BLOCKCHAIN TECHNOLOGIES IN THE DIGITAL FINANCIAL SERVICES SYSTEM

Abstract

The article examines the role of distributed ledger (blockchain) technologies as a key institutional factor in the transformation of the digital financial services system in the context of the structural restructuring of the financial sector and the strengthening of requirements for transparency, security and efficiency of settlements. The systemic effects of the introduction of blockchain technologies are highlighted, which determine the reduction of transaction costs, acceleration of settlements, increased trust between counterparties and the formation of new models for organizing financial relations. The impact of distributed registries on changes in coordination mechanisms in the financial system, transformation of traditional mediation institutions and redistribution of roles between financial market participants is disclosed. Particular attention is paid to the limitations and risks of implementing distributed registries associated with institutional inertia, shortage of qualified personnel and difficulties in integrating with existing information systems. The author shows the key focus of the factor of increasing the efficiency of digital financial services and the sustainable development of the financial system in blockchain technology, with appropriate institutional, legal and investment support.