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Efficiency Assessment of Blockchain Implementation in Banking Enterprises

Student: Georgiy Koreshkov

Supervisor: Tatiana Yakushkina

Faculty: Graduate School of Business

Educational Programme: Business Informatics (Bachelor)

Year of Graduation: 2017

Blockchain technology emerged in 2009 as a replacement for traditional centralized data storage technologies. The emergence of blockchain is tightly connected to the introduction of Bitcoin p2p payment system, which was the first to implement all the main features of the technology. Bitcoin proposed the resolution to the problem of centralization in money transactions which were previously held by banks and costed counterparties certain fees. Bitcoin eliminated the need of the third party and created a trust mechanism which fully relied on algorithms, thus creating a reliable securable anonymous money transaction network. Created as a replacement for traditional banking, Bitcoin, and Blockchain itself, became technologies, which banks found very attractive to implement as banking industry is constantly seeking for ways to make their business less costly yet more efficient. This paper investigates into the potential benefits of Blockchain implementation in banking and tries to answer if this technology can be helpful in overcoming inefficiencies of banking processes. The main goal of the research is to answer the question about the appropriateness of blockchain implementation in banking enterprises and to prove it based on theoretical and practical examples. In order to reach this goal following tasks have been solved: 1) Modern banking problems have been inspected and reasons for increasing demand in technology infrastructure development have been identified; 2) Blockchain technology has been studied; 3) Main concepts of blockchain implementation in banking have been studied; 4) Banking business process has been modeled in as-is and to-be (being run on blockchain) versions; 5) Efficiency of blockchain implementation in to-be version of the process is assessed; 6) Conclusion on blockchain implementation efficiency has been made.

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