ПРИМЕНЕНИЕ БЛОКЧЕЙН ТЕХНОЛОГИИ В ФИНАНСОВЫХ СИСТЕМАХ

Чатинян Гор; Варданян Мгер

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<|úùшpшßbp. mbfuùninqliujÏiMù фnфn|unLßJnLÙ, pinQ¿bjú, pfißgn^, ùnq, úujj-ùfiùq, rnujpujóíujó qpujúgujúujmjujú, ф|^ùшùuш|шù ñujúim-Qujpq, puiùluijlù huiúuiLujpq

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Pin^bjO (mOqi.' block chain, hmjbpbO' pin|-2^pm) mb^Oninqhmjh dh2n-gni |mpbih t inLibi dh 2mpfi ^O^hpObp' hO^bu ibpp O2im6, mjO^bu tl hw2np^hi pOOmplin^:

Pin^^bjOh dmuhO mrcw2hO mOqmd ^nu^bi t 2008 p. Ummn2h bm|mdn-mn mOnLOni hwO^bu b|n^ mO6h (mOdmOg) hpm^mpm|md m2^mmmOpnLd: Pin^^bjOh Ihpmndmdp m2^mmn^ Bitcoin-p (Obp|mjnLdu mmpmd^md i^mpm-hm2imp^mjhO hmdm^mpq t) Om O^mpmqpnLd t np^bu «qnpdwpp ^Opn^ bp^nL ^n^dbph dh2L mO^mO^h^ ^pmdm2p2mOmRnLpjmO m^mhn^dmO dh2ng' wrcmOg ^hOmOum^mO dh2Onp^ hmummmnLpjnLOObph Obpqpm^dmO» :

Uibih pO^hmOpm^mO' pin^^bjOp ^md mmpmd^md qpmOgmdmmjmOh (distributed ledger) mb^OninqhmO wpdwOwqpnLpjnLO t, nph dh2ngni hOmpm-inp t ^m^OnLd mb^b^mminLpjmO ^n^mOm^nLdO nL^m^hnpbO' m^mOg dh2Onp^Obph qnpdm^gn^ bp^nL ^n^dbph dh2L2: <mdm^mpqh pninp dmuOm-LlhgObpO mOmOnLO ^bp^ni bO dmuOm^gnLd qnpdmppObphO, L jnLpmpmO^jnLp qnpdmpp m^bimg^nLd t mOpO^hmm pmpdmg^n^ L pninp On^bphO3 mmpmd-

1 Nakamoto S., Bitcoin: A Peer-to-Peer Electric Cash System, 2008, p. 1. (https://nakamotoinstitute.org /static/docs/bitcoin.pdf)

2 Sb'u Tapscott D. and Tapscott A., Realizing the Potential of Blockchain", World Economic Forum, Cologny/Geneva Switzerland, 2017, t2 5:

3 bn^bphO ImO^pm^mnOmOfi hm2np^hi. ^pmOg O^mmm|O t m^rnhnQbi hmdm|mpqh wO^w-^mO W2^wmwQfi□' nLObOmini pin|^bjOh dmuOmlh |md wdpn^2w4w0 ^mmibOp:

in^ qnpdmppObph 2^pmjhO: Uju^huni' mlOlmiinLd t, np pin^bjOh h hmjm qmini L ^pm ObpnLdh pmgmhmjmdmdp ^hum ^n^n^^binL bO dh 2mpfi pOmqmimnObp, mj^ pinLd' phqObu dn^biObp, iimpmhm2imp|mjhO hmdm-Impqbp, $hOmOum|mO 2nL|mjh dmuOmqhmmgimd dmuOmlhgObph (OmL pmO|bph) qnpdmnnLjpObp, hm2im^mhnLpjmO, mnL^hmh hpm|mOmgdmO qnpdpOpmgObp L mji mOmbum|mO nL n£ mOmbum|mO pOmqmimnObp: <b-mLmpmp' hmpgO mjO ¿t' mp^jn"fi pin|^bjOh ObpnLdp llhpmnih, mji mjO, pb bpp L np ninpmObpnLd hmm|m^bu:

