Future of Cryptocurrencies and Blockchain Technology in Financial Markets

Abstract

In this paper we are presenting scopeand restrictions on the use of cryptocurrencies in internationalbusiness, banking and in financial marketsThe subject of this research is to analyzeutilization of cryptocurrencies in the internationalbusiness. The goals of the research are to provide tothe researchers and to practitioners and to the scientificand professional public, an overview of currentresearch on blockchain technology in the economyand to determine the impact of the wider use of cryptocurrenciesin international business and their impacton the future of financial markets..The researchwas realized by the method description, literatureanalysis and conducted research. The selected examplesare presenting the possibility of earning, buyingand storing cryptocurrencies, paying with cryptomoneyand invest in them. In the paper we aresearching for an answer to the question “What arethe advantages and disadvantages of using cryptocurrenciesin international payment and what is the securityof using cryptocurrencies in the future?” In theanswer, this paper will present in what direction theuse of crypts will develop in the future. Results arepresenting the blockchain technology, though backgroundtechnology, which would not be known thatcryptocurrencies did not gain popularity, has a brightperspective. Conclusion presents that as long as thetransaction costs are lower than the cost of paymenttransactions, the rational behavior of legal and naturalpersons requires that they should encourage the useof cryptocurrencies among themselves in order to reducethe costs of the transactions when paying and toovercome the existence of an intermediary.

Investing in blockchain technologies and digital assets: Accounting perspectives

“…Blockchain has numerous possibilities and use cases in literature and practice (Fosso et al, 2020). Some examples are smart contracts (Kristoufek, 2015;Baek, 2015), cryptocurrencies (White, 2015), asset exchange systems (Yermack, 2015), remittance system (Yermack, 2015), voting system (Platanakis and Andrew, 2019), identity management (Katsiampa, 2017), the Internet of Things (Radivojac & Grujić, 2018), banking industry (Amor et al, 2023), insurance industry (Guesmi et al, 2019), clearing and settlement (Baur et al, 2018), securities trading (Dyhrberg et al, 2018), securities register of paper values (proxy voting) (Pieters et al, 2017), and blockchain or consensus as a service (Dyhrberg at al., 2018).…”

Distributed Atomic Swap on Cryptocurrencies

“…Assets such as clearing houses, central counterparties, stocks, and futures exchanges exist to reduce the risk between financial institutions that do not fully trust each other but need to work together. Adding such third parties to the process creates new problems (Radivojak & Grujic, 2019). The model reduces the need for trusted third parties and is an achievement to eliminate those parties.…”