FinTech in Supply Chains:

Post-COVID Challenges and Solutions

ALBERTS REZNIKS, JULIJA STREBKO, ANDREJS ROMANOVS, JANA BIKOVSKA,

ARNIS LEKTAUERS, JULIJA PETUHOVA

Department of Modelling and Simulation,

Riga Technical University,

Riga, Zundas krastmala 10,

LATVIA

Abstract: - The sensational Covid-19 and the pandemic have profoundly changed many areas and enterprises.

For many entrepreneurs, it was a huge challenge to revolutionize their logistics and be able to switch over to

online payment and remote delivery of goods and services in an extremely short time. The article reviews the

work of logistics and supply chains both before and after Сovid-19, the article introduces FinTech and the

possible interaction of FinTech to improve the work of logistics and supply chains. This work aims to

research the synergy of financial technologies and logistics. For this purpose, it is necessary to analyze the

situation in the supply chain and FinTech sphere after the pandemic.

Key-Words: - supply chain, Covid-19, FinTech, logistics, blockchain, cybersecurity

Received: May 27, 2023. Revised: October 29, 2023. Accepted: November 14, 2023. Published: November 24, 2023.

1 Introduction

Owing to the serious pandemic due to Covid-19,

logistics and supply chains have moved so far

forward significantly in their development, [1].

Entrepreneurs began to allocate more and more

resources for the development of logistics

enterprises, especially the moments of security,

remoteness, and speed. There is a lot of research

about Covid-19 pandemic and supply chain

development, [2]. Consumers are increasingly

turning to online stores for various kinds of goods

and services, but they still want to get what they

need at a low price, in a short time, but of high

quality. Contactless delivery has appeared during

the pandemic – when the goods are left under the

doors without meeting the buyer or delivery with

drones, [3]. The contactless delivery also includes

the newly appeared parcel machines which

established trust of both consumers and

entrepreneurs.

According to, [4], [5], the four main aspects of

the indicator system have been identified that are

important and have an impact:

 The customer aspect is a priority and affects all

aspects of the balanced scorecard.

 The aspect of training and innovation –

personnel with the required skills have a

positive impact on human resources as

well as competition.

 Internal business aspect – innovative

technologies must be adopted for supply chain

sustainability and good performance. However,

this aspect does not have an impact on the client

and their satisfaction.

 The financial aspect is an indicator that does not

influence other aspects, the adaptability of the

supply chain is higher than the costs.

There's no use in being very reticent about the

realization and implementation of the latest

technologies in the development of logistics, supply

chains, and security, it can solve problems by

interrupting business processes, especially in small

and medium enterprises, [6]. Both entrepreneurs and

developers have begun to devote more time and

resources to the development and use of

technological innovations, even those that

immediately obviously have nothing to do with

logistics or supply chains. For example, blockchain

technology was originally used exclusively for

cryptocurrencies, and now it already has a wide

range of applications in various fields, including

logistics, [7], [8]. The blockchain enables to

eliminate the intermediaries in logistics, which

saves time and finances and reduces the risks of

various errors. This technology allows seeing all the

transactions made but does not allow changing or

canceling them. This gives entrepreneurs a huge

advantage if the blockchain is already introduced or

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in the process of being introduced into the enterprise

operation.

FinTech is one of the fastest-growing areas in the

financial industry. The FinTech core function is to

provide access to finance and provide additional and

more convenient services for both individuals and

corporate clients. The technologies are the priority

aspect for the financial services sector in the global

financial system. FinTech involves the development

of innovative solutions in the financial sector, which

gives more opportunities to all parties. The FinTech

rise relates to the desire of companies to gain an

advantage over competitors by providing additional

services and changing customer standard habits, [9],

[10]. It is becoming increasingly difficult for

traditional banks and financial institutions to

compete with innovative companies in the financial

industry, [11]. Over the past 10 years, global

investments in the FinTech segment have grown

more than 4 times, exceeding $20 billion. High-tech

companies in this segment focus on a certain

innovative technology or process covering all areas:

from mobile payments to insurance. It is worth

mentioning that FinTech uses technologies working

in the field of transaction security, an example –

user, authentication means of user authentication or

fraud protection measures against fraudulent

actions, card data encryption, and their safe storage.

