CC BY
4
Faxriddinova Z.F.
student faculty of economics National University of Uzbekistan named after Mirzo Ulugbek
THE ROLE OF INNOVATION IN THE DIGITAL ECONOMY
Annotation: Today, the issue of informatization of all areas of human activity is very urgent and important. Projects and programs aimed at abstracting human labor and replacing it with machine labor are being developed. In order for any country to achieve development, it is necessary and necessary to introduce digital knowledge and modern information technologies. This gives you the opportunity to take the shortest path to ascension. Currently, information technologies are deeply penetrating all spheres of human life and activity. Digital technologies not only improve the quality of products and services, but also reduce unnecessary costs. At the same time, it will play a big role in eliminating the most serious disease that hinders the development of the country - the scourge of corruption.
Key words: new digital registry of economic transactions, online trade, financial technologies, "Fintex", peer to peer, mobile payments, cryptocurrencies, cross-border data.
The concept of digital economy is becoming more important in our lives day by day. Internationally, many are becoming accustomed to cashless payments and online shopping. The digital revolution, which is manifested as a new stage of economic and technological development, has rapidly changed human life, created wide opportunities, and started a period of further tightening of the international competition field.
A new digital registry of economic transactions can be used to store information that is important and valuable to humanity. Including birth, marriage, and death certificates, high school diplomas, financial statements, medical records, insurance claims, election tallies, product origins—any information that can be presented in code is guaranteed to be stored. The new platform allows for online integration of digital information about everything in the world. Moreover, in the near future, billions of smart devices in the material world will receive and transmit these changes, respond to them, purchase electricity to meet their needs, and distribute important information, performing a variety of tasks, from protecting the environment to caring about our health. can take over. In short, the Internet of Everything needs a Registry of Everything. After all, digital calculations are required in business, trade and economy.
Blockchain technologies are technologies that allow parties to make transactions safely and reliably without any intermediaries, and although many
people know it as cryptocurrency technology, in fact, blockchain can be used as a digital identity, protection of ownership and property rights, and a payment system. Currently, the blockchain system is used in various countries of the world in the fields of financial technology, land resource management, transportation, health care, and education. The blockchain system increases the level of transparency of any industry and serves to reduce corruption.
Everyone knows that entrepreneurship is very important for the development of the economy and the prosperity of the society. The Internet should make entrepreneurship literally free and independent by providing entrepreneurs with opportunities and tools, not the legacy culture, stagnant business processes, and woes of the past. In a global economy, Internet connectivity means greater access to incentives and funding sources, suppliers, partners, and investment opportunities. Any talent, any resource, even the smallest, can be monetized on the blockchain. The new platform allows us to change what and how we can do online, who can participate in it, thus creating the technological conditions to solve the most pressing social and economic problems.
Digital technologies change the appearance and structure of the economy, change traditional business models, increase competition and competitiveness among individual economic entities and the country as a whole, and lead to the expansion of markets and opportunities. This can be illustrated by the fact that, after 20 years of growth, the share of traditional flows of goods, services and goods in the world GDP has decreased from 53 percent in 2007 to 39 percent in 2014, based on the data presented in the report of the Mc Kinsey Global Institute. In the period from 2005 to 2014, the volume of trans-border data exchange increased 45 times. Since 2014, about 12 percent of the world's goods trade has been carried out through international electronic commerce.14
The Central Bank of Russia classifies blockchain into 3 groups: open, hybrid and private. Because blockchains will be free from any restrictions and transparent. The Russian government has planned in which sectors blockchain technology can be used in practice and how effective it will be. World experience shows that opening of letters of credit, collection, legalization of deposits by a notary, control of bank payments, full insurance of contracts and other practices are carried out to guarantee trade contracts in trade networks. And these require a lot of paperwork, expense and time. According to experts of the Russian Banks Association, the new digital financial infrastructure is a marketing platform for financial services and products; platform for registration of financial agreements; quick money transfer platform; full digitization of payment systems of Russian banks in the future; map of national payment systems; financial message and data transmission system; unified system of identification, authentication and biometrics; customizing the customer
14http://www.biznes-daily.uz/ru/birjaexpert/65417-raqamli-iqtisodiyotning-afzalliklari-va-istiqbolli-yunalishlari
identification environment; development of cloud financial services platform; includes elements such as building a platform based on distributed ledger technology. Financial technologies The main task of "Fintex" is to introduce new innovative technologies to financial-monetary-tax sectors, control financial transactions (especially distributed register, large numbers, peer-to-peer, mobile payments and regulation of cryptocurrencies), prevent fraud in the financial market, reduce hidden income and enable digital management of financial assets.
