Transparency Of Transactions Research Articles

Controlled foreign companies (CFC/КІК): concept and principles of taxation

The article is sanctified to the decision of concept and principles of taxation of the controlled foreign companies. Basic ideas that were fixed in basis of judicial doctrine of the controlled foreign companies are investigational. It will be that an input in the tax law of rules of taxation of the controlled foreign companies is related to the necessity of implementation at national level of step of 3 Plans of actions of BEPS «Development of effective rules of taxation of the controlled foreign companies (CFC)». Marked, that with the aim of input of international standards of tax control for all participants of international trade, implementation of requirements of MLI of Convention and norms, envisaged by Plan of counteraction to practices of washing out of taxable base and leading out of profit from under taxation, reformation of institute of financial responsibility and improvement of procedure of administration of taxes and collections passed an act Verhovna Rada of Ukraine from January, 16, 2020 № 466, - IX «About making alteration in the Internal revenue code of Ukraine relating to perfection of administration of tax, removal technical and logical inconsistency in tax law», that envisage input rules : а) control after transfer pricing (Steps 8-10, 13); b) taxation of the controlled foreign companies (Step 3); c) limitation of charges is on financial operations with the constrained persons (Step 4); d) prevention by abuse with application of agreements on avoidance of double taxation (Step 5). Attention applies on that among unplanned earlier steps implementation not only of minimum standard of Plan of actions of BEPS is envisaged in this Law, id est four his steps, and realization of eight steps, in particular and to the step of 3 Plans of actions of BEPS «Development of effective rules of taxation of the controlled foreign companies (CFC)». It is underlined that as an input of Plan of actions of BEPS is considered world tax revolution, implementation in the Internal revenue code of Ukraine of step of 3 Plans of actions of BEPS «Development of effective rules of taxation of the controlled foreign companies (CFC)» will allow to provide additional receivabless in the State budget of Ukraine due to the increase of transparency of international transactions of subjects of menage. Marked, that the input of effective rules of taxation of the controlled foreign companies will prevent the use of aggressive charts of the tax planning, will assist the input of international standards of tax control for all participants of international trade, will perfect procedure of administration of taxes and collections, and also will assist the observance of principle of justice of taxation. The mechanism of decision of spores and judicial practice are analysed in the field of legal relationships, foreign companies related to taxation of controlled. Keywords:international taxation, controlled foreign companies, principles of taxation, judicial practice.

Scalable framework for blockchain-based shared manufacturing

Shared Manufacturing is a new mode of social manufacturing based on the principles of a sharing economy. This paper presents a scalable framework for blockchain-based Shared Manufacturing that preserves the transparency and immutability characteristics of transaction records, which is critical to building trust between entities in blockchain-based systems. We define a blockchain-based protocol for the service execution according to the design principles of the sharing economy. We present a scalable integration of blockchain technology into the concept of Shared Manufacturing by employing cross-chain solutions. We discuss existing cross chain technologies regarding the requirements of Shared Manufacturing and propose hybrid approach. We compare implementations of the proposed framework on two different blockchain networks: Ethereum public network and Xdai sidechain network. We conduct user-oriented test to explore the performance (cost and time) of the implementations in realistic situations in order to justify the use of the sidechain technology. Results indicate that the implementation on the sidechains provides greater scalability than the implementation on the public blockchain network.

Evolution of REITs in the Nigerian real estate market

PurposeThis study aims to examine the performance of real estate investment trusts (REITs) in emerging property markets. The paper used the Nigerian REIT (N-REIT) as a case study of an African REIT market, to provide information for investment decisions.Design/methodology/approachSeven years quarterly returns data (from 2013 to 2019) were obtained and used to analyse the holding period returns, return–risk ratio, coefficient of variation and Sharpe ratios of N-REIT, All Share Index of stocks (ASI) and the Federal Government Bonds (FGB) in Nigeria.FindingsThe study reveals that N-REIT outperformed stocks but underperformed bonds. Concerning risk, stocks provided the highest level of risk (7.69), followed by bonds (2.78), while N-REIT provided the lowest risk (2.7). The Sharpe ratios showed that N-REIT is the second-best performing asset, while bond is the first and stocks the last on the risk-adjusted basis.Practical implicationsN-REIT is the second-largest REIT market in Africa with a market capitalisation of about US$136m. The N-REIT market has provided investment benefits to institutional and individual investors such as liquidity, transparency and ease of transaction. This study shows the peculiarity of N-REITs; this can guide investors in making informed investment decisions.Originality/valueThis study is one of the first to empirically analyse in a comparative context, the risk-adjusted performance of N-REITs, ASI and FGB. The study will add to the limited research in this field and equip investors with valuable information for informed investment decisions.