The use of FinTech is possible in various industries,

for example, there are special solutions for B2B

calculations, analysis of large amounts of data,

insurance, etc. In addition, FinTech is being

integrated into communication services, such as the

largest Chinese messenger "WeChat" which has

introduced a payment service developed by Tencent.

As well as digital banks have become widely used,

the most prominent representative of such an

example is the "Revolut" bank.

This paper aims to analyze the potential of

FinTech to improve logistics and supply chain

management after the COVID-19 pandemic.

2 Overview of Supply Chain

The smooth operation of logistics and supply chains

makes it possible to get the necessary quantity of

high-quality goods at a certain time. The most

common logistics rule is the 7R rule, which explains

all the necessary points (Fig. 1), [12].

This rule reflects not all-important logistics

principles – the "right speed" position is missing.

This became relevant only when people faced

closed borders due to a pandemic, and then due to

military operations. It is clear that predicting a

pandemic in advance is very difficult, but

experience has already been gained and several

problems that arise when borders are closed have

been identified, allowing us to be more prepared for

such challenges next time.

The logistics variety does not negate the

presence of similar problems that can be solved or at

least minimize losses with the help of technology.

Fig. 2 below shows the subsystems of logistics,

[13]:

1. Material management has two subsystems:

purchasing/supply logistics and production

logistics.

2. Physical distribution has three subsystems:

inventory control of finished products, decisions

regarding warehouses and depots, and external

transport.

3. Purchasing and reverse logistics.

Fig. 1: The 7 “Rights” of Logistic

These are the core issues that had to be faced

before the pandemic and COVID-19 has further

aggravated the problems, [13]:

 Late delivery of raw materials and

equipment

 Lack of material

 Defective products

 Lack of real-time information

 Regulation of relations with the client in the

event of problems

 Monopoly in transport modes

 Undeveloped networks of transport routes

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 Weather conditions

 Lack of information exchange

 Losses under various circumstances

 Complex inventory

 Personnel shortage.

Fig. 2: Subsystems of logistics

Based on the information above, not all items

can be improved, even with the means to do so. But

almost all the items can be modified to minimize

losses in the future.

According to, [15], there are eight key supply

chain management processes:

 Managing relations with customers;

 Managing customer service;

 Managing demand;

 Order fulfillment;

 Managing manufacturing flows;

 Procurement;

 Developing and commercializing the

product;

 Managing returns.

Logistics is not only the delivery of

goods/services at a certain time but also a close

exchange of both information flows and material.

Any logistics system consists of several elements:

personnel, warehouses or facilities, transport,

communication, and management. Each element,

except for personnel, is a tangible element of the

logistics system. In the case of a standard supply

chain, the following elements comprise the tangible

part of the supply chain:

1. Raw material supply;

2. Raw material and product storage;

3. Production of goods;

4. Distribution and dispatch of finished

products;

5. Finished product consumption.

2.1 Digitalization of Logistics and Supply

Chain

With the advent of technology, people began to use

them more and more to improve life quality, save

time, and their convenience. COVID-19 and the

pandemic forced people to develop logistics and

implement the latest technologies, sparing no

expense. Digitalization came to logistics and supply

chains even before the pandemic, but it began to

develop more rapidly during and after it, [16]. The

information system in logistics consists of

personnel, equipment, and software for planning,

monitoring, and analyzing the operation of a

logistics system (Fig. 3), [17].

