Abstract
Over the past years, blockchain technologies have become one of the outstanding innovations in the financial sector of the economy, enhancing and facilitating transaction procedures in many spheres. Moreover, these technologies are of great significance concerning the financial market, including regulators. However, it may well involve a certain level of uncertainty of the generated effects both for themselves and for the national economy. It is worth mentioning that quite many works devoted to the problems posed focus on qualitative assessments and conclusions, focusing either on the study of the technological component of the technologies or on the regulatory and legal ones. This study aims to reinforce the positions of formalized approaches to the study of the scientific and practical problems posed. The paper proposes an algorithm for studying the influence of blockchain technologies on the GDP dynamics through the prism of the transformation of key functioning parameters describing the financial and real sectors of the economy. A cointegration model has been built that allows one to determine the main effects and the potential impact of possible transformations (as a result of the penetration of blockchain technologies into the system of economic relations) of individual functional areas in the financial sector of the economy on GDP dynamics. The obtained estimates of the sensitivity of economic dynamics to the considered adjustments of the financial market demonstrated the potential for economic expansion, provided the possible integration of blockchain technologies in the business environment.
Highlights
Similar to how the digitalization of the socioeconomic environment destroys traditional areas of business, blockchain technologies can significantly transform existing business processes, including in the financial sector, thereby continuing to develop the FinTech paradigm.The fundamental basis that determines the development of the financial market is the trust between its participants
It is clear that a third party, as part of the implementation of the financial transaction procedure, charges a fee to the participants in the transaction
The solution to this problem allows us to understand the sensitivity of the country's economic dynamics to adjustments occurring in individual functional segments of the financial market, and to determine the potential for economic growth as a result of changes in the considered areas of the financial sector resulting from “penetration” of the Blockchain technology, which is important within the context of this work
Summary
Similar to how the digitalization of the socioeconomic environment destroys traditional areas of business (for example, digital channels replaced analogue ones), blockchain technologies can significantly transform existing business processes, including in the financial sector, thereby continuing to develop the FinTech paradigm.The fundamental basis that determines the development of the financial market is the trust between its participants. The parties undertake to verify the parameters of the transaction, which commence with assessing the reliability of data on the assets and end with the certificate and registration of the transaction Michelini, & Fiorentino, 2012). Most often these types of services include insurance, which is a guarantee of the cleanliness of transactions, even if one of the parties violated its obligations. The Visa international payment system charges a commission of 3% of the transaction value for a transaction within the framework of servicing the world's largest wholesale and retail chain Walmart. Given that the vast majority of transactions are based on the use of credit cards, Walmart takes into account the size of this commission and includes it into the prices (Tilooby, 2018)
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