BLOCKCHAIN AND ITS IMPACT ON TRADITIONAL FINANCIAL SYSTEMS

The article focuses on analyzing the influence of blockchain technology on traditional financial systems, highlighting macroeconomic, institutional, and technological dimensions. The relevance of the work is due to global digitalization and growing interest in decentralized financial solutions that open up new opportunities to improve the efficiency, transparency and accessibility of financial services. The purpose of the study is to comprehensively assess the impact of blockchain on the financial infrastructure, identify key challenges and develop strategies to optimize its implementation. The work uses modern methods of analysis. The results of the study show that blockchain contributes to a significant reduction in transaction costs, acceleration of settlements and increased transparency of financial transactions. However, its implementation is associated with a number of risks, such as regulatory uncertainty, cyber threats and technological limitations, including high energy consumption and scalability issues. Particular attention is paid to a comparative analysis of the implementation of blockchain technologies in various countries, including the USA, China, the EU and Russia. The authors find that the level of blockchain adoption varies depending on the regulatory environment, technological readiness, and government support. For example, in the United States and China, blockchain is actively used in the financial and government spheres, while in Russia its adoption is constrained by regulatory and technological barriers. Based on the analysis, the authors propose practical measures for integrating blockchain into the financial infrastructure. These measures encompass the establishment of a regulatory framework, investments in digital infrastructure, fostering innovation, and promoting international collaboration to create unified standards. The practical value of the study lies in its potential to inform strategies for the digital transformation of financial systems, thereby enhancing their resilience and competitiveness in an era of global digitalization. The article makes a significant contribution to understanding the macroeconomic consequences of blockchain implementation and offers recommendations for regulators and financial market participants. The results of the study can be useful for further studying the role of blockchain in the transformation of financial systems, as well as for developing policies aimed at the effective use of this technology.