engleski

The impact of blockchain technology on financial industry and business

Blockchain technology provides the distribution of digital information excluding its duplication. Participants in blockchain processes are creators (people who create virtual currency and develop technical specifications of those networks and schemes), issuers (individuals or organizations who create or issue a virtual currency) and miners (people who deal with cryptocurrency mining). The authors of this paper endeavor to link the engineering and cryptocurrency creation process with market value and potential future impact on the financial industry. To rise their capital, companies often use financing model ICO for selling digital currencies at discounted prices. The idea of Bitcoin (as the most famous, oldest and the most influential cryptocurrency) represents one of the fastest growing businesses of today. According to the total market value, other positions belong to Ethereum, Ripple (XRP), Bitcoin cash, EOS, Stellar, Litecoin, Cardano, Monero and TRON. As investing in digital currency brings certain benefits and risks, digital currencies have to meet the criteria of security, speed and reliability and ensure direct collection and resource and risk management. None of the digital currencies in use meets all of the requirements, since there are still no common standards. Investing in digital currency in Croatia is still a big unknown area for many companies. In December 2017, bitcoin reached $ 19, 400 on European and American stock exchanges, while its price was over $ 22, 000 on Asian stock exchanges. Cryptocurrencies and blockchain technologies are greatly simplifying, accelerating and stimulating development of the market. In this paper we analyze technological sphere of blockchain, the risks of use and its reflection to the large markets.

blockchain technology ; cryptocurrency ; market ; financial business

Pregledni rad / Scientific review UDK / UDC 336:004.3(004.78:336.717)