Consequences of Blockchain Technology in Banking Industry

Student: Kiselev Valerii

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2018

This paper’s aim is to analyze the consequences of implementing the blockchain technology in the banking industry. All of the goals set out in the paper were reached successfully. The first chapter provides the definition of the blockchain technology, lists its key advantages and main components. The second chapter contains a detailed description of a blockchain project functioning in the banking industry in the Russian Federation. The practical part of the paper analyzes the relation between the consequences of the technology implementation and the financial results of the blockchain project. The conducted regression analysis demonstrates the positive effect that the use of cryptocurrency had on the project’s financial results, as well as the negative effect of the project’s platform and the existence of an analogue product in the real market. The causal link has been established and confirmed.

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