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Decentralised Finance — wie die Tokenisierung die Finanzindustrie verändert
[Decentralised Finance (DeFi) — How Tokenisation is Changing the Financial Industry]

Author

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  • Volker Brühl

    (Goethe-Universität Frankfurt)

Abstract

Zusammenfassung Die Distributed Ledger- bzw. Blockchain-Technologie führt zu einer zunehmenden Dezentralisierung von Finanzdienstleistungen, die weitgehend ohne die Einschaltung von Finanzintermediären angeboten werden können. Dazu trägt wesentlich die „Tokenisierung“ von Vermögensgegenständen, Zahlungsmitteln und Rechten bei, die verschlüsselt als Kryptowerte in verteilten Transaktionsregistern digital abgebildet werden können. Dieser Beitrag erläutert die Grundlagen und Anwendungsfelder dezentraler Finanzdienstleistungen mit Kryptowerten, die mittelfristig die gesamte Architektur des Finanzsektors verändern könnten.

Suggested Citation

  • Volker Brühl, 2021. "Decentralised Finance — wie die Tokenisierung die Finanzindustrie verändert [Decentralised Finance (DeFi) — How Tokenisation is Changing the Financial Industry]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(8), pages 629-637, August.
    • Handle: RePEc:spr:wirtsc:v:101:y:2021:i:8:d:10.1007_s10273-021-2981-7
    DOI: 10.1007/s10273-021-2981-7
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    References listed on IDEAS

    as
    1. Friederike Rühmann & Sai Aashirvad Konda & Paul Horrocks & Nina Taka, 2020. "Can blockchain technology reduce the cost of remittances?," OECD Development Co-operation Working Papers 73, OECD Publishing.
    2. David Yermack, 2013. "Is Bitcoin a Real Currency? An economic appraisal," NBER Working Papers 19747, National Bureau of Economic Research, Inc.
    3. Sabrina T Howell & Marina Niessner & David Yermack & Jiang Wei, 2020. "Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales," The Review of Financial Studies, Society for Financial Studies, vol. 33(9), pages 3925-3974.
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    6. Editorial Article, 0. "Contents," Economics of Contemporary Russia, Regional Public Organization for Assistance to the Development of Institutions of the Department of Economics of the Russian Academy of Sciences, issue 2.
    7. Alexander Lipton, 2017. "Blockchains and Distributed Ledgers in Retrospective and Perspective," Papers 1703.01505, arXiv.org.
    8. Editorial Article, 0. "Contents," Economics of Contemporary Russia, Regional Public Organization for Assistance to the Development of Institutions of the Department of Economics of the Russian Academy of Sciences, issue 3.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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