COMMERCIAL TRUST AS AN ECONOMIC PARADIGM OF SOCIETY

Vyacheslav Voloshin, Larysa Kapranova

Abstract


Nowadays, the world trade and commercial relations form the basis of the of the vast majority countries’ economies. The most important basis for such relations is the level of trust among the subjects of trade. The aim of the article is to study commercial trust as an economic paradigm of society. The article analyses issues of commercial trust. Historical approaches to the term “commercial trust” were defined. It has been established that cash flow has significantly accelerated, which has led to an increase in profits and an increase in capital. In the center of it was the rule of “trust” in banks. It was determined that one of the reasons for the slowdown in the activity of small and medium businesses is the restriction of access to financial resources, in particular, to cover the period of delivery of goods, raw materials, components from an exporter to a foreign buyer. A model of calculating a possible level of commercial trust was presented. It was concluded that the problem of determination the level of trust in the economic environment has increased significantly with the advent of blockchain technologies, trust protocols and distributed registries. In this case, the two-dimensional model of the “product-money-product” formula becomes narrowly targeted and should give way to models with a third dimension, for example, the level of confidence in the economic system. The method for determining the level of trust in systems with a distributed registry and an infinite number of participants was proposed, which can be provided in a certain segment of the economy.

Keywords


world trade; blockchain; commercial trust; blockchain technologies

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