Use of Blockchain/Web.3 (Metaverse) Technology at EU Level: Estimation of the Innovative Level of the Moldovan Economy with a View to Assimilating These Technologies

Abstract

In 2016, the World Economic Forum recognized blockchain technology as one of the ten most important emerging technologies. Prior to this recognition, The Economist published articles about the "trust machine," introducing this remarkable technology to a wider audience. In order to understand the progress of blockchain technology and its current state, it is essential for countries to research these issues in relation to their economies. It is important to distinguish between theoretical blockchain applications and their commercial applications to assess the potential disruption of existing business models by blockchain technology. This article presents the European initiative in applying this technology and estimates the Moldovan economy's preparedness in this regard. To achieve this, we have set the following objectives: describing the principles and directions of the EU Blockchain/Web3 Strategy; conducting a comparative analysis of the level of innovation in the Moldovan economy with two EU member states; estimating the potential for future use of these technologies, and outlining the necessary skills and abilities. This research is relevant because it identifies the actions that the Moldovan economy must take to achieve a level of innovation and economic progress on par with the EU.JEL: O30, O32; UDC: [004.056.55+338.2:061.1]:330.341.1(478)