Blockchain Technology and its Application in the Finance and Economics

Mijoska, Mimoza and Ristevski, Blagoj (2020) Blockchain Technology and its Application in the Finance and Economics. In: 10th International Conference on Applied Information and Internet Technologies - AIIT 2020, October 16th, 2020, Zrenjanin, Serbia.

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As a new technology, blockchain can be used to analyze and process the data through the effective integration of financial resources. New financial formats or service models are produced to upgrade the financial system and promote the efficiency and quality of financial operations and service from three layers: data, rules and application, based on customers' needs. The blockchain technology can help the financial industry to automatically and accurately identify customer credit conditions, restructure the financial market credit system, and improve the efficiency of cross-border payments. It also posed a challenge for the financial industries' development. In this paper, we systematically analyzed the blockchain technology and its application in the financial and economic domains. With the introduction of blockchain technology in banking operations, the possibility for banks to grant nonperforming loans is reduced, thus improving their effectiveness. Using the possibilities offered by the new technology will not allow a situation in which the bank should go bankrupt. Among the other advantages offered by this technology is the great acceleration of the international transfer of funds, which can be done in a few minutes, and in traditional banking, it takes several days in developed economies or even more so in developing countries.

Item Type: Conference or Workshop Item (Paper)
Subjects: Scientific Fields (Frascati) > Natural sciences > Computer and information sciences
Scientific Fields (Frascati) > Engineering and Technology > Electrical engineering, electronic engineering,information engineering
Divisions: Faculty of Information and Communication Technologies
Depositing User: Prof. d-r. Blagoj Ristevski
Date Deposited: 12 Dec 2020 18:27
Last Modified: 12 Dec 2020 18:27

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