REVIEW OF THE APPLICATION OF BLOCKCHAIN TECHNOLOGIES IN BANKING AND OTHER FINANCIAL SERVICES

The article discusses the features of the implementation of blockchain technologies in the banking sector and financial services. Modern financial institutions are actively exploring the possibilities of using blockchain to improve the efficiency and security of transactions. The main focus is on international money transfers, which are a key area of application of blockchain in banking practice. The problems of traditional international transfers are associated with a high level of transaction costs and long payment processing times due to the involvement of many intermediaries. In contrast, blockchain technology allows for significant optimization of processes by eliminating intermediaries and using a distributed ledger. The article pays special attention to the analysis of the Ripple and Stellar platforms, which are examples of the successful use of blockchain in international money transfers. Ripple is focused on working with large financial institutions and offers solutions to speed up transactions at minimal costs. Stellar, in turn, is aimed at ensuring the availability of financial services for users who do not have bank accounts, with an emphasis on social inclusion. It is shown that both platforms provide a high degree of transparency by recording all transactions in a public ledger, which increases trust in financial processes. The article also discusses the automation of financial transactions through smart contracts, which allow you to automate the fulfillment of agreement terms without involving third parties. Examples of the successful use of smart contracts in decentralized financial applications (DeFi) are given, which confirms their importance in modern financial systems. In addition, the problems of integrating blockchain technologies with traditional banking systems are discussed, which require significant investments in infrastructure, employee training and adaptation of the regulatory framework. The prospects for further development of blockchain technologies in the financial sector are considered, taking into account the existing barriers. It is concluded that successful integration of blockchain into banking processes will significantly increase the competitiveness of financial institutions and improve the quality of services provided.