Analysis of the influence of blockchain on the financial system

Actual problems of education

The article presents an analysis of the future development of the blockchain technology. A review of modern studies in the field of application of the blockchain technology in the financial system is given. We have confirmed that a long-term analysis of the impact of the technology on the financial system because the blockchain technology has not yet reached its full potential, and its existing applications in the financial sphere, in particular, the generation of crypto-currencies, have as yet undetermined prospects both from economic and from legal standpoints. We have given a comparative analysis of the development of the Internet, a fundamental technology which has changed the way of life and worldview over the past 30 years. Assessments of IT experts coincide in that the changes introduced by the blockchain technology into everyday life, including the field of finance, will be comparable. A significant difference in the development of the blockchain technology at the present stage compared to the development of the Internet is that the early Internet was non-profit, originally developed through defense financing and used mainly to connect research institutes and universities. It was not intended to make money, but rather to develop the most reliable and effective way of building a network. This initial lack of commercial players and interests was critical: this allowed for a network architecture that shared resources in a way that could not occur in a market system to form. It is important that at present there are no general principles for regulating the operation and use of modern financial technologies (fintech), either at the global or at the national level. The paper considers the technological foundations for generating crypto-currencies, which determine the economic consequences of their circulation. Conclusions are drawn on the need to develop the basic framework principles for generation, accounting and circulation of crypto-currency at the national level, taking into account the aspects of information and financial security.