operational tool, the global economy is undergoing major changes. New technologies have changed consumer habits and also made life easier for suppliers. There are new online markets, new products, and new business models based on these technologies. E-commerce has rapidly outgrown thanks to the widespread use of the Internet and connected devices, which have provided direct access to online marketplaces for suppliers and buyers. This allowed them to manufacture, sell and distribute their products at low prices, making it easier to enter the market and diversify production. As a result, more and more goods and services are delivered remotely, often from overseas.