Behavioral structure of users in cryptocurrency market.

Human behavior as they engaged in financial activities is intimately connected to the observed market dynamics. Despite many existing theories and studies on the fundamental motivations of the behavior of humans in financial systems, there is still limited empirical deduction of the behavioral compositions of the financial agents from a detailed market analysis. Blockchain technology has provided an avenue for the latter investigation with its voluminous data and its transparency of financial transactions. It has enabled us to perform empirical inference on the behavioral patterns of users in the market, which we explore in the bitcoin and ethereum cryptocurrency markets. In our study, we first determine various properties of the bitcoin and ethereum users by a temporal complex network analysis. After which, we develop methodology by combining k-means clustering and Support Vector Machines to derive behavioral types of users in the two cryptocurrency markets. Interestingly, we found four distinct strategies that are common in both markets: optimists, pessimists, positive traders and negative traders. The composition of user behavior is remarkably different between the bitcoin and ethereum market during periods of local price fluctuations and large systemic events. We observe that bitcoin (ethereum) users tend to take a short-term (long-term) view of the market during the local events. For the large systemic events, ethereum (bitcoin) users are found to consistently display a greater sense of pessimism (optimism) towards the future of the market.

Blockchain Technology in Renewable Energy Certificates in Brazil

ABSTRACT Several renewable energy certificate (RECs) applications point out that the blockchain technology can be useful in ensuring the traceability and transparency of transactions, despite some barriers to its implementation, such as the legal and market development. However, it is not clear how the organizational positioning, in relation to its given market, influences the artifact developed. In this study, through design science research (DSR) and case study methodology, we structure the problem space of two different positioned organizations in the sustainability field, with blockchain-based applications to produce and trade RECs. We find out that: (a) the position of the organization in relation to other stakeholders changes the behavior of the technology adoption; (b) the technological solution preceded the perception of the problem; (c) organizations create different representations of the artifact for each stakeholder. We suggest other studies to deepen these findings in order to better develop theories that explain how organizations see their problem when developing technological solutions while using DSR.

ON THE ISSUE OF IMPLEMENTATION OF INTERNATIONAL EXPERIENCE IN FINANCIAL ASSETS REGULATION: CRYPTOCURRENCIES

Introduction. The digitalization of the economy is closely linked to the formation of an effective legal framework. Any development or operation of digital instruments must be accompanied by appropriate financial and legal regulation. The study of the functioning of digital financial assets allowed us to conclude that, unfortunately, their rapid development is observed against the background of the lag of regulatory regulation of the relevant legal relations that are formed as a result of such activities. A critical scientific analysis of international experience in the field of financial regulation of cryptocurrencies has identified a number of key generalizations. The purpose of the article is to identify the main markers of digital financial assets, study international experience in financial regulation of virtual assets, including cryptocurrencies, identify opportunities to implement positive foreign practices to Ukrainian realities and diagnose the current state and prospects of cryptocurrency in Ukraine. Results. The specific characteristics of digital financial assets are substantiated, namely: freedom of issue, availability of cryptocurrencies, absence of intermediaries, high degree of protection, openness to developers, integration with the latest technologies that produce new digital products. The international practice of state regulation of cryptocurrencies is generalized in terms of both the interpretation of the conceptual apparatus and in view of the qualification of the mechanism of conducting operations with digital assets. It is proved that in Ukraine from the point of view of legal regulation of cryptocurrency is still outside the full framework of the legal field of domestic legislation. The main innovations and specifics of regulation of the market of virtual assets in accordance with modern Ukrainian realities are determined. Conclusions. The difference between national laws in the field of regulation of virtual assets is proved. It is argued that the main vector of regulation is aimed at strengthening control over the transparency and accountability of transactions with virtual assets, cybersecurity and mandatory user verification. The main directions of increasing the settlement and trust in virtual assets are formulated: production of standards and rules of cryptocurrency circulation, in order to bring it to the rank of a competitive means of payment; consolidation of the official status of cryptocurrency; formation of an open ecosystem through effective interaction of all participants in the process of buying / selling cryptocurrency; formation of a legal trading platform for cryptocurrency circulation; support of information literacy of the population to understand the benefits and risks of virtual currency etc.

