Blockchain Technology as a Factor Affecting the Digitalization of the Financial Sector

Abstract

The current development of the global economy indicates the inefficiency of some financial mechanisms which encourages market participants to implement new technologies intended to change the financial sector and the economy as a whole by transforming business models and attracting new partners. One of the promising technologies that can have a significant impact on the financial and economic processes is blockchain. Issues affecting blockchain applications in the financial, management, logistics and other sectors and impacts of this technology on their efficiency require further research. The article aims to analyze blockchain applications in the financial sector, the dynamics of indicators describing the level of penetration of this technology in the banking sector and tools used to develop a digital infrastructure in this area. The article describes blockchain applications in credit institutions, taking into account advantages of this technology. The model of blockchain applications in the financial sector aimed at improving the use of digital technology is also described. Possible options for further development of the financial sector using blockchain are analyzed.