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Application Of Blockchain In Banking Compliance Activity

Author

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  • Nedyalko Valkanov

    (Department of Finance, University of Economics – Varna)

Abstract

Introduction and penetration of blockchain based technologies alongside with the appearance of cryptocurrencies gave financial sector not only a strong competitor in the face of different fintech alternatives but also a powerful possibility for response to complex and burdening present-day regulatory environment. The article examines possible applications of distributed ledger technology for the needs of modern banking compliance. The study emphasizes that this innovation could be treated as a factor that inevitably changes the way modern banks respond the expectations of surrounding regulatory framework. On the basis of presented facts and analysis are proposed several assumptions for future integration of blockchain technologies into banking compliance activities in shorter and longer term.

Suggested Citation

  • Nedyalko Valkanov, 2020. "Application Of Blockchain In Banking Compliance Activity," Entrepreneurship, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 8(1), pages 94-108.
    • Handle: RePEc:neo:epjour:v:8:y:2020:i:1:p:94-108
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    References listed on IDEAS

    as
    1. Elena Stavrova & Nedialko Valkanov, 2018. "Correspondence Interrelations Between Banks And Systems For Information Discovery In Databases Created For Them," Economics and Management, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 14(2), pages 27-43.
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      More about this item

      Keywords

      blockchain; banking; compliance; financial regulations;
      All these keywords.

      JEL classification:

      • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
      • K20 - Law and Economics - - Regulation and Business Law - - - General
      • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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