In the Borderlands of Dusk - Scuba Diving in the Space of Blockchain Technology and Smart Contracts within the Compliance Function in the Finance Business World
Sirviö, Elli (2023)
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Lataukset:
Sirviö, Elli
2023
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2023051711326
https://urn.fi/URN:NBN:fi:amk-2023051711326
Tiivistelmä
This thesis examines academic and scientific theories and makes a comprehensive, academically significant literature review on compliance surveillance, its rules, principles, and legal requirements in the context of modern technological and innovational tools within the finance business world. The thesis focuses on the concepts and use of blockchain technology and a smart contract from many modern technological innova-tions. The main idea is to show how the compliance function acts in the banking and financial sector, how blockchain technology and smart contract applications operate, and their advantages in the finance busi-ness world. The examination went further on how these three elements can combine their powers in the business to achieve the desired goals and make a better business profit in the end. The thesis was con-ducted through an academic literature review method as a meta-analysis approach due to the novelty of blockchain and smart contract technology innovations. For that reason there is no commissioner for the thesis either.
The research subject, as a whole, is fascinating and definitely covers one of the essential business ele-ments in the future. Organising compliance functions within the business is a crucial factor in monitoring the legality of the company’s business operations and control over the organisation’s internal operating controls. Combining novel technological innovations, in this case, blockchain and smart contract technolo-gy, into compliance procedures is not an easy task, but highly essential for financial institutions to stay competitive in the harsh business and be able to utilise all the advantages of digitalisation worldwide. However, there are various challenges novel technologies bring along their development and implementa-tion in finance and other areas of the business world. Firstly, at the moment, legislation procedures need to catch up to technological development at a fast speed. Secondly, societies and the economy must change the ways in those which they have operated for centuries. Implementing modern technological tools and applications and digitalisation requires a novel trust among the business world and the people inside it. At the moment, the world might be rolling in the middle of the borderlands’ space at dusk with novel digitalised innovations, but bright light is to be seen on the edge of the sky. Changes in the business are a permanent state, not a passing phase. Digitalisation is here for good.
The research subject, as a whole, is fascinating and definitely covers one of the essential business ele-ments in the future. Organising compliance functions within the business is a crucial factor in monitoring the legality of the company’s business operations and control over the organisation’s internal operating controls. Combining novel technological innovations, in this case, blockchain and smart contract technolo-gy, into compliance procedures is not an easy task, but highly essential for financial institutions to stay competitive in the harsh business and be able to utilise all the advantages of digitalisation worldwide. However, there are various challenges novel technologies bring along their development and implementa-tion in finance and other areas of the business world. Firstly, at the moment, legislation procedures need to catch up to technological development at a fast speed. Secondly, societies and the economy must change the ways in those which they have operated for centuries. Implementing modern technological tools and applications and digitalisation requires a novel trust among the business world and the people inside it. At the moment, the world might be rolling in the middle of the borderlands’ space at dusk with novel digitalised innovations, but bright light is to be seen on the edge of the sky. Changes in the business are a permanent state, not a passing phase. Digitalisation is here for good.