Can Blockchain Revolutionize Tax Administration?

Experts predict that the use of smart contracts and other applications of blockchain technology can potentially revolutionize the manner in which we do business. Blockchain promises the elimination of middlemen, as well as trust, transparency, and improved access to shared information and records. Thus, it is no surprise that companies and entrepreneurs are now developing blockchain solutions for an array of markets, ranging from real estate to health care. But, can this new technology revolutionize tax administration? Our current tax administration system suffers from a large tax gap, high compliance and administrative costs, and many inefficiencies. Blockchain’s core attributes may present a solution to these shortcomings. This Article is the first to consider the technology’s potential role in revolutionizing tax administration and the challenges that must be overcome before incorporating blockchain technology into the tax space. The Article demonstrates that implementing a blockchain-based platform for tax administration would present significant opportunities to digitalize and automate certain tax processes, minimize government information constraints, increase the transparency and trustworthiness of tax-related transactions, and reduce costs, data redundancies, and other inefficiencies involved in the tax administration process. The Article concludes, however, that many blockchain tax initiatives are merely aspirational at this point. Governments need to overcome significant challenges and limitations in order to meaningfully take advantage of blockchain technology. It, therefore, sets forth normative steps for policymakers to take in supporting the development of blockchain technology and helping it to realize its full potential in the tax space. By doing so, the Article aims to promote a proactive approach to exploring and understanding the technology’s benefits, limitations and implications, and thereby to place the government in the best position to harness the advantages of blockchain technology and modernize our system of tax administration.

ФАКТОРЫ РЕАЛИЗАЦИИ РЕГИОНАЛЬНОЙ ПОЛИТИКИ ИМПОРТОЗАМЕЩЕНИЯ

Currently, import substitution is considered as one of the priority directions of the country’s economic development, the relevance of which arose in response to the imposed sanctions of Western countries, which implies a decrease in the share of imports of products, services, technologies, the development of an industrial base in the most important industries and, ultimately, an increase in the level of economic security of the country. Despite the fact that the sanctions impose serious restrictions on the activities of leading Russian companies, in the current conditions, coupled with the ongoing coronavirus epidemic, they are a serious incentive for the implementation of the import substitution policy. Rosstat data show that the import substitution policy has led to positive consequences for the agriculture of the regions. However, the effectiveness of the state policy in the field of digitalization and the introduction of innovative artificial intelligence technologies are of particular importance for the implementation of the import substitution policy. The following positive effects from the digitalization process at the regional level, influencing the implementation of the import substitution policy, are highlighted: improving the quality of life of the region’s population; growth of labor productivity by speeding up all business processes and reducing communication time in the region; the emergence of new forms of business and new business models to increase profitability and competitiveness; increasing the transparency of business transactions and ensuring the possibility of their monitoring; ensuring the availability and promotion of goods and services to regional markets.

Money Laundering, Criminal Responsibility of Legal Persons and 2018 Directives

The common criminal instrumentalization of companies for the commission of money laundering motivated in 2010 their incorporation into the criminal responsibility of legal persons and the possible exemption or mitigation of punishment in 2015 through compliance programs, which pose several problems. Directive 2018/843 also seeks to achieve greater transparency of transactions, companies, legal entities, trusts and similar instruments, and Directive 2018/1673 makes it compulsory to ensure that legal persons can be held responsible for the money-laundering offense, although it does not require the use of criminal penalties; however, a reform of Article 303 of the Criminal Code will be necessary, and this amendment should be used to remove obvious errors.

Digital Ads Regulation: A Japanese and Global Perspective

This paper addresses the problem of the regulation of digital advertising from a comparative and global perspective. There are a number of possible concerns about digital advertising, ranging from the lack of transparency of transactions and “unfair” conduct to conflicts of interest and self-preferencing by certain operators, from the way personal data are gathered and used to excessive concentration and market power in the supply chain. Several reports have been produced, including in the United Kingdom, in Australia, in Japan, and in a number of EU Member States. This paper examines the potential concerns that have been identified, focusing on the Interim Report by the Headquarters for Digital Market Competition of the Japanese Cabinet Office. It concludes that an international approach should be adopted, with the right mix of Government intervention, under the aegis of institutions such as UNCTAD, UNCITRAL or the OECD, and Government-backed industry self-regulation. This is the only way to avoid regulatory unilateralism, which would fragment markets, hinder trade and ultimately harm business and consumers world-wide, depriving them of the benefits that the digital economy has already brought about and has the potential to deliver in the future.

