Finance and Credit

Application contours of blockchain technology in financial organizations

Vol. 24, Iss. 6, JUNE 2018

Received: 24 April 2018

Received in revised form: 8 May 2018

Accepted: 22 May 2018

Available online: 30 June 2018

Subject Heading: Banking

JEL Classification: A13, A14, D03, E03

Pages: 1420—1431

Butenko E.D. North-Caucasus Federal University, Stavropol, Russian Federation

Isakhaev N.R. North-Caucasus Federal University, Stavropol, Russian Federation

Importance The paper discusses using the blockchain technology in financial organizations of various directions, including the implementation of calculated and clearing operations between banks.
Objectives The article aims to research the blockchain technology for conducting calculated and clearing operations and to assess the prospects for its using.
Methods In this work the authors use the economic, economic-mathematical, statistical, logical methods of studying, processing and generalizing information.
Results During the research we have considered the essence and structure of block-building technology. We have studied and compared the traditional translation method and the method through innovative technology. We have also investigated the degree of interest from banks and other financial institutions. Besides, we have presented the world experience of using this technology and have conducted the SWOT analysis of the blockchain technology.
Conclusions and Relevance The work describes advantages of the technology through the transfer of the bank's funds. The article reveals the disadvantages and threats of the blockchain technology. The benefits and optimization of this process can affect completely different structures of the usual economic system: no need for paper accounting and the necessity to store it for state regulators, cheapening of international transfers.

Keywords: cryptocurrency, Bitcoin, blockchain, transaction, bank


  1. Lamteva E.D. [The internet-banking estimation as a method of receipt arrived]. Ekonomicheskie nauki = Economic Sciences, 2008, no. 41, pp. 391–393. (In Russ.)
  2. Akinina V.P., Lamteva E.D. [Banking organizations reorganization with the help of the Internet]. TERRA ECONOMICUS, 2009, vol. 7, iss. 4-3, pp. 223–225. (In Russ.)
  3. Maksimov D.A., Monin V.V., Glazkova I.Yu. [Cryptocurrency and blockchain in the financial system of Russia]. Ekonomika i upravlenie: problemy, resheniya, 2017, vol. 3, iss. 3, pp. 217–221. (In Russ.)
  4. Golikova O.M., Fedotova A.I. [Is it possible for cryptocurrency based on the technology of blockchain to solve the problem of information security in the financial sector?]. Itportal, 2017, no. 3, 3 p. (In Russ.) URL: Link
  5. Vakhrusheva N.A., Altynbaeva L.E., Brezhneva O.V. [Cryptocurrency and blockchain technology in the Russian economy]. Moskovskii ekonomicheskii zhurnal, 2017, no. 3, 48 p. (In Russ.) URL: Link
  6. Bogucharskov A.V. [Renewal of securitization mechanism using blockchain technologies]. Finansy i upravlenie = Finance and Management, 2017, no. 4, pp. 47–55. (In Russ.) URL: Link
  7. Babkin A.V., Burkal'tseva D.D., Pshenichnikov V.V. et al. [Cryptocurrency and blockchain technology in digital economy: development genesis]. Nauchno-tekhnicheskie vedomosti Sankt-Peterburgskogo gosudarstvennogo politekhnicheskogo universiteta. Ekonomicheskie nauki, 2017, vol. 10, iss 5, pp. 9–22. (In Russ.) URL: Link
  8. Aver'yanov M.A., Evtushenko S.N., Kochetova E.Yu. [Digital Economy. Industries Transformation]. Ekonomicheskie strategii = Economic Strategies, 2016, no. 8, pp. 52–55. URL: Link (In Russ.)
  9. Akinin P. V., Butenko E. D., Magomedsaidova S.M. [Ensuring financial solvency of the bank in conditions of global instability]. Nauchnoe obozrenie: teoriya i praktika, 2017, no. 10, pp. 43–54. (In Russ.)
  10. Kalashnikov A.A., Tyutyunnikova P.S., Tyutyunnikov D.G. [Bitcoin: a new "pyramid scheme" or payment of the future?]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2014, no. 4-1, pp. 805–807. (In Russ.)
  11. Panov V.A. [Bitcoin is an open source payment tool]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2017, no. 8-1, pp. 1195–1197. (In Russ.)

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 24, Iss. 10
October 2018