Blockchain Applications in Banking
Bülent Balkan · 2024
Banks are financial intermediaries based on trust. Blockchain technology, on the contrary, has a decentralized structure in which the need for ‘trust’ is minimized. For this reason, Blockchain technology creates an opportunity with the effectiveness and efficiency it will generate with technological development in connection with banking, and a threat potential by eliminating the intermediaries by destroying the central structure. This study aims to examine how and in what direction blockchain applications will change the practices of banks, by taking an inventory of the opportunities that blockchain applications will provide to the banking sector and the threats they may pose to the banking system. As a result, the effects of this change on banks, banking, and organizational and corporate governance structures of the banks will be evaluated. There are many studies on blockchain and banking. This study will separate itself from other studies by analyzing how blockchain will affect banks and banking by analyzing what kind of consequences blockchain applications can create for the sector and banks in each banking application