Innovations Based on Distributed Registers in the Financial Sector as a Factor in Increasing the Competitiveness of States with Different Levels of Economic Development
https://doi.org/10.38050/2078-3809-2025-17-2-111-127
Abstract
The article considers the possibility of applying innovations based on distributed ledger technology in financial sector as a factor in increasing the competitiveness of states with different levels of economic development. The purpose of the study is to identify such innovations that exist at the beginning of 2025, as well as to identify the risks associated with their implementation. The research materials and methods include a systematic analysis of the existing literature, as well as empirical data on the introduction of technology in the financial sector. The results of the study showed that countries with developed economies are more actively implementing technology, which allows them to maintain their competitive advantages in the international arena. At the same time, technology opens up new opportunities for developing countries to access finance and improve the transparency of financial transactions. The study suggests that the innovations under study have the potential to significantly increase the competitiveness of economies. However, their successful implementation requires an integrated approach that considers the specifics of innovative products, as well as the risks and barriers associated with them for each economy.
About the Author
D. V. Kolesov
Lomonosov Moscow State University
Russian Federation
Russian Federation
Dmitry V. Kolesov, Postgraduate student, Faculty of Economics
Moscow
References
1. Андриевский К.В. Правовое регулирование обращения криптовалют в Российской Федерации и за рубежом: сравнительно-правовой анализ // Вопросы российского и международного права. 2023. Т. 13. № 11А. С. 141–148.
2. Аренков И.А., Салихова Я.Ю., Сайфутдинов А.А. Цифровая трансформация: направления исследований и цифровые риски // Креативная экономика. 2021. № 7. С. 2757–2776.
3. Горбачева Т.А. Цифровые валюты центрального банка: зарубежный опыт // Мировая экономика и мировые финансы. 2023. Т. 2. № 4. С. 41–47.
4. Мурадян С.В. Цифровые активы: правовое регулирование и оценка рисков // Journal of Digital Technologies and Law. 2023. Т. 1 (1). С. 123–151.
5. Попов Н.В. Технология распределенного реестра (блокчейн): исторический аспект // Интеллект. Инновации. Инвестиции. 2019. № 2. С. 65–72.
6. Шумпетер Й.А. Теория экономического развития. Капитализм, социализм и демократия / Пер. с нем. В.С. Автономов, М.С. Любский и др.; пер. с англ. В.С. Автономов и др. М.: Эксмо, 2007. 861 с.
7. Adel N. The impact of digital literacy and technology adoption on financial inclusion in Africa, Asia, and Latin America // Heliyon. 2024. Vol. 10. Is. 24. DOI: 10.1016/j.heliyon.2024.e40951.
8. Alfonso V., Kamin S., Zampolli F. Central bank digital currencies (CBDCs) in Latin America and the Caribbean // Latin American Journal of Central Banking. 2024. DOI: 10.1016/j.latcb.2024.100140.
9. Ali O., Ally M., Clutterbuck P., Dwivedi Y. The state of play of blockchain technology in the financial services sector: A systematic literature review // International Journal of Information Management. 2020. Vol. 54. DOI: 10.1016/j.ijinfomgt.2020.102199.
10. Beck T., Chen T., Lin C., Song F. Financial innovation: The bright and the dark sides // Journal of Banking and Finance. 2016. Vol. 72. P. 28–51. DOI: 10.1016/j.jbankfin.2016.06.012.
11. Bellia M., Calès L. Bank profitability and central bank digital currency // Journal of International Financial Markets, Institutions and Money. 2025. Vol. 99. DOI: 10.1016/j.intfin.2024.102105.
12. Blockchain Technology for Emerging Applications. A Comprehensive Approach / Hafizul I., Kumar Pal A., Samanta D., Bhattacharyya S. (eds.). Academic Press, 2022. 330 p. DOI: 10.1016/C2020-0-03280-9.
13. Carrasco-Carvajal O., García-Pérez-de-Lema D., Castillo-Vergara M. Impact of innovation strategy, absorptive capacity, and open innovation on SME performance: a Chilean case study // Journal of Open Innovation: Technology, Market, and Complexity. 2023. Vol. 9 (2). DOI: 10.1016/j.joitmc.2023.100065.
14. Chang V., Baudier P., Zhang H. et al. How Blockchain can impact financial services – The overview, challenges and recommendations from expert interviewees // Technological Forecasting and Social Change. 2020. Vol. 158. DOI: 10.1016/j.techfore.2020.120166.
15. Choudhary P., Ghosh C., Thenmozhi M. Impact of fintech and financial inclusion on sustainable development goals: Evidence from cross country analysis // Finance Research Letters. 2025. Vol. 72. DOI: 10.1016/j.frl.2024.106573.
16. Demetriades P.O., Hussein A.K. Does financial development cause economic growth? Time series evidence from 16 countries // Journal of Development Economic. 1996. Vol. 51 (2). P. 387–411.
17. Dong X., Yu M. Does FinTech development facilitate firms’ innovation? Evidence from China // International Review of Financial Analysis. 2023. Vol. 89. DOI: 10.1016/j.irfa.2023.102805.
18. Flug K., Spilimbergo A., Wachtenheim E. Investment in education: do economic volatility and credit constraints matter? // Journal of Development Economics. 1998. Vol. 55 (2). P. 465–481. DOI: 10.2139/ssrn.1815928.
