+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Financial Analytics: Science and Experience
 

The impact of Blockchain technology on the transformation of the nature of financial services

Vol. 16, Iss. 2, JUNE 2023

Received: 4 May 2023

Received in revised form: 11 May 2023

Accepted: 19 May 2023

Available online: 30 May 2023

Subject Heading: FINANCIAL INSTRUMENTS

JEL Classification: E22, R1, R58

Pages: 145–171

https://doi.org/10.24891/fa.16.2.145

Subject. This article examines the impact of blockchain technology on changing the infrastructure of global financial services, as well as its key advantages and development challenges in the financial environment.
Objectives. The article aims to analyze the impact of distributed ledger technology on the implementation of blockchain technologies in smart contracts, non-fungible tokens, cryptocurrencies, central bank digital currencies, and digital financial assets.
Methods. For the study, I used the methods of theoretical generalization, structural grouping, and statistical analysis.
Results. The article reveals the expansion of the scope and audience of consumers of blockchain tools in the financial environment, the prospects for creating enterprises with minimal management capital, and reducing the cost of making payments.
Conclusions. Blockchain technologies have the potential to radically change the global financial services market. Reducing the energy consumption of technologies, introducing a legal regulatory framework, expanding the scalability of blockchain networks, training specialists who understand the specifics of introducing advanced blockchain technologies into the financial sector of the economy – all these and some other acute problems of blockchain development are outstanding.

Keywords: blockchain, open source data, distributed ledger, nonfungible token, cryptocurrency

References:

  1. Shilov K.D., Zubarev A.V. [Blockchain and distributed ledgers as a type of database]. Innovatsii = Innovations, 2018, no. 12, pp. 77–87. URL: Link (In Russ.)
  2. Aste T., Tasca P., Di Matteo T. Blockchain Technologies: The Foreseeable Impact on Society and Industry. Computer, 2017, vol. 50, iss. 9, pp. 18–28. URL: Link
  3. Cocco L., Pinna A., Marchesi M. Banking on Blockchain: Costs Savings Thanks to the Blockchain Technology. Future Internet, 2017, vol. 9, no. 3, pp. 2–20. URL: Link
  4. Chang V., Baudier P., Hui Zhang et al. How Blockchain Can Impact Financial Services – The Overview, Challenges and Recommendations from Expert Interviewees. Technological Forecasting and Social Change, 2020, vol. 158, no. 120166. URL: Link
  5. Knezevic D. Impact of Blockchain Technology Platform in Changing the Financial Sector and Other Industries. Montenegrin Journal of Economics, 2018, vol. 14, no. 1, pp. 109–120. URL: Link
  6. Lysenko Yu.V., Ryabchuk P.G., Gordeeva D.S. [Technology of digitalization: Bitcoin]. Azimut nauchnykh issledovanii: ekonomika i upravlenie, 2018, vol. 7, no. 4, pp. 187–189. (In Russ.) URL: Link
  7. Utakaeva I.Kh., Nikitenko V.O., Tutaev I.A. [Features of blockchein technology implementation in the digital economy]. Vestnik Altaiskoi akademii ekonomiki i prava, 2019, no. 7-1, pp. 91–95. URL: Link (In Russ.)
  8. Bubel' A.I. [Potential for using blockchain and virtual tokens in customs operations]. Tamozhennaya politika Rossii na Dal'nem Vostoke = Customs Policy of Russia in the Far East, 2016, no. 3, pp. 14–22. URL: Link (In Russ.)
  9. Rybalkin R.O. [The essence of mining and legal aspects in the countries of the world]. Molodoi uchenyi = Young Scientist, 2019, no. 52, pp. 404–406. URL: Link (In Russ.)
  10. Kokhanova V.S., Bokhon K.S. [The impact of blockchain technology on the financial sector: Current status and scopes of application]. Nauchnyi vestnik Yuzhnogo instituta menedzhmenta = Scientific Bulletin of Southern Institute of Management, 2019, no. 4, pp. 84–90. URL: Link (In Russ.)
  11. Lapina A.A. [About approaches to the legal nature of a smart contract]. Molodoi uchenyi = Young Scientist, 2021, no. 16, pp. 268–271. URL: Link (In Russ.)
  12. Trautman L.J. Virtual Art and Non-fungible Tokens. 50 Hofstra Law Review, 2022, vol. 361. URL: Link
  13. Trivedi S., Mehta K., Sharma R. Systematic Literature Review on Application of Blockchain Technology in E-Finance and Financial Services. Journal of Technology Management & Innovation, 2021, vol. 16, no. 3, pp. 89–102. URL: Link
  14. Semenova E.V., Makarevich M.L. [Analysis of the legal regulation of the crypto currency in certain countries (Japan, USA and Russia as an example]. Innovatsionnaya ekonomika: perspektivy razvitiya i sovershenstvovaniya, 2017, no. 8, pp. 143–147. (In Russ.) URL: Link
  15. Apatova N.V., Korolev O.L., Krulikovskii A.P. [Analysis of the influence of blockchain on the financial system]. Nauchno-tekhnicheskie vedomosti SPbGPU. Ekonomicheskie nauki, 2017, vol. 10, no. 6, pp. 31–39. (In Russ.) URL: Link
  16. Ivanushchenko A.V., Plyusnina E.A., Yatsyk A.A. [Digitalization of the national currency: world and domestic experience]. Ekonomika. Pravo. Innovatsii = Economics. Law. Innovation, 2021, no. 2, pp. 4–11. URL: Link (In Russ.)
  17. Muzlova N.N., Latypov A.A. [The problem of the US monetary and financial hegemony in the modern world: basic instruments and channels of influence]. Vestnik Udmurtskogo universiteta. Sotsiologiya. Politologiya. Mezhdunarodnye otnosheniya = Bulletin of Udmurt University. Sociology. Political Science. International Relations, 2021, vol. 5, no. 1, pp. 74–83. URL: Link (In Russ.)
  18. Sitnik A.A. [Digital currencies of central banks]. Vestnik universiteta imeni O.E. Kutafina (MGYuA) = Courier of Kutafin Moscow State Law University (MSAL), 2020, vol. 9, no. 73, pp. 180–186. URL: Link (In Russ.)
  19. Sakharov D.M. [Central bank digital currencies: key aspects and impact on the financial system]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2021, vol. 25, no. 5, pp. 133–149. URL: Link (In Russ.)
  20. Vaichul' M.P. [Chinese experience in the field of urban modernization and the creation of the "Smart City" system]. Molodoi uchenyi = Young Scientist, 2019, no. 8, pp. 77–80. URL: Link (In Russ.)
  21. Leont'eva N.E. [Digital financial assets: a new object or a long known essence]. Obrazovanie i pravo = Education and Law, 2022, no. 1, pp. 153–159. URL: Link (In Russ.)
  22. Rozhdestvenskaya T.E., Guznov A.G. [Digital financial assets: problems and prospects of legal regulation]. Aktual'nye problemy rossiiskogo prava = Actual Problems of Russian Law, 2020, vol. 15, no. 6, pp. 43–54. URL: Link (In Russ.)

View all articles of issue

 

ISSN 2311-8768 (Online)
ISSN 2073-4484 (Print)

Journal current issue

Vol. 17, Iss. 1
March 2024

Archive