Pinl^bjOh mnm2hO IhpmnnLpjnLOp mb^h t nLObgbi phpfinhOh (bitcoin) umb^ddmdp: PhpfinhOp Iph^mnmpdnLjp t, tib|mpnOmjhO ^n^bph 6L: Unm-2hO hbpphO |mpLnp t hmu|mOmi, pb hO£ unLpjb|mObp bO dmuOm|gnLd pin|-¿bjOh IhpmnnLpjnLOnLd, dmuOminpm^bu' phpfinhOh ^b^firnd: Qnpdmpfi |m-mmpbinL hmdmp ^bmfi t oqmmqnpdbi nL^mp|n^ |n^dh hmOpmjhO (public) L mO6Om|mO (private) pmOmihObpp, hu| ummgn^h ^b^firnd dhmjO hmOpmjhO pmOmihO: Up^bO fiOOmplimd IplOmlh dm^udmO ^O^hpp inLd^nLd t On^bph oqOnLpjmdp: Dum tnLpjmO, IplOmlh dm^urndp ImO^nLd t IbOmpnOmg^md dmpdOh |n^dhg, fimOh np ibp2hOu nLOh pninp qnpdmpfiObph L hm2hiObph 2mpdbph qpmOgmdmmjmO: Uj^ dh2Onp^ObphO mju hmdmlmpqrnd ^n^mph-OnLd bO pninp gmO|mgn^Obpp (On^bpp), npnOfi ^mmpmum bO ^mh^mObi L mmpmdbi qnpdmnOnLpjnLOObph mOpO^hmm pmpdmg^n^ qpmOgmdmmjmOp lmd ^pm dh dmup:

QnpdOm|mOnLd phpfinhOh jnLpmfimO^jnLp hpmqblimd mOophOn^ ^m-hnLd t pinl|£bjOh 2^pmjh pninp qnpdmpfiObpp' hp 2mhbpp hmp| b^md ^b^-finLd ^m2m^mObinL hmdmp:

QnjnLpjnLO nLOh On^bph m^mlbOmpnOmgimd hmdmlmpq, npmb^ npn2 On^bp, ^mhbini mdpn^2 pinl^bjOp (pinl-2^pmO), ImmmpnLd bO dh qnpdm-nnLjp, npp ummgbi t dmjOhOq (mining) mOimOnLdp: bn^bpp ^mhrnd bO ihmp-dbfi gnLgmlp lmd mdpn^2 pinl^bjOp, np^buqh mmpmdbO L oqmmqnpdbO' ^mpqbinL hmdmp hOmpm^np ^mp^m^nLpjnLOObpp, umrnqbin^ dmjObpObph mpmdm^pmd mb^blmminLpjnLOp: UmjObpObpp, hpbOg hbpphO, lmd ^mhb-ini mdpn^2 pinl^bjOp, lmd ti nLObOmini ^ummh^md On^, qpm^^md bO Onp Immmpimd qnpdmpfiObph hmummmdmdp: Uj^ qnpdpOpmgp ^mhmO2nLd t hm2in^mlmO dbd hqnpnLpjnLO L tiblmpmtObpqhm, fimOh np ^nufip ibpm-pbpnLd t dmpbdmmhlmlmO dmdlmqpdmO ulqpnLOfini ummg^md mb^b-ImminLpjnLOp ummO^mpm, ibp2OmlmO mbufih pbpbinLO, «hm2»-p (hash) qbObpmgObinLO: UmjObpObph Immmpmd m2^mmmOfip ^n^hmmrngirnd t dh2Onp^mi^mpObpni: «<m2»-h dh2ngni Onp qnpdmpfip Im^rnd t pninp Om^np^ qnpdmpfiObph hbm, hbmLmpmp' pmgmnnLd ^mpbnLpjnLOObpp: Pmgh OpmOhg, np «hm2minpnLdp» Ib^dhfiObphg ^nLum^binL dh2ng t, qnpdpOpmgh nbunLpummmp ihObip OmL hOmpm^nphOu O^rnqbgOmd t mjO pmOh hmimOmlmOnLpjnLOp, np dh fimOh hqnp dmjObpObp lmpn^ bO qpm^^bi O2mOmlmih pini qnpdmpfiObph hmummmnLdni' Obpmq^bini mdpn^2 hm-dmlmpqh ipm: ObnLu 2014 p. hm2implibi tp, np lb^d pinl umb^dbinL hmdmp mOhpmdb2m t mj^ dmdmOmlim mdbOmhqnp qbphmdmlmpq^h' ¿h-OmlmO Tianhe-2-h hqnpnLpjmO 2nLp2 51500-m^mmhl hm2in^mlmO hqnpnL-pjnLOp4: Qdm^mmlbp 1-nLd Obplmjmgimd t JnLpmfim0¿JnLp opnLd umb^d^md

