PROSPECTS FOR THE USE OF BLOCKCHAIN TECHNOLOGY IN THE FINANCIAL SECTOR
Abstract
The research examines the characteristics of blockchain technology and the features of their application in various areas of finance. The theoretical approaches of domestic and foreign scientists and practitioners to the understanding of the concept of "blockchain" were considered, based on which the main typical characteristics of this technology were formulated. A typical scheme of the blockchain technology is also drawn up. The authors highlight the main advantages and disadvantages of blockchain technology for the financial sector. So, the main advantages of blockchain technology are: transparency and speed of transactions, reliability of the technology and the ability to resist fraud, absence of transaction fees, etc. The disadvantages include a high level of process centralization, high technical requirements for equipment, the impossibility of restoring private keys, high development costs, lack of qualified specialists, etc. The influence of the main characteristics of blockchain technology on the efficiency of operations in the financial sector has been revealed, in particular, such characteristics are mining, distribution, chain of information, transparency, security of operations, real-time mode, stability of operations, cryptographic hash and others. The general risks associated with the introduction of blockchain in the financial sector have been systematized into the following groups: technological, strategic, operational, financial, regulatory. The effectiveness of the application of blockchain technology in banking operations and payment processing, in micropayments, real estate, insurance and reinsurance, etc., is considered and substantiated. The main examples of the international practice of blockchain application in the financial sector are presented and the prospects for their further development are indicated.
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