Use of blockchain technology in the credit and financial sector of the economy: opportunities and consequences

Authors

  • V. Bashlakova Francisk Scorina Gomel state university, Gomel, Republic of Belarus
  • R. Tkachev Francisk Scorina Gomel state university, Gomel, Republic of Belarus

Keywords:

blockchain, tokens, cryptocurrencies, smart contracts, crowdfunding, investments, banking sector, securitization, financial market

Abstract

The goal is to determine the possibilities of using blockchain technology in the credit and financial sector of the economy and predict the consequences of such use.

Materials and methods. The information base of the study is analytical reviews of investment companies and statistical reports of public crowdfunding platforms, the article used the methods of comparative analysis, system decomposition and the abstract-logical method.

Results. In the article, based on a study of the advantages and disadvantages of blockchain technology, promising directions of its use in the credit and financial sector of the economy are identified and the consequences of such use for this sector and the economy as a whole are predicted.

Conclusion. The materials of this article will improve the reliability of forecasting the development and transformation of a number of economic processes – investments, banking operations, information support for management and management decision-making in the credit and financial sector of the economy.

Author Biographies

V. Bashlakova, Francisk Scorina Gomel state university, Gomel, Republic of Belarus

PhD in Econ. Sc., Associate Professor, Associate Professor at the Department of Economic Theory and World Economy

R. Tkachev, Francisk Scorina Gomel state university, Gomel, Republic of Belarus

Post-Graduate Student

References

Бондарь, А.В. Токенизация венчурного капитала как условие развития инноваций / А.В. Бондарь, А.В. Дмитрук // Глобализация, инновационность, устойчивость: материалы XII Междун. науч.-практ. конф. – Минск: БГЭУ, 2019. – 383 с.

The green blockchain: managing decentralized energy production and consumption. / F. Imbault [etc] // IEEE International Conference on Environment and Electrical Engineering, London, 2017 / IEEE Industrial and Commercial Power Systems Europe (EEEIC/I&CPS Europe). – London, 2017. – 510 p.

Alan, T. Norman Blockchain Technology Explained: The Ultimate Beginner’s Guide / T. Alan. – Berkley: Berkley Print, 2017. – 124 c.

Burniske, C. The Innovative Investor's Guide to Bitcoin and Beyond / C. Burniske. – Tatar Cryptoassets J.McGraw: Hill Education, 2018. – 327 c.

Popper, N. Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money / Popper N. – NY: Harper, 2016. – 416 c.

Wattenhofer, R. The Science of the Blockchain / R. Wattenhofer. – London: Forest Publishing, 2016. – 105 c.

References

Bondar, A.V. Tokenizatsiya venchurnogo kapitala kak usloviye razvitiya innovatsiy [Venture capital tokenization as a condition for the development of innovations]. Globalizatsiya, innovatsionnost', ustoychivost': materialy 12 Mezhdunarodnoy nauchno-prakticheskoy konferentsii [Globalization, Innovation, Sustainability: Proceedings of the 12th International Scientific and Practical Conference], Minsk 16.05.2019 / BSEU. – Minsk, 2019. – 383 p.

The green blockchain: managingdecentralized energy production and consumption. / F. Imbault [etc]. IEEE International Conference on Environment and Electrical Engineering, London 2017 / IEEE Industrial and Commercial Power Systems Europe (EEEIC/I&CPS Europe). London, 2017, 510 p.

Alan T. Norman Blockchain Technology Explained: The Ultimate Beginner’s Guide Berkley: Berkley Print, 2017, 124 c.

Burniske C. The Innovative Investor's Guide to Bitcoin and Beyond. Tatar Cryptoassets J.McGraw: Hill Education, 2018, 327 c.

Popper, N. Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money. Popper N. NY: Harper, 2016, 416 c.

Wattenhofer R. The Science of the Blockchain. London: Forest Publishing, 2016, 105 c.

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Published

2021-07-05

How to Cite

Башлакова, О., & Ткачев, Р. (2021). Use of blockchain technology in the credit and financial sector of the economy: opportunities and consequences. Economy and Banks, (1), 17-22. Retrieved from https://ojs.polessu.by/EB/article/view/1508

Issue

No. 1 (2021)

Section

Finance, money circulation and credit

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