Fig. 3: The rise of digital supply chain network, [18]

Each company has its own goals and objectives

for information technology introduction into the

logistics system, but several key aspects of this

process can be identified:

1. Communication, both between internal and

external concerned parties;

2. Innovation for new products and services;

3. Automation to replace human labor to

increase productivity;

4. Innovation experience is a human-oriented

product;

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5. Cybersecurity to keep data safe and gain

customer trust;

6. Data analysis for faster data processing and

statistics collection to improve

products/services for customer requests.

Enterprises have been improving their

competitiveness in various ways for the past

centuries. These days, it's mostly automation and

digitalization tools that are the catalysts for

accelerating and improving business processes, as

well as enabling higher productivity. When

implemented innovations work properly, processes

that used to take several days are realized in

minutes. The reasons why businesses have started

devoting a lot of resources to automation and

digitalization are as follows, [19], [20]:

1. Improved visibility and transparency,

especially in real-time, provide an

opportunity to identify bottlenecks and

delays in supply chains.

2. Increased flexibility and agility allow

businesses to quickly adapt to changing

conditions.

3. Optimal allocation of resources – inventory,

production capacity, and transportation

leads to lower costs and higher profits.

4. Sharing information with everyone in the

supply chain builds trust, improves

customer service, and reduces lead times.

5. The application of data analytics allows you

to study the market, demand, and customer

behavior, improving the performance of the

enterprise.

6. Customer centricity through order tracking

and convenient services increases customer

trust and loyalty to the company.

7. Risk mitigation and resilience are evident in

the work of digital technologies, which can

predict different developments and prepare

action plans in advance, increasing response

to disruptions.

8. For more convenient and easy

implementation of systems, it is necessary

to comply with standards and their

compatibility. It also improves the quality

of the product.

The list of innovative technologies that are used

in logistics and supply chains is already quite long

(Fig. 4). The application of a particular technology

in a particular enterprise depends on its area of

activity, [19]. A brief overview of the major and

more popular technologies in use is given below.

Fig. 4: Innovative technologies, which are used in

the digital supply chain

2.1.1 Internet of Things (IoT)

The Internet of Things is a kind of digital network

with real objects and the ability to track positions in

real-time. The origins of this technology are in

RFID – each object has its unique identifier and can

connect to a network and transmit data. According

to, [3], [21], technologies that are developed based

on the IoT enable to:

 Measure inventory;

 Keep track of deliveries;

 Optimize routes;

 Ensure product quality;

 Predict and prevent supply chain problems

and risks.

In turn, the use of the IoT provides transparency,

flexibility, and traceability of supply chains as it

enables real-time monitoring. This allows to control

and optimize the network and improves the

efficiency of supply chain management. But before

you can integrate technology into logistics, you need

to make sure the systems are compatible.

Unfortunately, there are a few problems in

integration, as there is no single logistics system for

all parties, and each of them uses its own, as well as

there are no standards of technical compatibility,

which greatly complicates the process of

implementation of innovations, [21].

2.1.2 Blockchain

Another very high-profile technology that is being

used in almost every field is blockchain. The world

learned about this technology through

cryptocurrency and then began to think about how

else the technology could be used, gaining some

advantage. Blockchain is now being used in a huge

number of cases and a wide variety of fields (Fig.

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5), such as logistics and supply chains, warehouses,

the energy sector, business processes, voting

processes, etc., [3], [8], [22], [23].

Fig. 5: Blockchain real-world use cases, [24]

The name makes it clear that it is a chain of

blocks, but the advantage of blockchain is that the

connection between these blocks is almost

impossible to break (Fig. 6).

Fig. 6: The structure of the blockchain, [21]

Blockchain is a decentralized technology,

meaning that there is no single manager in the

system. All stakeholders are involved in the

blockchain and each of them has the right to add a

block (transaction), but to realize a transaction, it is

necessary to get confirmation from all participants

in the chain. Only then is the block with the

transaction added to the chain, receiving its unique

cryptographic hash. Each unit contains, [7]:

 Version number,

 The hash of the previous block,

 The hash of all transactions in this block,

 Block creation time,

 Bits and nonce for mining.

