Evaluation of the Influence Blockchain Technologies on the Development of the Financial System

Abstract :

The world economic system is currently transforming due to the massive introduction of information and communication technologies that have permeated all sectors of economic development. Completely new areas of economic development arise under the influence of the development and application of innovative digital technologies in the traditional areas. They are based on the latest advances in information technology, which allows these innovative areas to form completely new organizational forms of management. One of the drivers of digital transformation is the financial sector. It was in it that fintech received a new innovative direction, which is a synthesis of financial and the most advanced innovative digital technologies, within which completely new forms of financial institutions are formed. Besides, new types of banking products and services are created to expand the horizons for conducting business in a new format. Today, big data, artificial intelligence, cloud computing are successfully used in the financial sector, and on the basis of blockchain technology, the world's first digital currency - bitcoin - was created. Blockchain technology is used with great success in many financial areas. In connection with this, the possible ways of developing a financial system under the influence of the development and application of blockchain technologies are analyzed in this study. The technology of blockchain as a new technological paradigm is analyzed in the article that will allow to achieve outstanding heights in innovation in the financial sector. The advantages and disadvantages are explored that hinder the rapid implementation and use of these technologies in financial institutions. Possible areas in the financial sector are considered and analyzed, within which the use of blockchain technologies will be as efficient and optimal as possible. A study of the global market of blockchain technologies in the financial sector was carried out, its quantitative and financial indicators were determined, the main players in this market were identified. Further directions and prospects for the development of the financial system are identified based on a comprehensive analysis of the development and application of blockchain technology in the financial sector.