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53Применение блокчейн технологий в финансовом секторе -от конфронтации к симбиозу
Дзятковский Антон Дмитриевич
соискатель, Парижский колледж международного образования, [email protected]
Груневский Владимир Анатольевич
руководитель контент-маркетинга, Platinum Software Development Company, [email protected]
В настоящее время ключевыми факторами влияния на финансовый сектор являются экономическая трансформация, цифровая трансформация и развитие информационных технологий. Технология блокчейн с интеграцией криптовалюты является одной из основных технологий, которая имеет перспективное применение в финансовом секторе. Целью данной статьи является изучение влияния технологии блокчейн на банковскую отрасль. Чтобы понять эту технологию, данное исследование направлено на анализ технологических функций с использованием архитектурной модели и анатомии блокчейна. Большая часть исследований технологии блокчейн проводится на основе алгоритмов консенсуса, четыре из которых рассматриваются в данной статье. Наибольшее значение придается переходу банковской отрасли и технологии блокчейн от противостояния к состоянию взаимодействия, основанному на противоречиях и симбиозе.
Ключевые слова: финансовый сектор, блокчейн, использование технологий блокчейн, криптовалюта.
Introduction
Initially, the finance industry mediated transactions by providing a basis for cash flow. Technology has always influenced the financial system: under the impact of informational and technological development, it has transformed the finance industry's style of working. Thus, it is completely dependent on technology to carry out its day-to-day operations, so blockchain can be an important catalyst for the development of the finance industry.
The finance industry has been criticized for its inefficiency, high cost and lack of transparency. Blockchain technologies offer solutions to these problems as well as providing a competitive advantage. Interest in blockchain technology has grown significantly, so the central banks and state governments are also considering options for its use.
In today's environment, financial institutions are constantly developing new ways to accelerate transactions in order to improve customer service, providing transparency to customers and regulators with increased cost efficiency.
Blockchain is an important technology with promising use cases for the banking industry and has the ability to transform the entire industry by making processes more democratic, transparent, secure and efficient.
Blockchain includes several technologies in its structure: distributed data storage, consensus mechanisms, point-to-point transmissions and encryption algorithms. It acts as a decentralized ledger that effectively tracks transactions between two parties. Although these parties have concurrent access enabling them to update the digital ledger and system, it is nearly impossible to hack [5].
More than 90 central banks around the world are already using blockchain technology and 80% of banks predict the integration of blockchain and distributed ledger technology. Thus, most banks are on their way to adopting blockchain in order to reform traditional banking procedures [11].
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Materials and methods
This study carried out a thorough examination of the existing literature, including an exploration of databases containing relevant academic research. The literature review covered a variety of studies published in peer-reviewed journals, academic reports and technical reports to help identify the associated benefits, opportunities, costs and risks of using blockchain technology in the banking sector.
The purpose of the article is to consider the trends and the potential for using blockchain technologies in the banking industry.
The object of the research is blockchain technology.
The subject of the research is the application of blockchain technology in the banking sector.
Literature review
The banking industry provides a wide range of operations: bank deposits, trading operations, custody, insurance, clearing, settlement accounts, etc. Customers
pay for the optimal execution of transactions via the banking system which pertain to the movement of funds.
The banking business is repetitive, time consuming and costly, which necessitates the implementation of technological solutions to modernize the existing model. We are at a time when banks are focusing on the reduction of back-office operating costs.
Technology startups using the latest technologies, including blockchain, are challenging banks by offering faster, more transparent and cheaper services. They have already managed to capture a significant share of the payment industry market. In a growing competitive market, blockchain is a potential tool for growing and developing the banking industry [7,14,15].
Banks now play a vital role in the global economy and have faced many challenges in the past. The 2008 financial crisis and the crisis resulting from the COVID-19 pandemic have shown that the economy is very sensitive to the actions of participants and needs an optimal functioning strategy to provide high quality services to the banking industry.
Blockchain can solve many of the problems that banks and financial institutions are constantly faced with. Blockchain technology has many interesting characteristics that make it as attractive as Linux (thanks to its transparency) and Skype (thanks to Voice over IP) when they were first introduced [9,16].
Blockchain technology provides: a high level of security for the storage and transmission of data, an open and transparent network infrastructure, decentralization and low operational costs. These impressive characteristics make blockchain a truly promising and sought-after solution, even among the extremely conservative and somewhat limited banking industry [6,8].
Most financial institutions cannot do their job without a number of intermediaries whose participation significantly increases the cost of the services provided by these institutions. The introduction of blockchain will eliminate unnecessary intermediaries and provide customers and banks with cheaper services.
