Thanks to cryptocurrencies, blockchain technology has recently become the focus of interest of both scientists and the public. The paper presents the principles on which blockchain is based and analyzes the possibilities of the application of blockchain technology in more detail. In a part of the analysis, some of the most common cryptocurrencies were considered, such as Bitcoin, Ethereum, USD Coin, Ripple, and ADA. Blockchains' applicability in supply chains, finance, real estate, health care, voting, and smart cities the authors discussed in the chapter about the application of blockchain technology. A separate chapter discusses the limitations of blockchain technology. Based on the analysis, at the end of the paper, the authors conclude that blockchain technology has great potential in automating and optimizing business processes and protecting the information and privacy of users. Given the demonstrated interest of companies in blockchain technology, investments, and demand for staff who understand it and can create applications, the authors concluded that the time of blockchain is yet to come.
<em>This review article is designed for SME owners and directors to understand better what blockchains are and how they work and to support them to start an entirely new blockchain or fork an existing one and create a new token. The article presents technology bases and how blockchains can serve SMEs and foreseeable challenges that could jeopardize the achieved results. Particular attention the authors paid to blockchain applications, transaction cost reduction, and sensitive business information security. <em>Even more attention the authors gave to the challenges</em> connected with digital infrastructures and business practices, investments, lack of interoperability, lack of skills, and legal aspects. <em>Chapter four discusses the creation of blockchains for SMEs </em>from the aspects of choosing a type of blockchain, choosing of consensus mechanism, a platform selection, nodes design, operating systems, instances design, application programming interfaces, and user interfaces, and the blockchain finalizing. In chapter five, Conclusions, the authors draw conclusions based on the work presented in the article.</em>
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