Another advantage of blockchain is that the

blockchain is impossible to change or delete. This

allows all parties in the system to see what is

happening and how it is happening, i.e., there is

transparency and therefore increased trust between

stakeholders. Of course, after the emergence of

such technology, hackers became active and tried to

disrupt the blockchain, [7], [13].

In logistics and supply chain, blockchain is very

much in demand as it helps optimize logistics and

improve supply chain operations. The use of

blockchain in logistics systems is possible in the

following ways, [24]:

 Tracking the product from production to the

end consumer;

 Confirmation of the authenticity of the

goods by means of embedded tags or chips;

 Optimization and automation of processes

at various stages and under certain

conditions;

 Simplifying the inventory process, it is even

possible to automatically order new items

when a certain inventory level is reached;

 Reduce costs and time by speeding up the

information exchange process and reducing

data duplication;

 Shared management of data and processes

as needed, increasing trust and reducing

risk.

Major enterprises have actively started to explore

the adoption of blockchain in logistics. So, the well-

known logistics company Maersk and the IT

company IBM have launched a pilot project for

tracking goods and digital documentation. Tetra

Pak, a well-known company, was one of the first to

try out the platform. But still, the adoption of a

technology like blockchain raises some challenges,

[7], [13]:

 Incompatible with the current system;

 Scaling problem, as the blockchain has to

Process a huge number of transactions;

 Lack of trained staff and experts;

 Lack of standards;

 Implementation, maintenance, and training

costs.

An enterprise looking to adopt blockchain needs

to be prepared for business process changes, and

financial and time costs, and there needs to be

confidence that everyone in the supply chain is

ready for the change and will adhere to established

processes, [3], [24].

2.1.3 Artificial Intelligence and Big Data

Artificial Intelligence is programs and systems for

performing various tasks that require human

intellectual abilities. The development of such

systems is mainly based on machine learning and

neural networks. A program or system created based

on artificial intelligence allows one to partially or

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completely replace a human in such processes as,

[3], [26], [27], [28]:

 Data analysis;

 Decision-making;

 Performing tasks that require human

intelligence;

 Generating leads.

Big Data is all about processing and analyzing

huge amounts of data that could not be processed

efficiently manually. This technology allows you to

collect, store, analyze, and visualize data to identify

patterns and trends in decision-making, [26], [27].

Artificial intelligence and Big Data interact

frequently and closely because artificial intelligence

constantly needs to learn and improve, and it does

so by analyzing big data. This consensus helps to

automate processes, optimize resources, and

improve accuracy, speed, and efficiency in various

fields, including logistics. In supply chain

management, the alliance of artificial intelligence

and Big Data can improve the following processes,

[3], [16], [26], [28]:

 Demand forecasting and the ability to plan

inventories, preventing shortages or

oversupply of goods;

 Optimization of routes, considering various

(necessary) factors;

 Automation of warehouse operations

(sorting, packing, shipping);

 Cargo monitoring;

 Strategic and tactical decision-making;

 Document processing;

 Market analysis (analysis of demand, offers,

competitors).

3 FinTech Review

The term "FinTech" stands for "financial

technologies" and represents approaches and

methods for more convenient implementation of

financial services. The FinTech startups dominate in

the space of already established markets due to

customer-friendly solutions developed from scratch

and not burdened with traditional systems. The

FinTech allows financial service consumers to carry

out various operations with funds – from money

transfers to direct payment for purchases on the

Internet. The classical banks shall transform under

the influence of new trends in FinTech

developments. The development of digital financial

technologies is conditioned by the achievement of

such goals as, [29], [30]:

 enabling the competitive conditions in

financial markets;

 providing more affordable and high-quality

financial services, as well as increasing

their list;

 reducing the risks and costs in the financial

sector;

 provision of security and stability during

the operation of FinTech tools.

The FinTech involves:

 software;

 mobile applications;

 business models, etc.