19. Gatteschi V., Lamberti F., Demartini C. et al. Blockchain and Smart Contracts for Insurance: Is the Technology Mature Enough? // Future Internet. 2018. Vol. 10 (2). Is. 20. DOI: 10.3390/fi10020020.
20. Hasanova H., Baek U., Shin M. et al. A survey on blockchain cybersecurity vulnerabilities and possible countermeasures // International Journal of Network Management. 2019. Vol. 29 (2). DOI: 10.1002/nem.2060.
21. Johnson S., Kwak J. Is financial innovation good for the economy? // Innovation Policy and the Economy. 2012. Vol. 12. DOI: 10.1086/663153.
22. Kshetri N. 1 Blockchain’s roles in meeting key supply chain management objectives // International Journal of Information Management. 2018. Vol. 39. P. 80–89. DOI: 10.1016/j.ijinfo-mgt.2017.12.005.
23. Michalopoulos S., Laeven L., Levine R. Financial innovation and endogenous growth // Journal of Financial Intermediation. 2015. Vol. 24 (1). P. 1–24. DOI: 10.1016/j.jfi.2014.04.001.
24. Mishra R., Singh R.K., Kumar S. et al. Critical success factors of Blockchain technology adoption for sustainable and resilient operations in the banking industry during an uncertain business environment // Electronic Commerce Research. 2023. DOI: 10.1007/s10660-023-09707-3.
25. Noreen U. Mapping of FinTech Ecosystem to Sustainable Development Goals (SDGs): Saudi Arabia’s Landscape // Sustainability. 2024. Vol. 16 (21). DOI: 10.3390/su16219362.
26. Patrick H.T. Financial development and economic growth in underdeveloped countries // Economic Development and Cultural Change. 1966. Vol. 14. No. 2 (14). P. 174–189.
27. Qayyum A., Arslan A., Haneef Malik A. et al. Financial innovation can hamper the sustainable economic growth: A tale of two emerging economies // Journal of Open Innovation: Technology, Market, and Complexity. 2025. Vol. 11 (1). DOI: 10.1016/j.joitmc.2024.100446.
28. Robinson J. The generalization of the general theory. The Rate of Interest and Other Essays. London: MacMillan, 1952. P. 67–142.
29. Roggenkamp L. Potentials of Blockchain Technology for Developing Countries // Chances and Challenges of Digital Management. 2022. P.77–90. DOI: 10.1007/978-3-031-45601-5_8.
30. Tapscott D., Tapscott A. Blockchain revolution. How the technology behind bitcoin is changing money, business, and the world. Penguin, 2016.
31. Yousefi S., Tosarkani B.M. A decision support framework for best-fitting blockchain platform selection in sustainable supply chains under uncertainty // Computers and Industrial Engineering. 2024. Vol. 197. DOI: 10.1016/j.cie.2024.110577.
32. Yunis M., Mirza N., Safi A., Umar M. Impact of audit quality and digital transformation on innovation efficiency: Role of financial risk-taking // Global Finance Journal. 2024. Vol. 62. DOI: 10.1016/j.gfj.2024.101026.
33. $15 млрд за два дня. Что нужно знать о новом мемкоине Трампа // Официальный сайт РБК: URL: https://www.rbc.ru/crypto/news/678e14ce9a79472b37b80c78 (дата обращения: 08.01.2025).
34. Цели в области устойчивого развития // Организация объединенных наций: URL: https://www.un.org/sustainabledevelopment/ru/sustainable-development-goals/ (дата обращения: 08.01.2025).
35. Официальный сайт Komgo: URL: https://www.komgo.io/ (дата обращения: 08.01.2025).
36. Central Bank Digital Currency Tracker // CBDC Tracker: URL: https://cbdctracker.org (дата обращения: 08.01.2025).
37. World Digital Competitiveness Ranking // International Institute for Management Development. URL: https://www.imd.org/centers/wcc/world-competitiveness-center/rankings/world-digital-competitiveness-ranking/ (дата обращения: 08.01.2025).
38. Confirmed Transactions Per Day // Blockchain.com: URL: https://www.blockchain.com/ex-plorer/charts/n-transactions/ (дата обращения: 05.03.2025).
39. Corda and Real Businesses Built on Top of This Framework // Intellectsoft: URL: https://blockchain.intellectsoft.net/blog/corda-and-real-businesses-built-on-top-of-this-framework/ (дата обращения: 08.01.2025).
40. IBM Blockchain facilitates international commerce // IBM: URL: https://www.ibm.com/case-studies/wetrade-blockchain-fintech-trade-finance (дата обращения: 08.01.2025).
41. Solution for Banks // Официальный сайт Ripple: URL: https://ripple.com/use-case/banks/ (дата обращения: 08.01.2025).
42. Ndako U.B. Financial Development, Economic Growth, and Stock Market Volatility: Evidence from Nigeria and South Africa : Thesis submitted for the degree of Doctor of Philosophy. University of Leicester. 2010: URL: https://figshare.le.ac.uk/articles/thesis/Financial_Development_Economic_Growth_and_Stock_Market_Volatility_Evidence_from_Nigeria_and_South_Africa/10098362/1/files/18204233.pdf (дата обращения: 08.01.2025).
Review
For citations:
Kolesov D.V. Innovations Based on Distributed Registers in the Financial Sector as a Factor in Increasing the Competitiveness of States with Different Levels of Economic Development. Scientific Research of Faculty of Economics. Electronic Journal. 2025;17(2):111-127. (In Russ.) https://doi.org/10.38050/2078-3809-2025-17-2-111-127
Views:
6
Email this article 