The main areas in which banks and other financial institutions will be able to implement blockchain technology are in cost savings and faster interbank and international transfers. Large companies and independent analysts are primarily considering blockchain technology in the near future as a possible alternative to the SWIFT bank transfer system.
Another application case for blockchain in banking is the creation of a customer identification system, based on distributed ledger technology. This is very important because all lending institutions must comply with KYC when processing applications. Blockchain allows users to be identified in one step and this information is securely stored, granting access to other banks in the system.
Banking activities are directly related to the insurance of deposits and loans. Even in developed countries, most of these banking functions are often criticized for being unreliable and vulnerable. Government regulators insure the deposits of private banks in traditional currencies. A distributed system based on ledger technology for loans and deposits is decentralized and since deposits are not controlled by any organization, the system cannot go bankrupt [6].
Results
Next, we will consider the advantages and disadvantages of using blockchain in the banking industry,
as well as the potential applications for the formation of an optimal banking system that has a sufficient level of stability. Blockchain technology can leverage its functions in banking industry areas that are completely technology dependent.
Thus, blockchain technology has unlimited prospects for changing the entire industry. Based on the data analysis, five main impact areas related to the banking sector should be discussed.
Banks have played a key role in cross-border payments since the inception of monetary transactions. With the rise in the number of payment companies like PayPal and Wise, banks have lost a significant market share of the payment segment. They outperform banks in terms of speed, cost, flexibility and transparency, thus posing a serious threat to banks' payment services.
Banks use the SWIFT network to send and receive international payments, which is a messaging network that allows banks and other institutions to send and receive information using secure codes.
SWIFT is the safest and most reliable way to make international payments but it is a long and expensive process. The average transfer time is 1-5 business days and the average cost is $40-$50 (Wise). To solve these problems, banks are testing blockchain technology to find a faster and better solution.
Blockchain technology can help banks make direct international payments cost-effective and efficient through the means outlined below.
Banks need to have their own blockchain networks, which would allow them to transfer funds directly to another bank's network. All transactions are recorded and cannot be changed. The registry would be available to the parties involved and no intermediary is required. Thus, blockchain technology can reduce the time and costs associated with SWIFT [9].
Blockchain technology can help solve the current problems associated with global payments by offering new solutions. A third-party is not required for making an international payment.
Payment accounting and book-keeping would be carried out independently, which reduces operating costs. Transactions would also be completed in a shorter time frame. This would make payments easy and transparent for the buyer.
Typically when SWIFT is used, a third-party (and sometimes a fourth-party) is required and so banks are dependent on a connection to them. The blockchain network directly connects the two parties and facilitates a direct transaction. A blockchain transaction can be completed in a matter of hours, compared to 1-5 business days, as in the case of SWIFT.
Banks play an important role in financing the global flow of goods. The World Trade Organization (WTO) estimates that about 80-90% of world trade is supported by trade finance, which is a credit support and a guarantee of payment provided by financial intermediaries for the execution of a trade transaction [17].
Once, a common form of finance trade was a letter of credit. A letter of credit is a written document drawn up by the bank on behalf of the buyer, promising the seller that the purchase amount will be paid on time, otherwise the banks would not be obliged to pay this amount. Like any international payment, drafting a letter of credit is a complex and time-consuming process that still requires a lot of paperwork and manual verification, consequently increasing costs and requiring a given amount of time. Blockchain
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technology can improve efficiency and reduce operational costs through smart contracts [2,3].
Blockchain can also be used to simplify the large letter of credit drafting process. Once the parties involved in a trade have their own blockchain network, the information can be transferred to a private distributed ledger and an agreement can be made using smart contracts.
Various concepts have been initiated to address trade finance issues, such as Skuchain10, which facilitates B2B trade and financing by providing a smart contract solution and tracking all stages of a trade transaction from order, shipment to final payments.
The KYC system is considered to be another important blockchain application in banking. The average time it takes banks to complete the KYC process is around 26 days. It is the responsibility and obligatory task of the bank to record customer data and ensure that it is verified prior to authorizing any financial transactions. KYC is regulated by a legal framework to prevent money laundering and terrorist financing.
Currently, customers have to provide details to each bank they wish to open an account with. The data is stored in the centralized system of the bank and is available only to them. With the help of blockchain technology, customer data can be stored in a block and this block can be shared with other banks, increasing work efficiency and eliminating repetitive work. The data stored in the blocks is immutable and ensures that the information is correct. This way, after the data has been saved, it can be used by other banks.