4 Sb'u Harvey C.R., Bitcoin Myths and Facts, Duke University, 2014, t2 5:

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Qôu^umjbp 1. Uûpûrihuiw huçnpruljuû pinLjûbpftg LjiuqluiôpinLfébjûfi opfiûuilf

Phpùnhûh ûujûhûqh 6 pwjibpp, npnûù Û2|uô bû U. 'bwlwûnmnjh W2Ëw-mrnûùnLÙ, nLp|wqônLÙ bû hwûwjwpqh wû^w^wû W2Ëwmwûùh ujqpnLÛp-ûbpp.

ûnp qnpôwppûbpp mwpwô|nLÙ bû pninp ûnrçbph |pm, jnLpmùmû^jnLp ûnr ûnp qnpôwppûbpp hw|wpnLtf t pinjh Ùbç, jnLpmùmû^jnLp ûnr çmûnLÙ t Ëpphû m2Ëmmmûùh (ûwjûhûqh) hmu-mwmnLÙ ^ûmpbi hp pinjh hwûwp,

bpp ûnrçp qmûnLÙ t W2Ëwmmûùh (ûwjûhûqh) hwumwmnLÙp, rm mwpwônLÙ t pinjh pninp mji ûnrçbph |pm,

ûn|û pûrçnLûnLÙ t pinjp Ùhmjû mjû rb^pnLÙ, bpp pninp qnpôwppûbpp |m|bp bû L ôwËu|wô ¿bû,

ûnrbpû wpmwhwjmnLÙ bû hpbûg hwûwâwjûnLpjnLûp pinjh |bpmpbp-jmi' m2Ëmmbini hmçnpr pinjh |pm, oqmwqnpôbin| |m|bp pinjh «hw2P» np^bu ûmËnprn^ «hu2»7: <mmlmû2mlmû t, np mjû ûwjûbpûbpp, npnûù W2Ëwmbi bû hû^-np ùÇ pinlh umbrçôûwû nL^^nLpjmûp, uwjwjû ¿bû hmugpbi qmûbi hmûmqmmmu-Ëmû «hm2»-p, rpm rhùmg ^wpqLw|^wp ¿bû ummûm: Ujr huj phpùnhûh ûmjûhûqp ummgbi t «ûpgwjgwjhû hm2Îm^mhnLpjnLû» mûnLûp :

Ophûwj' phpùnhûh 2p2mûmRnLpjmû |bpçhû 1 mmpnLÙ lummpimô Ùmjûhû-

qhg bjwûnLmûbpp Imqûbi bû 2nLpç 2.3 Ùipr U0b rnimp, huj tiblmpm-tûbpqhwjh opmlmû u^mRnLÛp ûhçhûnLÙ' 128,521 Uq/d: Ujr gnLgmûh2D Ùnm t

5 Blockchain challenges and opportunities: a survey, Int. J. Web and Grid Services, Vol. 14, No. 4, 2018, p. 335.

6 A Peer-to-Peer Electric Cash System, Satoshi Nakamoto, 2008, www.bitcoin.org, p. 1.

7 Sb'u IjnLjIj mb^G, t2 3:

8 Sb'u Harvey C.R., &2i W2^., t2 6:

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U^whniwqpnLpjmO ^tdrngLnLO wLmtiObpt (op." wO2wpd b 2rnpdrnLrnO qnLjgfi, rn^rn-drnO^Obpt) qprnOgnLdp pinL^bjOt hfidpni rn2^rnmnr qprnOgrndrnm-jwOObpnLd b ^pwOg ^mmLm0blnLpJm0 nL it^rnLh rnOpO^hrnm pwpdwgnLd:

