Blockchain as an Instrument for Improving Banking Processes
One of the best-known innovations of the recent past is blockchain. Due to its usability, it has generated considerable interest in several economic areas. A decentralised system’s approach can potentially reshape existing industries or make them redundant. Such technology can add a new dimension to...
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| Format: | Article |
| Language: | English |
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Sciendo
2023-03-01
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| Series: | Naše Gospodarstvo |
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| Online Access: | https://doi.org/10.2478/ngoe-2023-0005 |
| _version_ | 1797832412533620736 |
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| author | Vukovljak Bojana |
| author_facet | Vukovljak Bojana |
| author_sort | Vukovljak Bojana |
| collection | DOAJ |
| description | One of the best-known innovations of the recent past is blockchain. Due to its usability, it has generated considerable interest in several economic areas. A decentralised system’s approach can potentially reshape existing industries or make them redundant. Such technology can add a new dimension to processes, which is particularly relevant for the banking sector in the future. This demonstrates a great necessity to deal with blockchain with respect to market position and competition. This paper aims to provide insight into the current potential of blockchain applications in banking procedures. The benefits of process improvement in the financial sector are also outlined. This research shows that many experiences and adequate knowledge are already available. According to recent research, this technology will benefit banks’ business models, performance, and capabilities. However, blockchain is still in the phase of research and development, which is a crucial aspect of the banking industry. |
| first_indexed | 2024-04-09T14:08:34Z |
| format | Article |
| id | doaj.art-40c696dea68f4692b14a3ff27d93336f |
| institution | Directory Open Access Journal |
| issn | 2385-8052 |
| language | English |
| last_indexed | 2024-04-09T14:08:34Z |
| publishDate | 2023-03-01 |
| publisher | Sciendo |
| record_format | Article |
| series | Naše Gospodarstvo |
| spelling | doaj.art-40c696dea68f4692b14a3ff27d93336f2023-05-06T15:58:54ZengSciendoNaše Gospodarstvo2385-80522023-03-01691435510.2478/ngoe-2023-0005Blockchain as an Instrument for Improving Banking ProcessesVukovljak Bojana0PhD Student at the University of Applied Sciences Burgenland, Campus 1, 7000Eisenstadt, AustriaOne of the best-known innovations of the recent past is blockchain. Due to its usability, it has generated considerable interest in several economic areas. A decentralised system’s approach can potentially reshape existing industries or make them redundant. Such technology can add a new dimension to processes, which is particularly relevant for the banking sector in the future. This demonstrates a great necessity to deal with blockchain with respect to market position and competition. This paper aims to provide insight into the current potential of blockchain applications in banking procedures. The benefits of process improvement in the financial sector are also outlined. This research shows that many experiences and adequate knowledge are already available. According to recent research, this technology will benefit banks’ business models, performance, and capabilities. However, blockchain is still in the phase of research and development, which is a crucial aspect of the banking industry.https://doi.org/10.2478/ngoe-2023-0005blockchainfinancial sectorbanking sectorbusiness modelinnovationa10g21o31veriženje blokovfinančni sektorbančni sektorposlovni modelinovacije |
| spellingShingle | Vukovljak Bojana Blockchain as an Instrument for Improving Banking Processes Naše Gospodarstvo blockchain financial sector banking sector business model innovation a10 g21 o31 veriženje blokov finančni sektor bančni sektor poslovni model inovacije |
| title | Blockchain as an Instrument for Improving Banking Processes |
| title_full | Blockchain as an Instrument for Improving Banking Processes |
| title_fullStr | Blockchain as an Instrument for Improving Banking Processes |
| title_full_unstemmed | Blockchain as an Instrument for Improving Banking Processes |
| title_short | Blockchain as an Instrument for Improving Banking Processes |
| title_sort | blockchain as an instrument for improving banking processes |
| topic | blockchain financial sector banking sector business model innovation a10 g21 o31 veriženje blokov finančni sektor bančni sektor poslovni model inovacije |
| url | https://doi.org/10.2478/ngoe-2023-0005 |
| work_keys_str_mv | AT vukovljakbojana blockchainasaninstrumentforimprovingbankingprocesses |