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Blockchain as an Instrument for Improving Banking Processes

Author

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  • Vukovljak Bojana

    (PhD Student at the University of Applied Sciences Burgenland, Campus 1, 7000 Eisenstadt, Austria)

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.

Suggested Citation

  • Vukovljak Bojana, 2023. "Blockchain as an Instrument for Improving Banking Processes," Naše gospodarstvo/Our economy, Sciendo, vol. 69(1), pages 43-55, March.
    • Handle: RePEc:vrs:ngooec:v:69:y:2023:i:1:p:43-55:n:4
    DOI: 10.2478/ngoe-2023-0005
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    More about this item

    Keywords

    Blockchain; Financial sector; Banking sector; Business model; Innovation; veriženje blokov; finančni sektor; bančni sektor; poslovni model; inovacije;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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