CONSIDERATIONS ON THE ROLE AND IMPACT OF ARTIFICIAL INTELLIGENCE AND BLOCKCHAIN TECHNOLOGY IN ACHIEVING COMPETITIVE ADVANTAGE AND FINANCIAL PERFORMANCE OF COMPANIES

Irina Hanganu (), Marian Socoliuc () and Mihaela-Ionela Socoliuc ()
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Irina Hanganu: Stefan cel Mare University of Suceava, 720229, Romania
Marian Socoliuc: Stefan cel Mare University of Suceava, 720229, Romania
Mihaela-Ionela Socoliuc: Stefan cel Mare University of Suceava, 720229, Romania

European Journal of Accounting, Finance & Business, 2024, vol. 12, issue 3, 151-158

Abstract: Purpose - The rapid development of the information and communication technology (IT&C) sector as well as online commerce have provided companies with new horizons and new prospects for growth. Alongside these, the implementation of artificial intelligence (AI) and blockchain technology (BCT) in recent years represent important opportunities for companies, both in terms of costs, conquering new markets, gaining superior competitive advantages and implicitly increasing financial performance. In this context, business organizations have had to adapt to market changes and consumer behavior. As a result, the aim of our study is to identify the role and impact of the implementation and use of these technologies in the business environment from the perspective of gaining competitive advantage and superior financial performance. Design / Methodology / Approach - The study is based on the six steps outlined in the scientific literature review procedure presented by Kitchenham (2004). Findings - The study initially focused on a definition of AI and BCT, followed by an analysis of the impact and role of their implementation in the areas considered to be most compatible. The study also revealed the advantages and disadvantages of implementing AI and BCT technologies. The study also revealed that the business environment is intensely concerned with identifying competitive advantages leading to superior performance. Practical implications - The study may be useful for managers and entrepreneurs who are concerned about implementing emerging technologies in their businesses. Social implications of this study - The implementation of emerging technologies not only presents the risks inherent in new technologies for employees, but also entails high costs for organizations. Originality/Value - The study provides a number of arguments regarding the role and impact of artificial intelligence and blockchain technology in achieving competitive advantage and financial performance of companies.

Date: 2024
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