Finance and Credit
 

Application contours of blockchain technology in financial organizations

Vol. 24, Iss. 6, JUNE 2018

Received: 24 April 2018

Received in revised form: 8 May 2018

Accepted: 22 May 2018

Available online: 30 June 2018

Subject Heading: Banking

JEL Classification: A13, A14, D03, E03

Pages: 1420—1431

https://doi.org/10.24891/fc.24.6.1420

Butenko E.D. North-Caucasus Federal University, Stavropol, Russian Federation
edbutenko@gmail.com

https://orcid.org/0000-0002-6717-9282

Isakhaev N.R. North-Caucasus Federal University, Stavropol, Russian Federation
isakhaev2014@gmail.com

https://orcid.org/0000-0001-5208-9017

Importance The paper discusses using the blockchain technology in financial organizations of various directions, including the implementation of calculated and clearing operations between banks.
Objectives The article aims to research the blockchain technology for conducting calculated and clearing operations and to assess the prospects for its using.
Methods In this work the authors use the economic, economic-mathematical, statistical, logical methods of studying, processing and generalizing information.
Results During the research we have considered the essence and structure of block-building technology. We have studied and compared the traditional translation method and the method through innovative technology. We have also investigated the degree of interest from banks and other financial institutions. Besides, we have presented the world experience of using this technology and have conducted the SWOT analysis of the blockchain technology.
Conclusions and Relevance The work describes advantages of the technology through the transfer of the bank's funds. The article reveals the disadvantages and threats of the blockchain technology. The benefits and optimization of this process can affect completely different structures of the usual economic system: no need for paper accounting and the necessity to store it for state regulators, cheapening of international transfers.

Keywords: cryptocurrency, Bitcoin, blockchain, transaction, bank

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