• norsk
    • English
  • English 
    • norsk
    • English
  • Login
View Item 
  •   Home
  • Norges Handelshøyskole
  • Thesis
  • Master Thesis
  • View Item
  •   Home
  • Norges Handelshøyskole
  • Thesis
  • Master Thesis
  • View Item
JavaScript is disabled for your browser. Some features of this site may not work without it.

Blockchain in financial markets and intermediation : a qualitative exploratory study of the impact of blockchain technology on the financial market infrastructure and financial services

Brastad, Jørgen; Stendahl, Philip Alexander
Master thesis
Thumbnail
View/Open
masterthesis.PDF (1.267Mb)
URI
http://hdl.handle.net/11250/2559827
Date
2018
Metadata
Show full item record
Collections
  • Master Thesis [4207]
Abstract
A blockchain is an open, decentralized ledger that provides a cryptographically secure way of

transacting without the need of trusted third parties. The technology has garnered a variety

of claims and perceptions regarding the future of financial institutions. Originally introduced

to circumvent the incumbent financial intermediaries, blockchain technology has increasingly

attracted interest from the very institutions that it was meant to replace.

In this exploratory study, we seek to analyze the impact of blockchain technology on the

current market infrastructure by conducting a literature review and in-depth interviews with

experts and stakeholders from the financial industry. Our findings suggest that smart contracts

can automate and potentially decentralize a variety of transactions. Moreover, the

introduction of initial coin offerings has brought about a new means of peer-to-peer fundraising

in a space previously dominated by venture capital firms, but financial intermediation

will likely remain to support the effective functioning of financial markets by resolving information

asymmetry.

Furthermore, we find that the distributed and immutable nature of blockchain technology

provides a robust and secure infrastructure by increasing the integrity of data. This will interconnect

institutions across financial markets by streamlining settlement- and verification

processes and potentially expanding global financial services in ways previously neglected.

The foundation of the financial system will, however, remain. We have considered various

aspects such as regulatory concerns and market designs to unfold the extent of potential

gains and limitations provided by blockchain technology.

We conclude that there are yet many unknowns with respect to the extent and speed with

which blockchain technology will impact financial services and intermediation. However,

the technology will improve efficiency in current infrastructures, as well as facilitate new

decentralized ways of transacting.

Contact Us | Send Feedback

Privacy policy
DSpace software copyright © 2002-2019  DuraSpace

Service from  Unit
 

 

Browse

ArchiveCommunities & CollectionsBy Issue DateAuthorsTitlesSubjectsDocument TypesJournalsThis CollectionBy Issue DateAuthorsTitlesSubjectsDocument TypesJournals

My Account

Login

Statistics

View Usage Statistics

Contact Us | Send Feedback

Privacy policy
DSpace software copyright © 2002-2019  DuraSpace

Service from  Unit