As a result of the introduction of new technologies into the financial and economic sectors, as a result of the automation of financial and accounting processes in enterprises, falsification of documents, cases of fraud, and excess costs are reduced by 30-40%. Currently, the USA, England, Germany, Singapore, and South Korea are widely using these technologies in the financial and economic spheres.
"Digital" countries - that is, countries with a highly developed digital economy today are Norway, Sweden and Switzerland. The USA, Great Britain, Denmark, Finland, Singapore, South Korea and Hong Kong are among the top 10 countries with developed digital economy.15 Studying the experience of these countries and acting based on them will help to achieve the intended goal faster. According to experts, the countries with the most developed digital economy today are the United States and China, and 75 percent of the world's patents related to blockchain technologies belong to these countries. 50 percent of Internet products are consumed by the population of these countries.16
First of all, it should be said that the digital economy is not a separate type of activity. In fact, it means business, industrial facilities, services. The term "digital" refers to the active use of information technologies in all these areas. If in the ordinary economy material goods are considered the main resource, in the digital economy it will be information and data that can be processed and transmitted. After their analysis, a proper management solution is developed. By the way, the term "digital economy" is used for the first time in our national legislation. However, the world trend shows that all developed countries have already begun to form it. Uzbekistan should not be left out of this process. After all, when we talk about globalization, integration with the world community, the development of a changed (transformed, renewed) economy is considered important in this regard.
As President Sh.M.Mirziyoyev noted: "The digital economy allows to increase the gross domestic product by at least 30%, and to reduce corruption sharply. Analyzes conducted by reputable international organizations also confirm this. Therefore, it is necessary to carry out digital transformation in
15https://www.texnoman.uz/post/raqamli-iqtisodiyot-nima.html
16https://mininnovation.uz/uz/news/raqamli-iqtisodiyot-muammolar-va-imkoniyatlar
economic sectors, develop national information technologies and attract investments in this direction.
Investments in digitalization by private companies in Uzbekistan make up
0.12. of GDP. By comparison, the US has the highest rate in the world at 5%, followed by Western Europe at 3.9% and Brazil at 3.6%. Thus, now Uzbekistan is 8-10 years behind the leading countries in terms of overall digitalization. It is estimated that by 2030, more than 50% of GDP growth in Uzbekistan will be related to the development of the digital economy.17
The digital economy has spawned many new trends and startup ideas. Almost all the big companies in the world (Google, Apple, Microsoft, Amazon) are from the digital world. Simply put, the digital economy is related to the development of computer technologies, which includes online services, electronic payments, crowdfunding, etc. A monitoring center for monitoring and improving digital economic legislation was established. The digital economy can be considered as an additional layer to the traditional economy. Although there is interaction between the layers, each layer requires its own regulation and rules.
The development of the digital economy will contribute to the growth of the economy of Uzbekistan and will have a positive effect on the changes in the economic, social, political and cultural spheres of the country.
References:
1. http://www.biznes-daily.uz/ru/birjaexpert/65417-raqamli-iqtisodiyotning-afzalliklari-va-istiqbolli-yunalishlari
2. Abdullayev, M., Hamidova, L., & G'oyibberdiyev, A. (2018). Ishsizlikning namoyon bo'lishi va uning ijtimoiy-iqtisodiy oqibatlari. In Вопросы управления и экономики: современное состояние актуальных проблем (pp. 101-104).
3. https://www.texnoman.uz/post/raqamli-iqtisodiyot-nima.html
4. https://mininnovation.uz/uz/news/raqamli-iqtisodiyot-muammolar-va-imkoniyatlar.
17 Abdullayev, M., Hamidova, L., & G'oyibberdiyev, A. (2018). Ishsizlikning namoyon bo'lishi va uning ijtimoiy-iqtisodiy oqibatlari. In Вопросы управления и экономики: современное состояние актуальных проблем (pp. 101-104).