An Analysis of the Long-Run Relationship Between Corruption and Debt Sustainability in Nigeria

Corruption and public debt have continued to increase in Nigeria despite the anti-corruption posture of governments over the years and justifications often advanced for accumulating debts. The rising tides of public sector corruption in Nigeria are pervasive with its debilitating effects on the economy. The government’s anti-corruption campaigns have produced minimal results than expected as the country’s performance on global ranking by Transparency International remains dismal. Coincidentally, the fiscal stability of the economy has been jeopardized by increased public debts without commensurate investments injected into the system.This paper examined the long-run relationship between corruption and debt sustainability in Nigeria from 1996-2019 and employed the Vector Error Correction Model (VECM) technique of analysis.The choice of the period covered was informed by the need for a large dataset which guarantees a robust outcome in time series analysis and to capture the year 1996 when Nigeria made its first appearance in the assessment of global perception of corruption by Transparency International. Findings revealed that corruption is negatively related to debt sustainability in Nigeria, suggesting that higher incidences of corruption make public sector debt unsustainable. The speed of adjustment of -0.7575869 is negative which is statistically significant at 5%. This shows that there is 75.76%-point adjustment taking place each period towards the long-run periods. There is, therefore, the need for effective anti-corruption institutions, revisiting of the whistleblower policy, and entrenchment of the culture of transparency in financial transactions in order to curtail the ravaging effects of corruption in Nigeria. KEYWORDS: Corruption, Debt Sustainability, Vector Error Correction Model (VECM)

Measuring value created by business models in the sharing economy

The sharing economy forms a modern sustainable trend, combining the economic and social-ethical benefits of using, rather than owning. The article studies such factors as social approval, economic choice and digital coordination influencing the effectiveness of business models of the sharing economy, but the full value of which has not yet been established. The methodological basis of the research includes neoclassical and neoinstitutional economic theories and the concept of economic collaboration. Among the research methods applied are a value-based approach to discussing the substance of collaborative consumption business models, a critical analysis of the peculiarities of the economic choice between saving and consumption, and a qualitative analysis of demand on the basis of a socially confirmed interest in collaborative consumption. The research develops five types of models for creating and redistributing income in the sharing economy and finds that the key advantage of the sharing economy is the confirmed demand of a new class of consumers, which reduces the probability of marketing mistakes. The authors state that any form of collaborative consumption for ensuring transparency of transactions and correctness of taxation should be regarded as a service. We design an alternative model for assessing the lower bound of the value created, which takes into account the frequency of consumers’ repeated requests to previously provided services, assuming that social approval shifts the line of choice and does not create a new value. The theoretical and practical significance of the research lies in the contribution to the value measurement of shared consumption based on consumer signals in the form of public approval (social initiative or testing) and profitability evaluation (lower bound) of the shared use by the consumer.

Impact of farmers' benefits linking stability on cloud farm platform of company to farmer model

China has formed a new C2F (company-to-farmer) model of internet and agriculture. How to build a sustainable linkage of the C2F platform is important for promoting agricultural industrialization. Based on the cognition theory and internet thinking, we characterized the linkage mechanism and stability framework of the C2F regarding default proportion, benefits fairness and benefits gap. Using the logistic regression method, we constructed the impact effect model of benefit links stability based on the farmers’ characteristics, platform cognition and social environment. We found that in the C2F, optimizing farmers’ age structure (17.93%, impact effect), increasing farmers’ income level (16.79%), as well as improving farmers’ education level (14.33%), policy support (11.35%), platform service quantity (9.82%), market volatility (9.11%), platform transaction transparency (9.07%), farmers’ risk tolerance (7.93%), and platform technical guidance effect (3.67%) had a significant impact on reducing default proportion (28.13%) and benefits gap (36.55%), thus heightening benefits fairness (35.32%). The research suggested, we should promote the sustainability of C2F by improving the farmers’ digital ability and platform function, developing innovative linkage mechanisms between companies and farmers, strengthening government guidance, and protecting the policy environment.

