IDEAS home Printed from https://ideas.repec.org/a/vra/journl/v7y2018i2p24-33.html
   My bibliography  Save this article

Application of Blockchain and Smart Contracts in the Financial Industry

Author

Listed:
  • Dancho Petrov

    (University of Economics - Varna)

Abstract

The appearance and rapid development of cryptocurrencies put into operation new terms such us "blockchain", "distributed ledger" and "smart contract". The possibilities for application of blockchain technology are stretching far beyond the territory of the cryptocurrencies. The financial industry is among the sectors where the new technology is expected to cause dramatic changes. The focus of the analysis of this paper is on the following issues: what blockchain technology and smart contracts are, and in which segments of the financial markets could they find a favorable ground for application and development? The research methodology is based on literature review and secondary data which present the foundation for answering the following questions: how realistic the boom forecasts are in the blockchain application and what is the nature of the expected changes - will they lead to the end of the domination of the financial institutions-mastodons or there will be a new evolutionary phase in their development?

Suggested Citation

  • Dancho Petrov, 2018. "Application of Blockchain and Smart Contracts in the Financial Industry," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 7(2), pages 24-33, November.
    • Handle: RePEc:vra:journl:v:7:y:2018:i:2:p:24-33
    as

    Download full text from publisher

    File URL: http://www.su-varna.org/izdanij/2018/EconomicSciencesSeries_2018_2/24-33.pdf
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Plamen Dzhaparov, 2020. "Application Of Blockchain And Artificial Intelligence In Bank Risk Management," Economics and Management, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 17(1), pages 43-57.

    More about this item

    Keywords

    blockchain; distributed ledger; smart contract; financial industry; financial markets.;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vra:journl:v:7:y:2018:i:2:p:24-33. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Pavel Petrov (email available below). General contact details of provider: https://edirc.repec.org/data/uevecea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.