BLOCKCHAIN TECHNOLOGIES AND TRANSFORMATION OF FINANCIAL SERVICES

Below we consider some of the main functions that will undergo the most important changes that may occur in the economy as a result of the application of digital economy technologies. We can say that the first of them is the function of affirming the value of something. Currently, we rely on intermediaries to establish trust-based relationships and confirm the identity of the other party in a financial transaction. These intermediaries act as arbiters of connections to basic financial services such as bank accounts and loans. Blockchain reduces and sometimes even eliminates the need for trust in certain transactions. This technology also allows participants to use verifiable, fully functional cryptographically protected electronic profiles and establish trust-based relationships where necessary."Science and innovation" international scientific journal. ISSN: 2181-333