Blockchain Papers

A. V. Varnavskiy, A. O. Buryakova

The concept of “digitalization” came into use relatively recently, but in many respects the further development of the Russian economy will depend on it. Design of conceptual approaches and practical algorithm for adaptation of new technologies to the functioning peculiarities of the financial system is of great importance for ensuring competitive advantages of Russia, including those at the international level. The article presents the prospects for applying modern technologies in the activities of state audit institutions, which are designed to ensure financial stability and contribute to the formation of a solid foundation for the economic growth of the country. The purpose of the research is to identify the prospects for automation of control procedures, taking into account the level of development of modern technologies to prevent violations in the financial sector. In the process of research, general scientific empirical methods were used: observation, comparison, collection and study of data; analysis and synthesis, a method of scientific abstraction. The chosen approach allowed to ensure the reliability and validity of the conclusions drawn. According to the results of the research the prospects for using the national accounting digital unit in the purpose of the control are outlined; the technological possibilities and legal restrictions of creation of the state distributed ledger technology are revealed; the system for assessing risky transactions that could lead to financial violations is proposed; key characteristics of the system of conducting decentralized accounting are formulated; the expected result of the implementation of the proposed models of automation of control procedures in the Russian practice is assessed. The authors have proved the expediency of creating a state distributed ledger technology for financial control purposes. The expected result of the implementation of these proposals is estimated as more than 50% of the annual violations identified by the state audit institutions.

Inna A. Kruglova, Valery Alexandrovich Dolbezhkin

The article is devoted to the discussion of actual problems of introduction of blockchain technology in banking business, the solution of which determines the prospects of wide commercialization of these innovations. Commercial banks' interest in innovation is determined by the threat of steadily declining business profitability and a new competitive threat to traditional sources of income from new fin-technologies. Despite the active development of crypto-innovations (algorithms, platforms, crypto-currencies), the use of blockchain by banks in the financial sector is still very modest. Like most of the participants in this market, banks only carefully test computer technologies for managing a distributed ledger, and therefore objective barriers hindering progress in this area are of actual interest to specialists and researchers. The application of any innovative technology in the banking business depends on the successful compliance of new opportunities and time-tested requirements of consumers in the financial sector. In particular for the technology of the blockchain, just has not fully resolved key-problems of standardization, boundary identification, security and cyber-security, reliability of execution transaction, scalability of projects, etc. Here considered the main barriers, from the author's viewpoint, of implementation of the blockchain in the banking business, confirmed by the authoritative materials of centers for innovative financial technology.

Mukhadin Eskindarov, М. А. Абрамова, В. В. Масленников, Nataliya A. Amosova · 14 authors

The active digitalization of the life of modern society observed over the past 20 years has led to real changes in the economy. The financial sector is at the heart of a digital transformation that has been spearheaded by FinTech, which is now shaping a new segment of modern financial markets. At the same time, the most wellknown objects of FinTech are cryptocurrency and token. Cryptocurrencies, regardless of the attitude of regulatory authorities to them, have become a virtual reality of the financial sector and are actively used to pay for goods and services. The peculiarity of cryptocurrencies is its anonymity and unaccountability of the state that defines a range of risks to society and the state. However, cryptocurrencies, along with risks, create opportunities — from the development of innovative technologies to the creation of new jobs and replenishment of the national budget. The penetration of FinTech into the financial market segments traditionally occupied by banks gave rise to a discussion about their future. However, it will probably not be the displacement of the banks but their FinTech transformation. An example of this is the payment industry, which has become one of the main consumers of the latest financial technologies and provides a wide range of opportunities for FinTech companies to develop. An important element of FinTech is RegTech (Regulatory Technology), which allows companies to bypass trade barriers and helps build a constructive dialogue with regulators. In turn, SupTech (Supervision Technology) is used for analysis and forecasting purposes. At the end of the article, based on the analysis of foreign experience, we formulated the main approaches, the implementation of which allows states to stimulate the introduction and development of new financial technologies, as well as we analysed the experience of interstate coordination of cooperation in the field of financial technologies in the EU and the EAEU countries.

