Novikova T.R.Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation tnovikova@nifi.ru ORCID id: not available
Importance This article discusses the new financial technologies, including the system of distributed ledger technology (DLT), or blockchain technology. It summarizes the available information on schemes of letter-of-credit transactions applying the blockchain technology, and performs a comparative analysis of such schemes. Objectives The article considers the specific features of the mentioned technology and possibility of its application in trading operations with the letter of credit use on the basis of experiments conducted by banks. Methods For the analysis, we used a method of comparative analysis of different approaches to the blockchain technology in trading activities using a letter of credit. Results The analysis of the new technology use by banks in the area of trade finance shows that different schemes of blockchain technology are possible to apply. Conclusions and Relevance Still, there are many problems of both economic and legal nature have to be solved for the blockchain technology wide use. Blockchain significantly reduces the time of operations, and it saves money. However, this is only a pilot project. The search for optimal solutions should be continued.
Keywords: digital economy, financial technology (fintech), blockchain, letter of credit
References:
Don Tapscott, Alex Tapscott. BLOCKCHAIN REVOLUTION: How the Technology Behind Bitcoin is Changing Money, Business, and the World. First Edition. Penguin, 2016, 324 p.
Tapscott D., Tapscott A. Tekhnologiya blokchein: to, chto dvizhet finansovoi revolyutsiei [BLOCKCHAIN REVOLUTION: How the Technology Behind Bitcoin is Changing Money, Business, and the World]. Moscow, Eksmo Publ., 2017, 448 p.
Roger Wattenhofer. The Science of the Blockchain. Createspace Independent Publishing Platform, 2016, 124 p.
Swan M. Blokchein: skhema novoi ekonomiki [Blockchain: Blueprint for a New Economy]. Moscow, Olimp-Biznes Publ., 2017, 240 p. URL: Link
Raval S. Detsentralizovannye prilozheniya. Tekhnologiya Blockchain v deistvii [Decentralized Applications. Harnessing Bitcoin's Blockchain Technology]. St. Petersburg, Piter Publ., 2017, 240 p. URL: Link
Genkin A.S. [Blockchain skeptics: are the menace and risks real?]. Invest-Forsait, 2017, May 3. (In Russ.) URL: Link
Litova E., Malyarenko E. [Nabiullina Declares “Criptomany Danger”]. Finansy, 2017, September 14. (In Russ.) URL: Link
Seslavinskaya Yu. Kakie byvayut blokcheiny i pochemu vazhno ikh razlichat' [What Blockchains can be like and why it is necessary to differ them]. URL: Link (In Russ.)
Baulin A. Banki primenili Ethereum: natsional'nye osobennosti blokcheina [Banks apply Ethereum: national special aspects of Blockchain]. Forbes, 2017, July 28. URL: Link (In Russ.)
Andreeva M. Blockchain dobralas' do finansovykh sdelok [Blockchain Gets to Financial Dealings]. ComNews, 2016, December 22. (In Russ.) URL: Link
Moiseev A.V., Mashtakeeva D.K., Novikov P.N. [The formation and development of vocational qualifications of the financial market]. Nauchno-issledovatel'skii finansovyi institut. Finansovyi zhurnal = Financial Journal, 2016, no. 2, pp. 28–40. URL: Link (In Russ.)
Moiseev A.V., Murychev A.V., Mashtakeeva D.K. et al. [On the activities of the council for professional qualifications of the financial market]. Nauchno-issledovatel'skii finansovyi institut. Finansovyi zhurnal = Financial Journal, 2017, no. 1, pp. 52–62. URL: Link (In Russ.)