Post Pandemic Revival Strategies of Global Banking Sector: A Case Study

The COVID 19 brings a major transformation in every sector of business. Most of the business sector are worst affected during this pandemic period. Successful sustainable business strategy in the post pandemic period only can help revival of the business. The post pandemic has many consequences for instance pay cuts and layoffs etc. all the business sector in general and banking sector in particular. The financial services will be globally reformed at an unacceptable level across the world. Government across the world after 2008 crisis had made major financial reforms for greater transparency of transactions and reduce risk in order to make financial services more safer. Many banking sectors worldwide are going to reform their bank structure. The present study relates to giant multinational bank operating across globe HSBC under consideration. The post pandemic revival strategy HSBC is committed to implement its restructuring plan considering market structure, tax transparency, capital and liquidity. HSBC bank reported 48% fall in profit before taxes in Q1 2020 as compared to the last year. HSBC disclose declines of revenue in three major segments that is adjusted pre-tax profit collapsed by 84% in retail banking and wealth management, 70% in commercial banking business and 35% in global banking and market segment.

The effect of the epidemic between the Malthus perspective and the revival of economic growth for some countries in North Africa and the Middle East

The COVID 19 brings a major transformation in every sector of business. Most of the business sector are worst affected during this pandemic period. Successful sustainable business strategy in the post pandemic period only can help revival of the business. The post pandemic has many consequences for instance pay cuts and layoffs etc. all the business sector in general and banking sector in particular. The financial services will be globally reformed at an unacceptable level across the world. Government across the world after 2008 crisis had made major financial reforms for greater transparency of transactions and reduce risk in order to make financial services more safer. Many banking sectors worldwide are going to reform their bank structure. The present study relates to giant multinational bank operating across globe HSBC under consideration. The post pandemic revival strategy HSBC is committed to implement its restructuring plan considering market structure, tax transparency, capital and liquidity. HSBC bank reported 48% fall in profit before taxes in Q1 2020 as compared to the last year. HSBC disclose declines of revenue in three major segments that is adjusted pre-tax profit collapsed by 84% in retail banking and wealth management, 70% in commercial banking business and 35% in global banking and market segment.

An Explorative Paper on Speculative Approaches to Smart Contracts

The trend of cryptocurrencies has stirred interest in the underlying technology that qualifies cryptocurrencies as a secure structure with speedy, timely and cheap transactions. The aforementioned technology, the blockchain, in brief terms is a decentralized ledger technology that attains an immutable characteristic through consensus and timestamp mechanics. The model also sets the stage for transparency in transactions, which renders the technology applicable to a myriad of scenarios that involve financial instruments. This research puts forth an argumentative approach to the applicability of blockchain technology and specifically studies the prospect of utilizing smart contracts. This approach probes the feasibility of introducing smart contracts to everyday financial transactions and settlements. An opposing perspective, by taking a devil's advocate standpoint, invokes the impractical or implausible aspects of implementing the blockchain in certain scenarios. Difficulty in auditing is a prominent example among those impracticalities. Research methodology is qualitative in nature and takes the form of exploratory research by examining existing literature on the topic.

BLOCKCHAIN TECHNOLOGY: FEATURES, PROSPECTS

The article examines the features of blockchain technology and the construction of its structural elements. It is based on the principle of structuring and working with databases, which was developed by Satoshi Nakomoto in 2008. A feature of its model is the reliability of transactions and the creation of a decentralized register of data accounting and key blocks of information. The article also examines the main types of operation of the blockchain system, from Blockchain 1.0 to the concept of Blockchain 4.0. Given the high level of interest of the world in building reliable information accounting, the blockchain has become an important tool for ensuring reliability both for the financial world and for the wider areas of application considered in the work. The stages of development are characterized and the process of formation of blockchain technology on the world market is analyzed. The paper presents examples of major cryptocurrencies in the world, which are currently considered the most stable and relevant for investment or settlement. The study shows a tendency to accelerate the emergence of various types of cryptocurrencies developed by the world's largest digital giants, such as Libra 2019 from Facebook, Gram from the most popular messenger Telegram, and many others. The wide range of cryptocurrencies on the market encourages users to increasingly use the blockchain system and increase the turnover of cryptocurrency, because as of 2019 the market value is about 420.5 billion dollars, which is growing every year. The basic principles of information protection and ensuring the reliability of its accounting are considered. Considerable attention in the article is paid to the peculiarities of the construction and operation of the blockchain system itself. The operating model is the most important for improving the operation of the blockchain system and encouraging users to use modern technologies. Much attention is paid to the system of accounting for information blocks, access to it, the use of hashes and ensuring the reliability of the connection of chains of blocks with each other. An important area of work is the analysis of accounting systems PoW and PoS, as well as combining them into a single, which provides more effective protection of information. Prospects for further development of Blockchain technology at the corporate and state levels are outlined. The paper identifies the main prospects for the use of blockchain technology at the corporate level, provided the use of effective financial instruments and ensuring the transparency of financial transactions, increasing the number of innovative technologies and calculation methods based on this technology. At the state level, among the promising areas of blockchain technology, attention is paid to social security, accounting and registration of tax information, introduction of the system in the military-industrial complex, archive of vehicle operation, issuance of certificates, voting system and other areas

