Blockchain technology and its impact on financial and shipping services
Journal Title: Економіка. Екологія. Соціум - Year 2018, Vol 2, Issue 1
Abstract
Introduction. Blockchain technology is becoming one of the main drivers of innovation in the global economy. Its adoption will have a huge impact on how businesses and governments operate and on the way people organize their everyday lives. Financial services industry is the one experiencing the biggest impact of the blockchain disruption so far, while financial institutions are among the first adopters of the technology. At the same time, being a relatively traditional industry, shipping has not yet seen many use cases with blockchain, but the technology is able to change this industry dramatically. Aim and tasks. As the industries of finance and shipping have huge potential in the blockchain space and often interact, determining how the blockchain technology adoption can influence the industries of finance and shipping in the future was the main purpose of this article. Research results. To fulfill this purpose, it was important to describe the origins of the blockchain technology, its main characteristics, functioning principles and consensus algorithms. Supported by the recent hype, cryptocurrencies are the biggest use case for blockchain so far, therefore, the article analyzes the largest of them, including Bitcoin, Ethereum and some others, as well as the cryptocurrency market as a whole. The level of worldwide adoption of blockchain and the overall market size are defined further in the article. Various applications in finance are also mentioned, paying particular attention to the insurance industry. Based on this information, the key areas in which blockchain can disrupt finance and insurance are identified. As the number of blockchain companies increases rapidly, the two main fundraising channels for such companies, venture capital and initial coin offering, are analyzed and compared. The ways in which blockchain may impact the shipping services industry are identified further. Conclusion. Afterwards, the article describes a number of blockchain consortia formed by public institutions and private entities to research and test possible applications of the technology across various industries and countries. While the potential of blockchain is still largely undiscovered, all the gathered information and performed research help to make a conclusion that the blockchain technology will have a big impact on many different industries, including financial and shipping services. The coming years will definitely see an exponentially growing interest in blockchain in academic and business fields, as the technology becomes more and more mainstream.
Authors and Affiliations
Viktor Diordiiev
Keywords
Related Articles
- EP ID EP309638
- DOI -
- Views 262
- Downloads 0
Trends of development of administrative management of recreational and tourist nature production in domestic and international practice
Introduction. The article deals with the main tendencies of development of recreational and tourist nature use in the context of ownership rights to natural resources. It should be noted that to date, there is no clear d...
Main directions of modern enterprise strategy formation
Introduction. Today in Ukraine there is a situation that creates an environment of "public interest" in approaches to modeling the main areas of strategic management and its content. Inaccurate perception of approaches t...
Інструменти покращення інвестиційного клімату в територіальних громадах: виклики та перспективи для української економіки
Проблема. Актуальність проблеми стимулювання інвестиційної діяльності та створення сприятливого інвестиційного клімату сьогодні зростає через необхідність додаткових ресурсів, що залучаються до соціально-економічного роз...
Tools for the improving of investment climate in territorial communities: challenges and perspectives for Ukrainian economy
Introduction. The actuality of problem of investment activities stimulation and creation of favorable investment climate rises nowadays because of the necessity of additional resources engaging in socio-economic developm...
Pragmatics and problemmatics of the banking sector functioning in Ukraine
Introduction. The permanent occurrence of crisis phenomena in the Ukrainian economy requires the state authorities and the National Bank to search for effective and optimal ways to overcome the economic downturn. Among t...