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BLOCKCHAIN TECHNOLOGY AND DECENTRALIZED FINANCE APPLICATIONS

Year 2022, Volume: 5 Issue: 2, 165 - 174, 31.12.2022

Abstract

Abstract: Blockchain technology is a distributed ledger architecture that allows us to manage user data and digital assets. Cryptocurrency systems, which are proposed based on blockchain architecture, and virtual economy and financial systems are gradually developing. The innovative side of blockchain architecture is that instead of a central server, it maintains a distributed ledger in the internet environment with a decentralized structure. Blockchain technology supports the emergence of innovative financial services in the field of finance with its robust architectural structure offered by mechanisms such as hash functions, asymmetric encryption, and consensus algorithms. In this study, the opportunities created by the services of decentralized finance that come with blockchain technology are evaluated with their difficulties and risks.

References

  • Andolfatto, D., ve Martin, F. M. (2022). The Blockchain Revolution: Decoding Digital Currencies. Federal Reserve Bank of St Louis Review, 104(3), 149-165. doi:10.20955/r.104.149-65
  • BBC (Producer). (2013). Liberty Reserve digital money service forced offline. Retrieved from https://www.bbc.com/news/technology-22680297
  • Bernabe, J. B., Canovas, J. L., Hernandez-Ramos, J. L., Moreno, R. T., ve Skarmeta, A. (2019). Privacy-preserving solutions for blockchain: Review and challenges. IEEE Access, 7, 164908-164940.
  • Böhme, R., Christin, N., Edelman, B., ve Moore, T. (2015). Bitcoin: Economics, technology, and governance. Journal of economic Perspectives, 29(2), 213-238.
  • CoinMarketCap (Producer). (2022). Major Cryptoassets By Percentage of Total Market Capitalization (Bitcoin Dominance Chart). Retrieved from https://coinmarketcap.com/charts/ de Vries, A., Gallersdorfer, U., Klaassen, L., ve Stoll, C. (2022). Revisiting Bitcoin's carbon footprint Comment. Joule, 6(3), 498-502. doi:10.1016/j.joule.2022.02.005
  • Defillama (Producer). (2022). Total Value Locked in DeFi. Retrieved from https://defillama.com/
  • Digiconomist (Producer). (2022). Bitcoin Energy Consumption Index. Retrieved from digiconomist.net/bitcoin-energy-consumption
  • Jensen, J. R., von Wachter, V., ve Ross, O. (2021). An introduction to decentralized finance (defi). Complex Systems Informatics and Modeling Quarterly(26), 46-54.
  • Li, X., Jiang, P., Chen, T., Luo, X., ve Wen, Q. (2020). A survey on the security of blockchain systems. Future Generation Computer Systems, 107, 841-853.
  • Mohan, V. (2022). Automated market makers and decentralized exchanges: a DeFi primer. Financial Innovation, 8(1), 48. doi:10.1186/s40854-021-00314-5
  • Monrat, A. A., Schelen, O., ve Andersson, K. (2019). A Survey of Blockchain From the Perspectives of Applications, Challenges, and Opportunities. IEEE Access, 7, 117134-117151. doi:10.1109/access.2019.2936094
  • Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. Decentralized Business Review, 21260.
  • Parlar, T., ve Keleş, M. K. (2022). Metaverse'te Veri Güvenliği ve Yapay Zeka. In N. Kara & N. Çokluk (Eds.), Mahremiyetin Sonu & Dijital İletişim ve Veri Güvenliği (pp. 117-135). Konya: Literatürk Academia.
  • Schar, F. (2021). Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets. Federal Reserve Bank of St Louis Review, 103(2), 153-174. doi:10.20955/r.103.153-74
  • Statista (Producer). (2022). Number of unique addresses that either bought or sold a Decentralized Finance (DeFi) asset worldwide from December 2017 to July 4, 2022.
  • Suhail, S., Hussain, R., Jurdak, R., Oracevic, A., Salah, K., Hong, C. S., ve Matulevičius, R. (2021). Blockchain-based digital twins: research trends, issues, and future challenges. ACM Computing Surveys (CSUR).
  • Yeoh, P. (2017). Regulatory issues in blockchain technology. Journal of Financial Regulation and Compliance.
  • Ynag, Q., Zhao, Y., Huang, H., ve Zheng, Z. (2022). Fusing blockchain and AI with metaverse: A survey. arXiv preprint arXiv:2201.03201.

