THE IMPACT OF CRYPTOCURRENCIES AND BLOCKCHAIN TECHNOLOGIES ON THE TRANSFORMATION OF THE BUSINESS MODEL OF COMMERCIAL BANK

Abstract

Introduction. The article considers the issues of using distributed ledger technolo-gies in their relationship with various types of cryptocurrencies in banking sector and in the context of influence of traditional cryptocurrencies on the entire architecture of national economies and transformation of business models of commercial banks. Digital forms of fiat currencies and possi-bilities of their application with block-chain technologies in conjunction with traditional and modi-fied cryptocurrencies are analyzed. Revolutionary methods of implementing transactions with digi-tal currencies, their advantages and cybersecurity are considered. Materials and methods. The study is based on a systems approach, including an analysis of openly available scientific publications and official statistics, expert assessments of essential components of processes of creation and im-plementation of digital currencies and block-chain technology in practical activities of commercial banks, analytics of transformational changes in transaction operations in conjunction with cyberse-curity issues. Research results. The conducted research has shown that the modern banking system faces an increasing need to adapt to rapid changes in technological sphere, especially taking into account the development of block-chain technologies. Transformation of business models of com-mercial banks under the influence of these technologies is becoming inevitable, opening up new opportunities for improving the efficiency, transparency and security of financial transactions. Dis-cussion and conclusion. The obtained results showed that block-chain technologies are capable of completely changing traditional methods of conducting transactions. Unlike established systems, block-chain offers a decentralized mechanism for implementing transactions that eliminates the need for intermediaries, which significantly reduces costs and speeds up the process of conducting certain transactions that take place in real time, which is especially important in context of banking activities of Russian Federation, taking into account its territorial features, as well as sanctions re-strictions on international transactions. Block-chain technologies make it possible to reduce the de-pendence of commercial banks on traditional mechanisms for conducting transactions and lead to the creation of hybrid financial systems with coexistence and interaction of various digital assets.