The use of FinTech can be divided into several

categories covering different areas:

 personal finance;

 payments;

 lending;

 investment services;

 safety.

3.1 FinTech Application

FinTech covers a wide range of companies using the

software to provide financial services. The financial

technology companies are usually characterized as

startups created to disrupt the existing financial

models, and as larger financial corporations which

are less integrated with technology. However, larger

corporations are increasingly aware of the need for

software solutions and are turning to financial

technologies to expand and improve their financial

service proposals, [10].

As mentioned above, FinTech is used in a wide

variety of transactions for lending, payments,

transfers, savings, investment, insurance, optimizing

business models, and creating a more accessible

service for the client both at large banks and at

narrow-focused financial companies. The financial

technologies in the digital economy are most often

used in the following areas, (Fig. 7):

Fig. 7: Use of financial technologies

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In the field of lending and personal finance,

financial technologies are used in:

 P2P lending;

 robo-advising (robotic investment advice);

 financial planning programs and

applications;

 social trading;

 algorithmic exchange trading;

 target savings services.

Regarding payment and retail transactions, it is

worth mentioning:

 online payment services;

 online transfer services;

 P2P currency exchange (transfers between

individuals);

 B2B payments and transfers (transfers

between legal entities);

 cash desks and terminals in the "cloud";

 mass payment services.

The companies rely on various information when

insuring consumers, considering what traditional

banks have never considered, and providing more

people with access to personal and business capital.

All this could never have happened without

powerful computer systems, software, and data

processing specialists who can get this thing

straightened out.

When it comes time to FinTech, the number of

players and services is large, mainly concerning the

more basic aspects of financial services, including

banking, investing, borrowing, and saving. It also

finds its application in mortgage applications, and

even in the purchase of insurance, thereby providing

consumers with many new opportunities.

3.1.1 Peer-to-Peer Lending (P2P)

The banks have long been the only option for

borrowers, but for those with low creditworthiness

or those who want to simplify the process, FinTech

has presented another option. After the financial

crisis, banks refused to provide loans, blocking

many consumers' access to the lending market.

FinTech companies armed with a different way of

assessing risk have stepped in to meet the pent-up

demand.

Peer-to-peer lending (P2P) allows individuals to

obtain loans directly from others, excluding a

financial institution as an intermediary. The

platforms that promote P2P lending have

significantly expanded its use as an alternative

method of financing. P2P lending is also known as

"social lending" or "crowd lending".

At first, the P2P lending system was seen as

providing access to loans for people who would be

rejected by ordinary institutions, or as a way to

consolidate student loan debt at a more favorable

interest rate. However, in recent years, the P2P

lending platforms have expanded their scope. Most

of them are now aimed at consumers who want to

pay off credit card debt at a lower interest rate. The

housing improvement loans and car loans are now

also available on P2P lending platforms.

Considering P2P lending, the following terms

can be distinguished (Table 1):

Table 1. The terms of P2P lending

Terms

Description

P2P Platforms

The platform connects borrowers

directly with investors. The platform

also sets rates and conditions and

approves transactions.

P2P-lenders

These are individual investors who

want to get more profit from their cash

savings than a bank savings account

gives.

P2P-borrowers

These are people who are looking for

an alternative to traditional banks or a

better rate than banks offer.

The P2P lending operation takes place on the

platform and begins with the investor. The investor

opens an account on a website and deposits a

monetary amount, which will be distributed on

loans. The prospective borrower publishes a

financial profile that has been assigned a risk

category determining the interest rate that he/she

will pay. Most platforms have a wide range of

interest rates depending on the applicant’s

creditworthiness. The rates for applicants with a

good credit history are often lower than the rates of

comparable banks, whereas the rates for applicants

with a sketchy credit history can be much higher.

The prospective borrower can review the offers and

accept one. Some candidates split their requests into

blocks and accept several offers. Money transfers

and monthly payments are processed through the

platform. The process can be fully automated.

