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La blockchain et l'intermédiation financière

Author

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  • Marianne Verdier

Abstract

Blockchain is a technology that makes it possible to carry out and record orderly transactions in a digital format through a decentralized network without having recourse to a trusted third party. Trades are made safe by the use of encrypted algorithms. In this article, we study the impact of this innovation on the business of financial intermediation. We demonstrate that blockchains can reduce the costs associated with financial intermediation, leading to a change in the role of trusted third parties in financial transactions. However, regulation needs to provide a framework for its development in order to make trades more secure and to facilitate its adoption. Classification JEL: D40, G01, G21, G23, O33.

Suggested Citation

  • Marianne Verdier, 2018. "La blockchain et l'intermédiation financière," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 67-87.
    • Handle: RePEc:cai:refaef:ecofi_129_0067
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    More about this item

    JEL classification:

    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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