Risk management strategies in bitcoin business integration: an actor-network approach

Abstract

As a result of the research, risk minimization strategies that integrate technological, economic, social and cultural aspects of the functioning of bitcoin in business activities have been established. Purpose. The research is aimed at the theoretical substantiation of approaches to risk management when integrating bitcoin into business processes using the actor -network methodology, which allows considering the cryptocurrency system as a set of interacting heterogeneous elements. Methods. The work uses an interdisciplinary approach that combines actor-network theory, concepts of information security, and institutional analysis of crypto-economic systems. The systematization of studies of the functioning of the Bitcoin protocol from the standpoint of the interaction of technical and social components has been carried out. A comparative analysis of the security architecture of traditional financial systems and decentralized cryptocurrency structures is applied. Results. The main categories of risks associated with the use of bitcoin in business are systematized (price volatility, regulatory uncertainty, cyberthreats, operational and reputational risks), and their specifics are assessed taking into account the decentralized nature of cryptocurrency. The dual nature of transactions, which are simultaneously a means of value transfer and an object of economic competition, which creates a specific risk environment, is revealed. The practical experience of the leading participants in the cryptocurrency industry is analyzed, demonstrating the effectiveness of multi-level approaches to risk management. The role of technical features of the Bitcoin protocol (decentralization, cryptographic protection, registry transparency, data immutability) in risk management is considered. It is substantiated that these characteristics create a fundamentally different security architecture compared to traditional financial systems, which requires business to rethink approaches to risk assessment and minimization. Conclusions. Effective risk management when using bitcoin in business requires a comprehensive approach that integrates technological solutions with financial and organizational measures. The fundamental characteristics of the Bitcoin protocol create a fundamentally different security architecture compared to traditional systems, which makes it necessary to review the classic methods of risk assessment and minimization.