The impact of blockchain technology on the financial sector: current status and scopes of application

• Main Authors: V. S. Kokhanova, K. S. Bokhon
• Format: Article
• Language: Russian
• Published: Southern Institute of Management 2020-01-01
• Series: Научный вестник Южного института менеджмента
• Subjects: information and financial technologies; financial system; banking system; blockchain; digitalization; blocking; business models; technologies; transactions; innovations; smart contracts; blockchain technology in the financial sector
• Online Access: https://www.uimjournal.com/jour/article/view/436

Development of digital economy in the context of modern financial globalization is becoming an issue of national security and independence of a country. Internet development and providing better quality of information exchange, sending documents between departments, storing information, carrying out complex calculations, and computer modeling of engineering facilities. This article discusses promising technologies that have found their application in the financial sector. The blockchain technology and its application options are described with the prospect of combining all information flows into a single system. The possibilities of using blockchain technology in the financial sector are examined, the main advantages and problems of using this technology in the financial sector are analyzed. The analysis of foreign experience in the implementation of blockchain technology by financial institutions is presented, the advantages of the implementation of best practices in the financial reality of Russia are shown.