Blockchain technology has tremendous potential to transform the capital market trading system. The capital market is complex and the settlement of accounts is often time consuming. There are many intermediaries in capital markets, such as banks (mainly investment ones), brokers, investors, lending agencies and various other organizations that are actively involved in the market [1].
The capital market's main problem is that there are different clearing and settlement systems and with many parties involved, there is a high counterparty risk. Failure to comply with obligations by one of the parties can affect the entire market.
Research conducted by Goldman Sachs investment bank shows that blockchain can save $6 billion annually in the capital market. So even more real savings are expected. Blockchain can change the way activity is managed, since balances are recorded, cleared, settled and reported using smart contracts [4].
Finally, blockchain can also change financial reporting and regulatory compliance. Institutional banks must regularly submit reports such as tax accounts, audits and other reports. Every bank is obliged to provide timely reports, which is especially important for combating fraud and money laundering.
Preparing reports on a regular basis in accordance with regulations takes time and manpower. Blockchain can be useful in automating reports and in saving time and money. With blockchain, all paperwork can be eliminated. Transactions can be logged and updated automatically. This would facilitate the work of both banks and the regulatory board [9].
Transactions can be tracked, which can help anti-money laundering activities. Blockchain's ability to record a transaction and track the history would ease the work of the auditor and the regulator. This could help banks automate reporting and compliance. Many banks and regulators are testing ways to implement blockchain.
Hence, the use of blockchain would greatly facilitate the activities of the banking industry in both the short and long term [2,3].
Discussion
The banking industry today faces certain challenges such as higher transaction costs, fraudulent attacks on centralized servers and lack of transparency in transactions. Most banking transactions require manual processing and documentation, involvement of intermediaries and they are time consuming.
Blockchain provides viable solutions for banks as it helps to eliminate intermediaries from the transaction process and can simplify real-time crypto transactions. This is why most banks have adopted this technology, thereby increasing their profits. The following assessment factors identify problem areas in the current-state process that can be solved with blockchain functions. The impact of blockchain technology is summarized as follows (Table 1):
Table 1
Functions Evaluation system Impact of Blockchain Fit
Mediator High commissions for a reseller? Delay due to intermediary processing? Is there an intermediary due to lack of trust? Blockchain's distributed ledger technology facilitates disintermediation, thereby lowering costs and reducing latency.
Transparency Are there multiple participants? Would increasing the transparency of the transaction help the participants? The hashes / pointers of records written in the blockchain are immutable and irreversible, which prevents changes and eliminates the risk of fraud.
Data storage Is the same information stored in multiple locations? Is data consistency an issue? The distributed ledger and blockchain consensus mechanism ensure data consistency across multiple participants.
Manual processing Does the process involve manual operations? How high is the negotiation price? The blockchain maintains an automated audit trail of transactions, thereby reducing manual processing to validation and reconciliation of data.
Trust Is there trust between the participants? Do multiple participants have the right to modify transactions? Is there a risk of fraudulent transactions? Smart contracts allow you to codify business rules, checks and approvals, thereby reducing manual processing.
Documents Is there paper documentation? Do you need to create a large number of documents / reports? Smart contracts enable business checks and automatic reconciliation for direct processing.
Time sensitivity Which would improve transactions more -making them synchronous or in real time? Blockchain enables settlement of registered transactions in near real time, reducing risk and providing better customer service.
Blockchain technology promises tremendous opportunities for solving problems in the banking sector. There are several use cases illustrating the benefits and limitations of blockchain technology.
1. Payments. This is an important example of the use of banking systems. Cooperative and central banks are going to use blockchain technology for payment processes, which is important for cross-border payments. Without third parties, payments can be made very quickly. Problems associated with the exchange of cryptocurrency for local money may arise due to changes in the exchange rates.
2. Digital verification: This can be done by removing all traditional verification systems such as identification, face verification and customer verification using blockchain. Blockchain provides choices where the user can identify themselves and others who want to share their identity, without re-registering for each banking service. Thanks to the public registry system, anyone can access information without permission. Hence, personal information should not be added to the blockchain.
3. Lending: traditional banks provide various types of loans. But it involves a lengthy process. Blockchain can use ultra-fast transaction lending systems for this in a transparent way. Banks provide loans, KYC (Know Your Customer) and BSA (Bank Secrecy Act) and links them all to one consumer block. This system helps to save money and the time it takes to wait for the long traditional process.
