A Formalized Assessment of the Scenario Development of the National Economy in the Context of the Penetration of Blockchain Technologies Into the Financial Sector of Transactions

Marat Rashitovich Safiullin,Maxim Vladimirovich Savushkin,Leonid Alekseevich Elshin,Alia Aidarovna Abdukaeva

doi:10.5430/ijfr.v11n5p199

Abstract

In the coming years, blockchain technologies may become one of the breakthrough innovations in the financial sector of the economy, optimizing and simplifying transaction operations in a number of areas, and reducing their cost. In this regard, representatives of the financial industry should understand the possible consequences caused by the integration of the technologies under consideration in business processes. It is important to understand that the blockchain technologies have a very significant potential for transforming the established algorithms for the interaction of financial market participants, and be aware where are the boundaries of these changes, what new opportunities are presented by blockchain technologies and. Furthermore, finally, what are the expected consequences for the development of the financial sector itself and the other sectors of the national economic system associated with it. It should be noted that studies on blockchain technologies are very fragmented and, as a rule, have an insufficient level of both theoretical and empirical study. It seems relevant at the present stage of the development of economic science to conduct a systematic study aimed at finding and substantiating the areas of economic activity that are most susceptible to penetration of blockchain technologies. This involves a further justification of the possible consequences and using methods that are not so much qualitative but of quantitative analysis. In this regard, the process of resolving the issues posed in order to minimize risks for financial and other organizations in the face of the opportunities and threats to come under the pressure of the integration of blockchain platforms into the business environment becomes a vital and urgent task. This research is devoted to the solution of the questions posed. Without claiming to be complete and perfect concerning the proposed mechanisms to solve the tasks, the work, in fact, is an invitation to the scientific community to develop further a methodology for studying the influence of blockchain technologies on the dynamics and parameters of the formation of economic growth rates.

Highlights

Any technological achievements are aimed at ensuring the growth of competitiveness and the effectiveness of the implementation of the processes in relation to which they were developed
Financial institutions, and primarily banks, consider it from the perspective of a tool capable of reducing costs for international payments and trade settlements (Irrera & Shumaker, 2017) Such expectations of the banking sector of the economy on the introduction of blockchain technologies are capable of revolutionizing the system of financial transactions in case of integration of the technologies under consideration in the system of operational processes
Based on the results of the assessments, it can be stated that the capital liquidity growth potential for business entities of the national economy as a result of the transition of the payment system to crypto transactions is from 128 (Scenario 1) to 691.9 (Scenario 4) billion roubles depending on the scale of the transfer of funds to the blockchain system

Summary

Introduction

Any technological achievements are aimed at ensuring the growth of competitiveness and the effectiveness of the implementation of the processes in relation to which they were developed. Distributed data storage technologies were developed in 2008 by Satoshi Nakamoto to eliminate intermediaries in the data exchange system, including the transition to the scheme of direct exchange of financial assets between their holders (Nakamoto, 2008) To achieve this goal, Nakamoto proposed a peer-to-peer distributed ledger, so a payer and a payee can make an exchange directly over the network using encryption and consensus mechanisms (Guo & Liang, 2016). Any changes regarding further operations and transactions between participants in the blockchain platform can be unambiguously detected in the nodes of the blockchain network (Lee & Lee, 2017; Bahrami, 2018) This property of the technology under consideration is the most important link in any payment system since one of its main goals is protection against double-spending. Blockchain technology solves the problem of double-spending through a consensus mechanism (Nakamoto, 2008 & Pazaitis et al, 2017)

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