<wuwpwLwLwO irnQbprngnLd ICO-Obp UbOmpnOrngirnd irnQbprngnLd wjibu ^whwO2ih OnmwpObpt Lnrdtg, bpb pinLibjOni w2^wimnrr irnQbprngOnr hrndrnLrnpq qnp6^: brn^OrnLrnO dbmwrrw^pwdt mnm2mpL0bpD:

4bpn&2jw[Gbp^ h^dgmd Lwpbit t wRw060wg0b[ bpbg htdOwLwO Ltpw-RnLpjnLOObp' Lpt^mnwpdnLjpObp, udwpp qnpdwpgObp b Ow^OwLwO dbmw-rw^pwdt wpw2wpLObp:

Mpt^mnwpdnLjpObpt t hwjm qw[p p[n|^bjO mb^Oninq^wjt wRw2wg-dwO h^dpp ^wpdw^: U02nL2m, ^bmp ¿t OnLjOwgObi pinL^bjOp b Lpt^mnwp-dnLjpObpp, gwOt np pinL^bjOp 2wm w^bit iwjO LtpwRnLpjwO hOwpw^npnL-pjnLO nLOt, pwjg b ^bmp t pO^mObi, np hbOg ^pwOg dt2ngni hbmwgpgpnL-pjnLO wRw2wgwi pinLibjOt OLwmdwdp: URw2tO b wdbOwhwjmOt Lpt^mn-wpdnLjpp, tO^^bu wp^bO O2ibg, ptppn^OO t: QnjnLpjmO nLObO dt 2wpp wji Lpt^mnwpdnLjpObp, npnOg hwjmOt bO LuimgnfiO wO^wOnLdn^: OpwOgtg bO tpu-UH-OtO, hpbp^nLdp, Rt^^iD, LwjppntOp b Umbiwpp: UimpntOObpp pbb nLObO npn2wLt mwppbpnLpjnLOObp, uwLwjO oqmwqnpdmd bO OnLjO qw^w-^wpp b uLqpOwLwO Ln^D, ptppn^Ot ^b^prnd t, hwuwObit bO hwdw-gwOgnLd:

<wmLwO2wLwO t, np wju wpdnLjpObpp LwRnLg^wd bO ^n^w^wpd iumwhnLpjwO htdwO ipw: Uju^OpO' bpb dt op pninp oqmwmbpbpp Lwd OpwOg qqwit dwup npn2bO ¿bppwqwmibi ptppn^Otg (Lwd wjimpntOObptg), w^w ¿t itOt npbt bppnp^ Ln^d, npp w^whn^t ^pwOg ^n^wpLbitnLpjnLOp b wpdbpp: Uj^ bppnp^ Ln^dt ^bpp, un^npwpwp, umwOdOmd t wpdnLjpp pn-rwpLnr bpLpt LbOmpnOw^wO pwOLp, nptg wqwm^binL hwdwp ti umb^d^bi ttO Lpt^mnwpdnLjpObpp: QOwjwd wju^tut RiuLbphO' ptppn^Ot OLwmdwdp ^whwO2wpLp 2wpnLOw^nLd t ^wh^wO^bi:

^n2npwqnLjO $nO^wj^O pnpuwObptg dbLp' NASDAQ-p, hwjmwpwpbi tp, np 2018-tg LtpwLwOwgOt ptppn^Ot $jnL£bpuwj|iO ^wjdwOwqpbpt LOgnLd11, npp hOwpw^npnLpjnLO Lmw ptppn^Ot ^n^wpdbgt LwO^wmbum-

9 Sb'u https://digiconomist.net/bitcoin-energy-consumption. 2019-t i|ibmpiwph ^pmpjwdp:

10 Sb'u Crosby M., Nachiappan Pattanayak P., Verma S., Kalyanaraman V., Blockchain technology: Beyond bitcoin, 2016, t2 13:

11 Sb'u Nasdaq Plans to Launch Bitcoin Futures in First Half 2018, The Wall Street Journal, Nov. 29/2017:

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15 Sb'u Initial coin offerings: financing growth with cryptocurrency token sales, National Bureau of Economic Research, Cambridge, MA, June 2018, t2 1:

16 Sb'u The Blockchain (R)evolution-The Swiss Perspective, Deloitte, February 2017, t2 12:

3>hbUbUbbP uTiu^n^uanni-iaeni-b 137

Uju^Çuni' pinï^bjù mbËùninqÇmjÇ mqrçbgmpjnLùp, pum bpïnL ¿m^npn-2Ç^ùbpÇ, mùbùmùbôù t iÇùbinL $Çùmùum^mù ômémjnLpjnLùùbp ûmmmgnrç Ïmqûmïbp^nLpjnLÙûbpÇ, Çù^bu ùmb inqÇumÇïmjÇ, m^mhn^mqpnLpjmù, ménrççm^mhmpjmù b hmùpmjÇù ïmém^mpûmù ninpmùbpÇ ipm:

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h hm^binLÛù rçpm, hmùpmjÇù $ÇùmùuùbpÇ ïmpqm^npûmù, hm2ibm^nL-pjmù b ïmém^mpûmù mbumùïjnLùÇg, pinï^bjùÇ ïÇpménLpjnLùp qpbpb mù-umhûmùm^mï t: Àum tnLpjmù, pjnLçbÇ ïmmmpùmù qnpôpùpmgÇ ¿npu hÇù-ùmïmù ^nLibpÇg bpïnLunLÙ (pjnLçbÇ ïmmmpùmù b ïmmmpùmù hm2^bm^nL-

17

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Pinï^bjùÇ ïÇpméùmù Ùbï mji hbémùïmp ùùùmpïibi t UpÇi <mùiÇ b

18

UmpmÇù àLmjpÇ ïnrçûÇg : Uju hbémùïmpÇ hÇûùm^mù qmrçm^mpù mjù t, np pinï^bjùÇ hÇùùmïmù ïÇpménLpjnLùùbpp rçÇminLÙ bù n^ pb np^bu mqmmm-ïmù 2nLÏmjÇ ïmpqm^npûmù qnpôÇpùbp, mji np^bu ungÇmiÇqùÇ hmûm^mp-qnLÙ ïÇpmébiÇ' hmumpm^m^mù ub^m^mùnLpjmù b m2ËmmmùpÇ mp^jnLùpÇ ÏmRm^mpûmù qnpôÇp: U^m^bùmpnùmg^mô mpdnLjpÇ 2pçmùwRnLpjnLùp, ^mjûmùmqpbpÇ im^bpmgnLÙp mjumb^ ^Çmmpï^nLÙ bù np^bu n^ mumÇ-¿mùm^mpqmjÇù ïmRm^mpûmùù mùgùmù ùmËm^pjmi: hù^^bu Î. Umppuù tp ïmpônLÙ, pb ungÇmiÇqûp qnpônrç ïm^ÇmmiÇqûÇ pùmïmù m^ù t19, mjù-^bu tl hùmpm^np t hmùmpinLÙ oqmmqnpôbi pinï^bjùp m^m^bùmpnùmg-Îmô mùmbunLpjnLù ïmqûm^bp^binL b mùmpËÇqûÇ ïmù nLmn^Çm^mù un-gÇmiÇqûÇ qm^m^mpùbpù ÇpmïmùmgùbinL hmùmp: Uj^^bu, opÇùmï, mém-çmpïinLÙ t pinï^bjùÇ ùÇçngni qnpôn^ ïpÇ^mnmpdnLjpùbpÇ ùbprçpùmûp ^n-ë»é ïm^ÇmmiÇqûÇ ËÇum ^pmûm^mù hmumpm^mpqÇ mpdbpmjÇù hmùm-ïmpqp: Î. Umppuù mémçmpïnLÙ tp mqmm^bi ^nrçÇg b mpdb^m^Ç qnpôm-énLjpp ibpmqpbi m2ËmmmùpmjÇù ubpmÇ^Ç^mmùbpÇù (iïmjmïmùùbpÇù):