Anomaly detection via blockchained deep learning smart contracts in industry 4.0

The complexity of threats in the ever-changing environment of modern industry is constantly increasing. At the same time, traditional security systems fail to detect serious threats of increasing depth and duration. Therefore, alternative, intelligent solutions should be used to detect anomalies in the operating parameters of the infrastructures concerned, while ensuring the anonymity and confidentiality of industrial information. Blockchain is an encrypted, distributed archiving system designed to allow for the creation of real-time log files that are unequivocally linked. This ensures the security and transparency of transactions. This research presents, for the first time in the literature, an innovative Blockchain Security Architecture that aims to ensure network communication between traded Industrial Internet of Things devices, following the Industry 4.0 standard and based on Deep Learning Smart Contracts. The proposed smart contracts are implementing (via computer programming) a bilateral traffic control agreement to detect anomalies based on a trained Deep Autoencoder Neural Network. This architecture enables the creation of a secure distributed platform that can control and complete associated transactions in critical infrastructure networks, without the intervention of a single central authority. It is a novel approach that fuses artificial intelligence in the Blockchain, not as a supportive framework that enhances the capabilities of the network, but as an active structural element, indispensable and necessary for its completion.

Consumer protection and electronic commerce in the Sultanate of Oman

PurposeWithin a larger mandate of reviewing the key global trends concerning consumer protection in the electronic commerce (e-commerce) literature, this study aims to study the legal framework concerning e-commerce and consumer protection in the Sultanate of Oman and to analyse the current regulations concerning e-commerce and consumer protection.Design/methodology/approachThis study followed the normative legal research approach and resorted to the desk research process to facilitate content analysis of literature containing consumer protection legislation and regulatory provisions in Oman in particular and the rest of the world in general.FindingsThe study reveals that consumer protection initiatives in Oman are well entrenched for offline transactions, but are relatively new and limited for e-commerce. In spite of the promulgation of consumer protection laws, electronic transaction law and cybercrime law, consumer protection measures for e-commerce in Oman do not address a large number of the global concerns necessary to build consumer confidence and trust in the online environment.Research limitations/implicationsThere is a dearth of information concerning Oman on this topic in the extant literature. The research also witnessed the lack of empirical data on the issue of consumer protection and e-commerce in Oman that offer a detailed database of consumer complaints and associated outcomes.Practical implicationsThe mechanism of consumer protection in electronic transactions is not robust in many countries. Because of the lack of comprehensive and robust legislation, consumers remain vulnerable in the online contractual purchase process. Moving beyond the fragmented legislation, many countries are currently mulling an all-comprehensive e-commerce law, implications of this paper will help the policymakers in identifying the focus areas.Social implicationsConsumer protection is a burning global issue in this era of consumerism. It is important to build consumer trust, transparency and integrity of transactions to reduce the risk and uncertainties of purchase.Originality/valueConsumer protection studies conducted in the context of Oman, hitherto, deal more with data protection and dispute resolution mechanisms, and less with legal provisions, regulations and consumer confidence. The study shares newer insights based on a systematic review of legal and business databases. It is the first study of its kind in the context of Oman and the Middle East in general.

Blockchain Applications in Banking Industry: A Mini-Review

Briefly, Block-chain technology is a technology in which digital information is stored in a public shared data-base. This technology got famous mainly after introducing the first cryptocurrency which is the Bitcoin. The bitcoin uses this technology in keep tracking the records securely. First, this paper will give a brief idea about blockchain generally and show how it works. Then, it will discuss some general applications of blockchain. In addition to making a mini-review of this technology generally and especially in the banking industry. Like other services and products, which have been completely changed because of “digitalization and technology”, such as; shopping, ordering and delivering food, movies and TV industry, navigation services… etc. Blockchain can completely change and transform the banking services because it has High security, high transaction transparency, decentralized system and can achieve transactions more efficiently. In addition, the correlation between blockchain technology, Fin-Techs and sustainability will be discussed. Finally, the expected future and the challenges of accepting and implementing blockchain technology in the financial industry and services will be discussed.