4. Accounting and auditing. Most traditional banks still rely on paperwork like double-entry transactions and after a long process, they slowly digitize the details. Banks can directly enter their transaction details into the general accounting system. All records are transparent and irreversible with blockchain. Its smart contracts have one invaluable function: they can pay bills automatically. People who work for banks must have prior knowledge of blockchain - this is a significant factor.
5. Crowd-funding: This is an online fundraising mechanism involving large numbers of people with small amounts of money. Initial Coin Offerings (ICOs) have the ability to sell their tokens over the internet with the advantage of decentralization through the use of blockchain technology. It comes with some risk due to legal issues in the ICO.
6. Smart contracts: Smart contracts are a set of code that is stored on the blockchain. These programs run automatically when the correct conditions are met. They perform cryptographic transactions, transparently and without intermediaries, due to the decentralized ledger on the blockchain.
7. KYC (Know Your Customer): The traditional KYC process takes a long time to complete individually in all banks and other financial institutions. Using Blockchain, independent verification of each client of one bank can be accessed by other banks.
This process helps eliminate duplication, reduce administrative effort and save time.
Blockchain is widely used in banking in Europe, America and China. We.Trade was the first blockchain-based transaction and now there are many transaction platforms such as One Pay, Batavia, Marco Polo, Voltron, BBVA and Indra [9,12].
The rapid growth of financial technology has transformed the banking business model by providing innovative solutions. Banks using modern financial technologies attract customers by providing more efficient, transparent,
convenient and automated financial services than traditional banks do.
Table 2
Function Blockchain Impact on concerned parties
Identity and value authentication Verifiable and reliable identity authentication, cryptographic protection. Retail banking, payment card networks, regulatory authorities.
Movable value -make payments, transfer money and buy goods and services Transferring value in very large and very small steps without intermediaries significantly reduces costs and speeds up payment. Retail banking, wholesale banking, money transfer services, payment card networks.
Storage of value -commodities, currency and financial assets are the store of value. A payment mechanism with safe and secure storage of funds reduces the need for financial services; bank savings and checking accounts will become obsolete. Retail and investment banking.
Loan value - credit card debt, municipal bonds, corporate bonds, government bonds, mortgages, asset-backed securities. Debts can be sold, issued and settled on the blockchain; this reduces friction, increases efficiency and reduces system errors. Customers can use reputation to access credit and retail banking services.
Value exchange Sudden speed boost Banks
Investments and financing New models Investment banking
Management risk Risk reduction Wholesale bank
Currently, the financial technology segment includes blockchain and cryptocurrencies, Artificial Intelligence, machine learning, digital consulting and training systems, mobile payment systems and crowd-funding. Among these, this study will discuss the impact of blockchain and cryptocurrencies on the banking industry. It is difficult to quantify the growth and size of the financial technology being used in banking. Resulting from the rise of financial technology, there comes a new wave of digital banking startups.
a) Advantages of blockchain in banking. Blockchain opens up many opportunities in the banking sector.
1. Banks using blockchain provide financial services in a cost effective and flexible way.
2. Expanded access to capital - blockchain appears in a peer-to-peer network, providing loans to users who cannot get bank loans.
3. Advantage in cost - this provides lower and faster transactions and services. Blockchain helps reduce costs for services such as cross-border transfers and speeds up payment processes.
4. Helps to improve financial sustainability.
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5. Increased security - most banks use blockchain to improve the security of transactions through hash encryption and communication between blocks.
b) Blockchain helps prevent these risks and information leakage.
There are many different risks that can be influenced in different sectors, both in strategic and tactical ways.
1. Competition for market share - existing banks are losing their market share and profitability.
2. High operational risk - the use of blockchain in the banking sector increases the complexity of systems and boosts the knowledge and experience in risk management.
3. Cyber risks - cloud computing, Artificial Intelligence and other technologies that contribute to increased interconnection, potentially making them more vulnerable to cyber attacks.
4. Risk of fraud or conflict of interest.
5. Risk of Compliance with Data Confidentiality Requirements.
There are over a thousand cryptocurrencies in the world, among which Bitcoin is the best cryptocurrency, invented by blockchain technology. Cryptocurrency has an impact on people, businesses and organizations. Blockchain technology is the backbone of cryptographic inventions. Cryptocurrency is a digital medium of exchange that is created and stored electronically on a blockchain. Encryption methods are used to control currency and verify the transfer of funds in cryptocurrency [10].
The blocks in the blockchain that encrypt the information stored in the registry are linked using cryptography. Blockchain technology has a decentralized network, which is interconnected nodes / participants that do not rely on a central server and are based on a P2P system. Crypto is the first application of blockchain technology.
