Prospects for Blockchain Implementation in the Financial Sector

Abstract

The topic of this article is implementation of blockchain technology in all sectors of the economy, infrastructure, and government system. In recent years, introduction of blockchain was perceived as a revolution in business aimed at making information transfers from one device to another smoother, which significantly reduces the cost: the amount of time, money, human capital etc. Since the launch of blockchain eleven years ago companies, regulators and banks have been actively exploring its potential. The innovation resulted in restructuring of many business processes. The main goal of the research is to analyze the prospects of blockchain development in various elements of economy. Methodologically the research is based on systematic approach. Analysis and synthesis have been used. The article weighs advantages and disadvantages of blockchain and analyzes the prospects for its development. The consensus is that using blockchain in modern economy is essential. We understand that financial community`s future is using information technology for data processing. But blockchain`s weaknesses in terms of protecting personal data are concerning. No centralized operators or administrators are involved in blockchain. The system is managed by all participants peer - to – peer, which means that each blockchain member will ultimately be responsible for personal data control and other personal data developers.