Blokzincir Teknolojisi ve Merkeziyetsiz Finans Uygulamaları

Year 2022, Volume: 5 Issue: 2, 165 - 174, 31.12.2022

Abstract

Blokzincir teknolojisi kullanıcı verilerini, dijital varlıkları yönetmemizi sağlayan dağıtık defter yapısında bir mimaridir. Blokzincir mimarisine dayalı bir yapı olarak önerilen kripto para sistemleri ile sanal ekonomi ve finans sistemleri giderek gelişmektedir. Blokzincir mimarisinin yenilikçi tarafı merkezi bir sunucu yerine, merkezi olmayan bir yapı ile verileri internet ortamında dağıtık bir defter yapısında tutmasıdır. Blokzincir teknolojisi özet fonksiyonlar, asimetrik şifreleme, tam mutabakat algoritmaları gibi mekanizmalarla sunduğu sağlam mimari yapısı ile finans alanında yenilikçi finansal hizmetlerin ortaya çıkmasını desteklemektedir. Bu çalışmada blokzincir teknolojisi ile gelen merkeziyetsiz finansın sunduğu hizmetlerin yarattığı fırsatlar zorlukları ile değerlendirilmektedir.

References

  • Andolfatto, D., ve Martin, F. M. (2022). The Blockchain Revolution: Decoding Digital Currencies. Federal Reserve Bank of St Louis Review, 104(3), 149-165. doi:10.20955/r.104.149-65
  • BBC (Producer). (2013). Liberty Reserve digital money service forced offline. Retrieved from https://www.bbc.com/news/technology-22680297
  • Bernabe, J. B., Canovas, J. L., Hernandez-Ramos, J. L., Moreno, R. T., ve Skarmeta, A. (2019). Privacy-preserving solutions for blockchain: Review and challenges. IEEE Access, 7, 164908-164940.
  • Böhme, R., Christin, N., Edelman, B., ve Moore, T. (2015). Bitcoin: Economics, technology, and governance. Journal of economic Perspectives, 29(2), 213-238.
  • CoinMarketCap (Producer). (2022). Major Cryptoassets By Percentage of Total Market Capitalization (Bitcoin Dominance Chart). Retrieved from https://coinmarketcap.com/charts/ de Vries, A., Gallersdorfer, U., Klaassen, L., ve Stoll, C. (2022). Revisiting Bitcoin's carbon footprint Comment. Joule, 6(3), 498-502. doi:10.1016/j.joule.2022.02.005
  • Defillama (Producer). (2022). Total Value Locked in DeFi. Retrieved from https://defillama.com/
  • Digiconomist (Producer). (2022). Bitcoin Energy Consumption Index. Retrieved from digiconomist.net/bitcoin-energy-consumption
  • Jensen, J. R., von Wachter, V., ve Ross, O. (2021). An introduction to decentralized finance (defi). Complex Systems Informatics and Modeling Quarterly(26), 46-54.
  • Li, X., Jiang, P., Chen, T., Luo, X., ve Wen, Q. (2020). A survey on the security of blockchain systems. Future Generation Computer Systems, 107, 841-853.
  • Mohan, V. (2022). Automated market makers and decentralized exchanges: a DeFi primer. Financial Innovation, 8(1), 48. doi:10.1186/s40854-021-00314-5
  • Monrat, A. A., Schelen, O., ve Andersson, K. (2019). A Survey of Blockchain From the Perspectives of Applications, Challenges, and Opportunities. IEEE Access, 7, 117134-117151. doi:10.1109/access.2019.2936094
  • Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. Decentralized Business Review, 21260.
  • Parlar, T., ve Keleş, M. K. (2022). Metaverse'te Veri Güvenliği ve Yapay Zeka. In N. Kara & N. Çokluk (Eds.), Mahremiyetin Sonu & Dijital İletişim ve Veri Güvenliği (pp. 117-135). Konya: Literatürk Academia.
  • Schar, F. (2021). Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets. Federal Reserve Bank of St Louis Review, 103(2), 153-174. doi:10.20955/r.103.153-74
  • Statista (Producer). (2022). Number of unique addresses that either bought or sold a Decentralized Finance (DeFi) asset worldwide from December 2017 to July 4, 2022.
  • Suhail, S., Hussain, R., Jurdak, R., Oracevic, A., Salah, K., Hong, C. S., ve Matulevičius, R. (2021). Blockchain-based digital twins: research trends, issues, and future challenges. ACM Computing Surveys (CSUR).
  • Yeoh, P. (2017). Regulatory issues in blockchain technology. Journal of Financial Regulation and Compliance.
  • Ynag, Q., Zhao, Y., Huang, H., ve Zheng, Z. (2022). Fusing blockchain and AI with metaverse: A survey. arXiv preprint arXiv:2201.03201.
There are 18 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Research Articles
Authors

Tuba Parlar 0000-0002-8004-6150

Early Pub Date December 31, 2022
Publication Date December 31, 2022
Submission Date November 10, 2022
Published in Issue Year 2022 Volume: 5 Issue: 2

Cite

APA Parlar, T. (2022). Blokzincir Teknolojisi ve Merkeziyetsiz Finans Uygulamaları. Journal of Politics Economy and Management, 5(2), 165-174.

The author(s) is (are) the sole responsible for the opinion and views stated in the articles.

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