Mathematical concepts and consensus algorithms are combined with blockchain features that create a platform for regulation. The transfer of ownership can be identified without a central authority or third party.
Bitcoin and Etherum networks are blockchain-based. Bitcoin has revolutionized electronic currency due to its simple feature: no one can change values without fulfilling certain conditions. There is a specific mechanism for managing these cryptocurrencies. When a transaction is approved, it cannot be changed or deleted and becomes an immutable record in the blockchain. Etherum is one of the networks that uses smart contracts in blockchain technology.
Despite its advantages and capabilities, blockchain also has some limitations.
A. Limitations of blockchain technology.
1. High initial cost: blockchain saves transaction costs and time, but requires high initial capital costs.
2. Complexity: this technology involves the use of a completely new vocabulary. Participants must have specialized knowledge of the technology.
3. Network size: blockchain requires a large network of participants. If it doesn't have a widely distributed mesh of the network, it becomes more difficult to realize its benefits.
4. Transaction cost: the cost of a transaction for the first few years is free. But after that, the cost of transactions on the network rises.
5. Limited scalability and storage problems: the blockchain has a consensus mechanism for verifying transactions. This limits the number of transactions that can be made in a given period of time. The blockchain has an
immutable distributed blockchain that grows very quickly, which can lead to storage problems.
6. Inevitable security flaw: if more than half of the participating nodes are serving the network, they can perform an attack.
7. Energy and resource consumption: the blockchain network consumes large resources.
B. Future improvements in blockchain technology.
1. Blockchain and Bitcoin are very difficult for people outside of technology and software development. Thus, one of the future improvements is the creation of tools that facilitate transactions.
2. Storing data on a blockchain is quite expensive, so developers should come up with a solution to store data off-chain and periodically send it to the blockchain.
3. The adoption of laws on the implementation of blockchain technology in the industry is necessary for a revolution in the banking sector.
4. Blockchain developers seek to lower expenses and improve service quality with new features in the near future.
Conclusion
Blockchain is a decentralized digital ledger that cannot serve hackers' goals. Therefore, from a security point of view, this is a very important technology that should be implemented in financial industries such as banks. It also helps to improve the efficiency of the banking industry.
Blockchain technology opens up many opportunities with immeasurable value and it provides a unique way to establish cryptographic transactions, allowing for the simplification of money circulation in the world. The banking industry giants have begun looking for possible new use cases to expand their services with blockchain [13].
This technology has revolutionized the main sectors of credit information systems, payment clearing, credit systems, digital verification, audit storage systems, crowd-funding, smart contracts and KYC in banking. PBFT is the best consensus algorithm for payments and transactions. Banks used PoW for digital verification because it is the best algorithm that provides the best security. PBFT or BFT are mainly used for syndicated lending in the banking sector.
PoW, PoS and DPoS are used for crowd-funding in the banking sector. Algorithms will be changed, depending on the type of cryptocurrency in smart contracts. If the cryptocurrency is Bitcoin, we use PoW for smart contracts, most of the time. If the cryptocurrency is Ethereum, we generally use PoS for smart contracts. Most banks have used PoW for KYC. The prospect of introducing this technology into the banking industry will occur in the near future.
Use of blockchain still poses some problems. To address these issues, it is necessary to provide funds to reduce the initial cost of blockchain implementation in the banking sector. Developers need to reduce the complexity and provide users with basic knowledge. It will then be possible to maximize adoption and reduce the problems associated with the usage of blockchain technology.
Blockchain should evolve for smaller networks in the future as well. Energy consumption can be agreed upon, so it is necessary to choose the best algorithm for the appropriate banking service by reducing unwanted information flows and implementing secure solutions.
Application of blockchain technologies in the financial sector
- from confrontation to symbiosis
Dziatkovskii A.D., Grunevsky V.A.
Paris College of International Education, Platinum Software Development Company
JEL classification: G20, G24, G28, H25, H30, H60, H72, H81, K22, K34
Currently, the key influencing factors in the financial sector are economic transformation, digital transformation and the development of information technology. Blockchain technology with cryptocurrency integration is a core technology that has promising applications in the financial sector. Thus, the purpose of this article is to study the impact of blockchain technologies on the banking industry. To understand this technology, this study aims to analyze the technological functions using the architecture model and anatomy of blockchain. Much research into blockchain technology is conducted based on consensus algorithms, four of which are discussed in this article. The greatest importance is attached to the transition from confrontation between the banking industry and blockchain technologies to a state of interaction, based on contradictions and symbiosis.
Keywords: financial sector, blockchain, use of blockchain technologies, cryptocurrency.
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