Blockchain as an instrument for improving banking processes

Abstract

One of the best-known innovations of the recent past is blockchain. Due to its usability, it has generated considerable interest in several economic areas. A decentralised system's approach can potentially reshape existing industries or make them redundant. Such technology can add a new dimension to processes, which is particularly relevant for the banking sector in the future. This demonstrates a great necessity to deal with blockchain with respect to market position and competition. This paper aims to provide insight into the current potential of blockchain applications in banking procedures. The benefits of process improvement in the financial sector are also outlined. This research shows that many experiences and adequate knowledge are already available. According to recent research, this technology will benefit banks’ business models, performance, and capabilities. However, blockchain is still in the phase of research and development, which is a crucial aspect of the banking industry.

Keywords

blockchain;financial sector;banking sector;business model;innovation;

Data

Language:	English
Year of publishing:	2023
Typology:	1.01 - Original Scientific Article
Organization:	UM EPF - Faculty of Economics and Business
UDC:	336.74:001.895
COBISS:	163009539
ISSN:	0547-3101
Views:	329
Downloads:	224
Average score:	0 (0 votes)
Metadata:

Other data

Secondary language:	Slovenian
Secondary title:	Veriženje blokov kot instrument za izboljšanje bančnih procesov
Secondary abstract:	Ena od najbolj znanih inovacij v zadnjem času je veriženje blokov. Zaradi svoje uporabnosti je sprožila veliko zanimanja na več gospodarskih področjih. V okviru pristopa decentraliziranega sistema ima potencial, da preoblikuje obstoječe panoge ali jih naredi nepotrebne. Takšna tehnologija lahko procesom doda novo razsežnost, kar je v prihodnosti še posebej pomembno za bančni sektor. To kaže na veliko potrebo po obravnavi veriženja blokov z vidika tržnega položaja in konkurence. Namen tega prispevka je zagotoviti vpogled v trenutno strokovno znanje o aplikacijah veriženja blokov v bančnih postopkih. Razen tega so opisane prednosti izboljšanja procesov v finančnem sektorju. Naša raziskava je pokazala, da je na voljo že veliko število izkušenj in ustreznega znanja. Glede na najnovejše raziskave bo ta tehnologija koristno vplivala na poslovne modele bank, njihovo uspešnost in zmogljivosti. Vendar je veriženje blokov še vedno v fazi raziskav in razvoja, kar je ključni vidik za bančništvo.
Secondary keywords:	veriženje blokov;finančni sektor;bančni sektor;poslovni model;inovacije;
Type (COBISS):	Scientific work
Pages:	str. 43-55
Volume:	ǂVol. ǂ69
Issue:	ǂno. ǂ1
Chronology:	2023
DOI:	10.2478/ngoe-2023-0005
ID:	26525625