The impact of Blockchain technology on the transformation of the nature of financial services

Abstract

Subject. This article examines the impact of blockchain technology on changing the infrastructure of global financial services, as well as its key advantages and development challenges in the financial environment. Objectives. The article aims to analyze the impact of distributed ledger technology on the implementation of blockchain technologies in smart contracts, non-fungible tokens, cryptocurrencies, central bank digital currencies, and digital financial assets. Methods. For the study, I used the methods of theoretical generalization, structural grouping, and statistical analysis. Results. The article reveals the expansion of the scope and audience of consumers of blockchain tools in the financial environment, the prospects for creating enterprises with minimal management capital, and reducing the cost of making payments. Conclusions. Blockchain technologies have the potential to radically change the global financial services market. Reducing the energy consumption of technologies, introducing a legal regulatory framework, expanding the scalability of blockchain networks, training specialists who understand the specifics of introducing advanced blockchain technologies into the financial sector of the economy – all these and some other acute problems of blockchain development are outstanding.