Oleksandr Melnychenko, Ganna Vlasova

This article covers the main concepts, common features and differences between electronic grizzly and cybercriminals. The author, based on his own research, gives examples and characteristics of these concepts. The scientific approach describes the important aspects of the functioning of these modern means of payment, which are becoming increasingly popular in the world. However, each of them has both advantages and disadvantages, and in a sense, their use is associated with a number of risks that should be taken into account when deciding on their use. In order to take into account the risks, it is first of all to understand the essence of the payment instrument and the mechanism of its operation. It is for this purpose that this article is prepared: to help readers, irrespective of the level of financial training, to understand the important aspects of the circulation of cryptography and electronic money.

Alexey Finogeev, Leyla Gamidullaeva, Sergey Vasin, Антон Финогеев · 6 authors

No abstract is available for this record.

Authors unavailable

The article discusses issues related to the use of cryptocurrency in the world and in Russia. In particular, the author conducted a statistical study of the market volume, basic trends in the use of cryptocurrencies. Examines the main approaches to attract citizens to use crypto currencies for payment services, and also analyzes the problems faced by Russian business in this area.

Yu‐Pin Lin, Joy R. Petway, Johnathen Anthony, Hussnain Mukhtar · 7 authors

Blockchain technology, while still challenged with key limitations, is a transformative Information and Communications Technology (ICT) that has changed our notion of trust. Improved efficiencies for agricultural sustainable development has been demonstrated when ICT-enabled farms have access to knowledge banks and other digital resources. UN FAO-recommended ICT e-agricultural infrastructure components are a confluence of ICT and blockchain technology requirements. When ICT e-agricultural systems with blockchain infrastructure are immutable and distributed ledger systems for record management, baseline agricultural environmental data integrity is safeguarded for those who participate in transparent data management. This paper reviewed blockchain-based concepts associated with ICT-based technology. Moreover, a model ICT e-agriculture system with a blockchain infrastructure is proposed for use at the local and regional scale. To determine context specific technical and social requirements of blockchain technology for ICT e-agriculture systems, an evaluation tool is presented. The proposed system and tool can be evaluated and applied to further developments of e-agriculture systems.

M.M. Pryanikov, A. V. Chugunov

This article presents a distributed ledger technology (blockchain) development analysis in throughout different socioeconomic spheres of the society. The highlight is the generalization and systematization of already known data, the main stages of blockchain technology development are classified, the blockchain technology implementation projections are presented in terms of new so-called «Digital economy» markets development. The paper describes a controversial situation when the blockchain is started to be used by banks to increase their efficiency and thereby indirectly contribute to the growth of popularity of crypto-currencies, which, in turn, creates an alternative to the existing financial infrastructure.

Mateusz Wiatr

This article is about one type of cryptocurrencybitcoin.The main topic of this work is a level of risk connected with cryptocurrency market.The work consists of theory, a definition of cryptocurrency and bitcoins, an analysis of risk level in this kind of investments on cryptocurrency market and a bibliography. A definition of cryptocurrency and bitcoinsA Cryptocurrency is a modern digital medium of exchange.It is a new decentralized, limited and peer-to-peer payment system.Most cryptocurrencies are created to introduce new units of currency, whose total amount is limited.All cryptocurrencies use cryptography to control the creation and transfer of money.The first cryptocurrency was Bitcoin, created in 2008 and introduced in 2009.Nowadays it is the most popular cryptocurrency which is used as an open source software.The creator of Bitcoin was Satoshi Nakamoto, a person or a group of people.Nakamoto published a work on The Cryptography Mailing list in which he described the Bitcoin currency.Next year, the first Bitcoin software was launched on the network, which started Bitcoin's flow.Bitcoins are introduced to the market by a process called mining.In this process engage computer network participantsusers who provide their computing power, next verify and record payments into a network in exchange for minted bitcoins and transaction fees.Bitcoins are transferred by wallet software

J. Norman Reid, Reid, J. Norman

Governmental capacity consists of three major components. First, institutions at all levels, central, local, public, and private, must have sufficient authority to undertake their assigned roles. Second, adequate financing is necessary to implement governmental responsibilities. Third, good leadership is needed to assure that authority and resources are used wisely. Governments seeking to decentralize must consider many fundamental issues regarding allocations of authority and finances, the strength of local leadership, and the structuring of central institutions.