3.2 Digital Technologies in the FinTech

The advanced technologies also take place in the

FinTech developments, the most promising are

artificial intelligence (AI), Big Data, Robotic

Process Automation, and Blockchain, [30].

FinTech began to develop rapidly, based on the

trend, which opened new opportunities for users

(Fig. 8).

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Fig. 8: FinTech in 2021: Top predictions and trends,

[32]

3.2.1 Artificial Intelligence

Artificial intelligence algorithms can be used to

make forecasts of the situation on the stock market

and to analyze the economic situation. AI is used to

collect and generate information on the most

frequent actions of clients and provides financial

institutions with a better understanding of their

clientele. Another tool created based on AI is

chatbots used by banks for customer information

support.

3.2.2 Big Data

In most cases, the financial sector uses Big Data for

making forecasts on client investments and market

changes and for forming updated strategies and

portfolios. Big data is also used to prevent

fraudsters, help banks segment marketing strategies,

and optimize the company's activities.

3.2.3 Robotic Process Automation

This is an AI technology whose operation is focused

on automating specific repetitive tasks, for example,

entering data into information systems that do not

require special skills. RPA helps in processing

financial information, such as accounts payable and

receivables, more productively than manual

processing, and with fewer errors.

3.2.4 Blockchain

A distributed database consisting of blocks for

recording and storing information. Each block

contains a specific type of data about the operation

performed by the user. Blockchain was developed

directly for solving FinTech tasks. Blockchain

systems can be much cheaper than existing

platforms, as they eliminate a whole layer of

overhead associated with authentication. The

confirmation procedure is performed by all network

participants simultaneously in a distributed registry

system. This so-called consensus process reduces

the need for intermediaries who are involved in the

operation and charges a participation fee. Such

intermediaries in the financial services sector are

those who transfer money, make decisions on

contracts, and tax transactions, store information,

etc.

4 FinTech Interaction with Supply

Chain

As mentioned at the beginning, Supply chain

management is the management of three flows:

material, information, and financial. Having studied

the development of these two areas, there is a

proposal to consider the synergy of financial

technologies and logistics, [29]. This synergy allows

buyers, [32]:

 simplified procurement process;

 financing on favorable terms;

 reduced processing at the administrative

cost;

 enhanced working capital using extended

accounts payable.

FinTech solutions have a significant potential to

provide some important opportunities, [33]:

1. For improving working capital, supply

chain finance, and administration.

2. For facilitating equipment, real estate, and

inventory to finance.

3. For providing facilities to international

businesses.

The challenges that the logistic service providers

face and the FinTech provides solutions for that are,

[33]:

1. The problem of sending an invoice on time;

2. Reduces invoice processing time;

3. Reduces the dispute cases in the invoices;

4. Providing working capital for payment;

5. Providing working capital for growth

purposes;

6. Customers’ payment delay;

7. Shortage of cash for payment, etc.

There are already some FinTech startups that

have influenced standard logistics business models,

for example, [34]:

 JD Logistics;

 ShipChain;

 Streamline Worldwide;

 Provenance;

 Accord Network;

 Everledger;

 Digital Asset Exchange Chain;

 TShock;

 BWHEX;

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 SumUp.

Creating a single trusted system for logistics,

using FinTech and blockchain, will improve supply

chain management and security. To create a system,

it is necessary to initially analyze the business

processes and needs of supply chain participants,

[22]. Whether it is a completely newly developed

system or an application of a system that will be

implemented into an existing system, either way, the

process of creating a system requires a

comprehensive approach in several steps, (Fig. 9):

Fig. 9: Necessary steps to create a system

The system's creation contains the following

steps:

1. Research and planning – it is important to

define the aims and objectives of this system.

Develop a strategy and implementation plan

based on the needs of customers and supply

chain participants.

2. Choosing Blockchain platform – it is

necessary to choose a suitable Blockchain

platform: public or private Blockchain, type

of consensus, and data structure.