17 Sb'u U. amûgnL^mqjmû, PjnLçbùbpÇ ïmmmpùmù qnpôpùpmgp <mjmummùÇ <mùpm^bmnLpjnL-ùnLÛ, 2007, t2 9:

18 Sb'u Huckle S. and White M., Socialism and the Blockchain, Univesity of Sussex, 2016, t2 2-6:

19 Sb'u Arnold N.S., Marx, Central Planning, and Utopian Socialism. Soc. Philos. Policy 1989, t2 160-199:

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Up^bl nLlblmini mj^ gnLgmlh2G' ^mpn^ blp, ophlm^, hm2imp^bL tLb^-

21

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^mpn^ bl ¿oqm^bL hmjmlh ^ph^mnmpdnLjplbphg, wjl hlmpminpnLpjnLl

nLlbl umb^dbinL hpblgG' mlophlm^ml 2p2mlmRnLpjml hmdmp: Uju hbRm-l^mpG ^mpn^ t ¿m^mmmqpm^ml ^bp ^w^wl pLn^£bjlh hmdpmih, hbmLm-^bu lmL mb^lninqhmjh m^mqmjh mRmdn^:

PLnЦ¿bJ&h mb^lnLnqhml lnp hlmpminpnLpjnLl t umb^dmd <<-h hmdmp hmdm2^mphmjhl qmpqmgnLdlbpnLd, npG ^mpn^ t hm2n^nLpjmdp ^um^ib lbpqpm^ibLnL mbuml^jnLlhg: U^bLh dmlpmdmul mju hlmpminpnLpjnLlG nLunLdlmuhpbinL hmdmp ml^pm^mRlmlp Cibjgmphmjh ^npdhl L Deloitte-h ^ml^npn2md ^mpLnp qnpdnllbphl:

Deloitte-h qb^nLjgnLd22 ^nu^md t Cibjgmphmjh' pLn^£bjlh hmdm2^mp-hmjhl ^blmpnl ^mRlminL hbRml^mph dmuhl' mj^ l^mmmRmdni 2»21w-^pbini mdblmpmpbl^mum dh2m^mjph umb^dmdG ummpmm^lbph hpm-qnpddml L lnpmpmpnLpjnLllbph lbp^pdml hmdmp: Ujumb^ mRmldlmginLd bl 2ibjgmpm^ml t^nhmdm^mpqh 6 hhdlm^ml mmppbp, npnlg dh2ngni bp^hpG ^mpn^ t ^wriwl dpgnLlm^ lnp mRW2mgn^ ninpmnLd: Opmlp bl'

1. ^hlmlum^ml mb^lnLnqhmlbph qmpqmgmd blpm^mRnLgimdp nL-lblmLG,

2. mb^b^mminLpjml ^m2m^mlnLpjml L mlimmlqnLpjml pmpdp dm-^mp^m^G,

3. lnpmumb^dm^ml ^blmpnl LhlbLG,

4. qhmm^ml hmlqnLjg hmdmpibLG,

5. mlmbum^ml pmpb^bgnLpjml L ^blumdm^mp^m^h pmp6p mumh-

¿w!g,

20 Sb'u Kropotkin P., Anarchism: Its Philosophy and Ideal. http://theanarchistlibrary.org/library/petr-kropotkin-anarchism-its-philosophy-and-ideal

21 Sb'u Huckle S. and White M., &2i W2^., t2 10-14:

22 Sb'u The Blockchain (R)evolution-The Swiss Perspective, Deloitte, February 2017, t2 17-29:

3>hbUbUbbn u'nu^n^uQnni-faanhb 139

6. tpw^wLwO b LwpqwinpdwO Lwjwgwd nL dwdwOwLwLtg hwdw-Lwpq nLObOwip:

Mwpbit t hwdwpbi, np <<-0 dtwjO dwuwdp pw^wpwpnLd t 2-pi ^w-hwO2p, tuL dOwgwd qnpdnOObpt wrcmdni Lwjwgwd ¿t: <<-nLd LbOuwdw-Lwp^wLp gwdp t, hwdwiuwpwOwLwO LppnLpjwO npwLp it^wpLbit t, ibO-¿nLpwj^O Lw^tmwit hwuwObitnLpjnLOp' ^tum wOpw^wpwp (hw2it wrcOb-ini Owb wjO, np ¿Lw Lwjwgwd wpdbprpbpt 2nLLw), pwgwLwjnLd bO dmw-inp ub^wLwOnLpjwO ^w2m^wOnLpjwO hnLuwit db^wO^qdObpp b wjiO:

URw2tO hbpptO wOhpwdb2m t ^wpqbgObi opbOuipwLwO |w2mp' pO|-iwjObini ^^OwOuwLwO mb^Oninq^wObpni qpwrinr pOLbpnLpjnLOObpt w-qwmnLpjnLOObpp:

<<-nLd pinL^bjO mb^Oninq^wjt qwpqwgdwO wRwibinLpjnLOObptg bO mbrbLwminLpjwO ^w2m^wOiwdnLpjnLOO nL tibLmpwtObpqtwjt pw^wpwp wRw2wpLt wRLwjnLpjnLOp: URw2tOt dwu^O Lwpbit 02»i dtwjO, np dt 2wpg pOLbpnLpjnLOObp nLObO <<-nLd qnpdnr $ptiwOubpObp Lwd hwdwqnpdwLgnr pOLbpnLpjnLOObp hbOg LtpbrcwOimwOqnLpjwO w^whn^dwO pOwqw^w^nLd: huL tibLmpwtObpqtwO, tO^^bu wpibO 02ibi t, pw^wLwO dbd 02w0wLnL-pjnLO nLOt dbdwdw^wi pinL^bjO hwdwLwpqbpt ObpipdwO qnpdnLd:

<<-0 Lwpnr t wRw2t00bptg dbLp itObi hwOpwjtO $tOwOuObpnLd pinL-¿bjOt LtpwRdwO hwpgnLd, gwOt np wju mb^Oninq|iwO ^numwOmd t ibpwg-Obi LnRnL^gtnO R^uLbpp b pninp qnpdwROnLpjnLOObpp pw^wOgtL iwpdObi oqmwmbpbpt hwdwp:

<nLuw|pnr t, np 2018 piwLwOtg uLubgtO t hwjm qwi ptpgn^Ot dwj-O^Oqni qwOqiwdwpwp qpwrinr LwqdwLbp^nLpjnLOObp, uwLwjO Lwpbnp t 02»i, np |w hw^bijwi wpdbgt umb|ddwOp ¿t O^wumnLd, gwOqt dtwjO mb^O^LwLwO dwRwjnLpjnLO t: HLumt hwpLw^np t n^ pb LbOmpnOwOwi ptp-gn^Ot Lwd wji Lpt^mnwpdnLjpt dt2ngni Lwp^wdwdLbm dt2ngObp 6bRg pbpbinL, wji pinLibjOt wdpnr2 ObpnLdp npn2wLt nLirnLpjnLOObpni pwgwhwj-mbinL ipw:

Uj0nLhw0|bp6, 02iwd pninp ^OitpObpp Lwpnr bO inLd^bi O^wmw-Lwuiwg gwrwgwLwOnLpjwO tpwLwOwgdwO ^wpwqwjnLd: UjO wRwibinL-pjnLOObpp, npnOg CibjgwptwO iwpdp^O pinL^bjOt mb^Oninq^wjt qwpqwgdwO wdbOwhpw^nLpt^ iwjpbptg dbLp, Lwpnr bO np^bu dwpmwhpw^bpObp nL hOwpw^npnLpjnLOObp hwO|bu qwi <wjwumwOt hwdwp:

Oqmwqnpdiwd qpwLwQnLpjnLG

1. aw02nLirwqjw0 U., PjnL2b0bpt LwmwpdwO qnpdpOpwgp <wjwumwOt <wOpw^bmnLpjnLOnLd, 2007:

2. Bitcoin: A Peer-to-Peer Electric Cash System, Satoshi Nakamoto, 2008, www.bitcoin.org.

3. Realizing the Potential of Blockchain, World Economic Forum, Cologny/Geneva Switzerland, 2017.

4. Harvey C.R., Bitcoin Myths and Facts, Duke University, 2014.

5. Blockchain challenges and opportunities: a survey, Int. J. Web and Grid Services, Vol. 14, No. 4, 2018.

6. https://digiconomist.net/bitcoin-energy-consumption. 2019-t i|ibmpiwp|i ipnLpjwdp:

7. Crosby M., Nachiappan Pattanayak P., Verma S., Kalyanaraman V., Blockchain technology: Beyond bitcoin, 2016.

8. https://www.coindesk.com/price/

9. Nasdaq Plans to Launch Bitcoin Futures in First Half 2018, The Wall Street Journal, Nov. 29/2017.

10. https://www.theverge.com/2017/11/29/16715296/nasdaq-bitcoin-futures-long-short

11. Initial coin offerings: financing growth with cryptocurrency token sales National Bureau of Economic Research, Cambridge, MA, June, 2018.

12. The Blockchain (R)evolution-The Swiss Perspective, Deloitte, February, 2017.

13. Huckle S. and White M., Socialism and the Blockchain, Univesity of Sussex, 2016.

14. Arnold N.S., Marx, Central Planning, and Utopian Socialism. Soc. Philos. Policy, 1989.

15. Kropotkin P., Anarchism: Its Philosophy and Ideal. http://theanarchistlibrary.org/library/petr-kropotkin-anarchism-its-philosophy-and-ideal

з>ьъцъиъьп tq цтшгмиаппггэзпгъ 141

iНе можете найти то, что вам нужно? Попробуйте сервис подбора литературы.

ГОР ЧАТИНЯН

Кандидат экономических наук, доцент

МГЕР ВАРДАНЯН

Студент 4-го курса бакалавриата финансового

факультета по специальности "Финансы" АГЭУ

Применение блокчейн технологии в финансовых системах. Технологические изменения предопределяют образ жизни людей и обществ на десятилетия, а иногда и на века. Одна из этих технологий - блокчейн. Статья посвящена применению и растущей роли блокчейна в финансовой системе. В частности, рассматриваются возможные преобразования в банковской системе под воздействием этой технологии.

Ключевые слова: технологические изменения, блокчейн, биткойн, майнинг, нод, распределенный регистр, финансовая система, банковская система. JEL: G00, G19, O16

GOR CHATINYAN

PhD in Economics, Associate Professor

MHER VARDANYAN

4th year Bachaler student at the

Department of Finance, majoring in Finance at ASUE

Applications of Blockchain Technologies in the Financial Systems.- Technological changes determine individuals and society's way of living for coming decades, sometimes for centuries. Blockchain technology is one of them. This paper touches upon issues concerning the usage of blockchain and its increasing role in financial systems. Particularly, the possible transformations in the banking industry due to the usage of this technology are being considered.

Key words: technological changes, blockchain, bitcoin, mining, node, distributed ledger, financial system, banking system. JEL: G00, G19, O16

ПРИМЕНЕНИЕ БЛОКЧЕЙН ТЕХНОЛОГИИ В ФИНАНСОВЫХ СИСТЕМАХ Текст научной статьи по специальности «Экономика и бизнес»

Аннотация научной статьи по экономике и бизнесу, автор научной работы — Чатинян Гор, Варданян Мгер

Похожие темы научных работ по экономике и бизнесу , автор научной работы — Чатинян Гор, Варданян Мгер

APPLICATIONS OF BLOCKCHAIN TECHNOLOGIES IN THE FINANCIAL SYSTEMS

Текст научной работы на тему «ПРИМЕНЕНИЕ БЛОКЧЕЙН ТЕХНОЛОГИИ В ФИНАНСОВЫХ СИСТЕМАХ»