Electronic payments using blockchain technologies in the context of digitalization of banking services: the experience of russia and foreign countries

Abstract

This article discusses the concept and essence of blockchain technology. The main characteristics of the blockchain technology and the reasons why it has prospects in the market of electronic payments and settlements are  formulated. It was noted that the Bank of Russia introduced a new technology based on blockchain — the “Masterchain” technology. The article analyzes the practice of using blockchain technology in various spheres of economy and business. Examples from the practice of using blockchain technology in Russia, Switzerland and China are given.