3. Development of smart contracts – according

to the rules and conditions develop smart

contracts which will automate operations in

the systems.

4. FinTech integration – choose the necessary

FinTech technologies such as online

payments, electronic wallets, etc.

5. Design interface – it is important to develop

a friendly and comfortable interface for

customers.

6. Integrate IoT – for cargo tracking and

monitoring it is necessary to integrate IoT

and collect required data.

7. Ensure security – to minimize possible

cyberattacks, it is worth taking care of

security in this system, using encryption and

authentication mechanisms.

8. Testing – to check the correctness of the

system, it is necessary to test the system

using various scenarios and simulations of

real situations.

9. Implementation – to implement the system,

monitor performance, and start using it.

After that try to expand functionality.

10. Training and support – for the effective use

of the system it is necessary to teach

personnel and users to use the system

correctly. The system needs to be supported.

5 Conclusion

With the advancement of technology, logistics, and

FinTech have stepped forward significantly, but

people must evolve in terms of technology as well.

Unfortunately, the lack of educated people in the

field of innovative technologies leads to a slowdown

in the development and implementation of

innovations. One of the tipping points that has

caused people to come to their senses a little bit is

Covid-19. It was during and after the pandemic that

logistics businesses began to intensively explore the

latest technologies that help improve system

performance and efficiency, as well as reduce costs

and resources during their application.

Of course, to implement systems based on new

technologies, the security, interoperability, and

resource cost issues of the process must be

addressed.

At the moment, there are various startups, [34]

both in the field of FinTech and logistics, but there

is no such complex yet, that has further improved

the efficiency, security, and transparency of the

system, eliminating a large number of problems,

including the human factor.

This article was created to continue work in the

future on the development of a real system that will

simplify and improve the operation of supply

chains, using fintech, blockchain, and other

innovations in the world of technology. This system

will be reliable and transparent for all participants,

and will also help get rid of unnecessary

intermediaries, which will lead to savings in waste.

The article contains basic information on several

areas - logistics, supply chains, fintech, and some of

the latest technologies. An algorithm for creating a

system where all this should be connected is also

described. With the development of technology

comes not only advantages but also problems.

Before digital systems, there were problems with the

cost of resources (time, effort, finances), which led

to errors. Now the problems are mainly in

vulnerabilities and failures of systems and

WSEAS TRANSACTIONS on BUSINESS and ECONOMICS

DOI: 10.37394/23207.2023.20.224

Alberts Rezniks, Julija Strebko,

Andrejs Romanovs, Jana Bikovska,

Arnis Lektauers, Julija Petuhova

E-ISSN: 2224-2899

2635

Volume 20, 2023

equipment. There is also a frequent snag in the

compatibility of systems in each area, which is what

prompted the development of one unified system to

minimize problems.

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Alberts Rezniks, Julija Strebko,

Andrejs Romanovs, Jana Bikovska,

Arnis Lektauers, Julija Petuhova

E-ISSN: 2224-2899

2636

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Contribution of Individual Authors to the

Creation of a Scientific Article (Ghostwriting

Policy)

The authors equally contributed in the present

research, at all stages from the formulation of the

problem to the final findings and solution.

Sources of Funding for Research Presented in a

Scientific Article or Scientific Article Itself

No funding was received for conducting this study.

Conflict of Interest

The authors have no conflicts of interest to declare.

Creative Commons Attribution License 4.0

(Attribution 4.0 International, CC BY 4.0)

This article is published under the terms of the

Creative Commons Attribution License 4.0

https://creativecommons.org/licenses/by/4.0/deed.en

_US

WSEAS TRANSACTIONS on BUSINESS and ECONOMICS

DOI: 10.37394/23207.2023.20.224

Alberts Rezniks, Julija Strebko,

Andrejs Romanovs, Jana Bikovska,

Arnis Lektauers, Julija Petuhova

E-ISSN: 2224-2899

2637

Volume 20, 2023