POTENTIAL OF USING BLOCKCHANE TECHNOLOGIES IN THE FINANCIAL MARKET
Abstract
All over the world, the financial market is a leader in the use of advanced digital technologies. Financial technologies are designed to improve the infrastructure of the financial market. Thanks to the introduction of blockchain technologies, the quality of financial services improves, in particular, the speed of provision increases, the level of diversification of services increases, the cost of services decreases. Statistics show that the financial sector around the world is at the forefront of the structure of digital technology in general and blockchain technology in particular. However, the pace of integration of blockchain technologies into the financial market of Ukraine lags far behind the world. This explains the relevance of the research topic. The purpose of the study is to deepen the theoretical and practical foundations of the use of blockchain technologies in the financial market, to outline the potential use of this technology in the financial market of Ukraine. The following methods of scientific research are used in the work: systematization, generalization, scientific abstraction, analysis, induction, deduction. It is proved that the introduction of blockchain technologies in the financial market improves the quality of financial services, as well as creates a number of other benefits. The functions of the blockchain in the financial market are systematized. The structure of blockchain technology use in the world is analyzed. This allowed us to establish that the financial market ranks second in the world among the areas of use of this technology. The use of blockchain is concentrated in highly developed countries - proves our review. In Ukraine, the introduction of blockchain technologies in the financial market is facilitated by the adoption of the Fintech Development Strategy until 2025. A survey of the blockchain industry in Ukraine revealed a lack of funding in this area, and investment in this area is at the expense of foreign capital. Existing companies in Ukraine that implement blockchain technologies are focused on the international market, the share of companies operating exclusively in Ukraine remains quite low. The potential of blockchain technologies is the reason for the dynamic growth of funding in this area. Blockchain technologies are an important element of innovation in the financial market of Ukraine. However, its disclosure of the potential of its use in the financial market should be supported by appropriate regulatory conditions, which will outline the legal framework and make this area investment-attractive.
References
Stijn Claessens and M Ayhan Kose BIS (2017). Macroeconomic implications of financial imperfections. BIS Working Papers. № 677. URL: https://www.bis.org/publ/work677.pdf
Чорнобай Л., Колендзян В. Особливості розвитку фінансового ринку в умовах цифрової економіки. URL: http://188.190.33.55:7980/jspui/bitstream/123456789/8514/1/%D0%A0%D0%A4%D0%92-21-213-215.pdf
Стратегія розвитку фінтеху в Україні до 2025 року. НБУ. URL: https://bank.gov.ua/ua/about/develop-strategy/fintech2025
Blockchain Development Trends 2021. URL: https://outlierventures.io/wp-content/uploads/2021/02/OV-Blockchain-Dev-Q1-2021-_v7-1.pdf
Огляд блокчейн індустрії в Україні. Травень 2019, Київ. URL: https://bau.ai/wp-content/uploads/2019/05/Overview-of-the-blockchain-industry-in-Ukraine.pdf/
Ryan Browne. Blockchain start-ups raised a record $4.4 billion in the second quarter despite the slump in crypto prices. URL: https://www.cnbc.com/2021/07/22/blockchain-start-ups-raise-record-funding-despite-crypto-slump.html
Инвестиции в украинские стартапы выросли на $27 млн, до $571 млн – AVentures Capital. 2021. URL: https://inlnk.ru/godlB
Вергелюк Ю.Ю. Соціально-економічні наслідки резистентності фінансового ринку. Актуальні економічні, фінансові та правові питання в умовах євроінтеграції та глобальної конкуренції : збірник матеріалів Міжнародної науково-практичної конференції 26–27.02.2019. Ірпінь : УДФСУ, 2019. С. 42–44.
Stijn Claessens and M Ayhan Kose BIS (2017). Macroeconomic implications of financial imperfections. BIS Working Papers. № 677. Retrieved from: https://www.bis.org/publ/work677.pdf
Chornobai L., Kolendzian V. Osoblyvosti rozvytku finansovoho rynku v umovakh tsyfrovoi ekonomiky [Features of financial market development in a digital economy]. Retrieved from: http://188.190.33.55:7980/jspui/bitstream/123456789/8514/1/%D0%A0%D0%A4%D0%92-21-213-215.pdf (in Ukrainian)
Stratehiia rozvytku fintekhu v Ukraini do 2025 roku [Strategy for the development of fintech in Ukraine until 2025]. Retrieved from: https://bank.gov.ua/ua/about/develop-strategy/fintech2025 (in Ukrainian)
Blockchain Development Trends 2021. Retrieved from: https://outlierventures.io/wp-content/uploads/2021/02/OV-Blockchain-Dev-Q1-2021-_v7-1.pdf
Ohliad blokchein industrii v Ukraini (2019) [Overview of the blockchain industry in Ukraine]. Retrieved from: https://bau.ai/wp-content/uploads/2019/05/Overview-of-the-blockchain-industry-in-Ukraine.pdf/ (in Ukrainian)
Ryan Browne. Blockchain start-ups raised a record $4.4 billion in the second quarter despite the slump in crypto prices. Retrieved from: https://www.cnbc.com/2021/07/22/blockchain-start-ups-raise-record-funding-despite-crypto-slump.html
Investicii v ukrainskie startapy vyrosli na $27 mln, do $571 mln – AVentures Capital [Investments in Ukrainian startups increased by $ 27 million to $ 571 million – AVentures Capital]. Retrieved from: https://inlnk.ru/godlB (in Russian)
Verheliuk Yu.Yu. (2019) Sotsial'no-ekonomichni naslidky rezystentnosti finansovoho rynku [Socio-economic consequences of financial market resistance], Proceedings of the Aktual'ni ekonomichni, finansovi ta pravovi pytannia v umovakh Yevrointehratsii ta hlobal'noi konkurentsii (Ukraina, Irpin', 26-27.02.2019), Irpin': USFSU, pp. 42–44. (in Ukrainian)
