NEW FINANCIAL BUSINESS MODELS OF BLOCKCHAIN TECHNOLOGY AND CRYPTOCURRENCY MARKETS IN THE FRAMEWORK OF THE CONCEPT OF DIGITAL FINANCIALIZATION

Yıl 2022, , 115 - 138, 30.06.2022

Zeynep Küçükkıralı , Kerim Eser Afşar

https://doi.org/10.54282/inijoss.1065723

Öz

Financialization is one of the important concepts explaining the transformation of capitalism in the last forty years. Taking into account the developments in the digital and financial fields, there is a strong link between technology and financialization. The business models of large technology companies that have been rising rapidly since the turn of the century are increasingly integrating the digital and financial space. In this context, the integration of digital and financial fields has revealed a new concept defined as digital financialization in the financialization literature. Digitalization, which pioneered the transformation in the financial field, has included blockchain technology and crypto money markets, which the new stage of digital transformation, into financial system as of 2008. The new financial business models of blockchain technology and cryptocurrency markets is a fairly new and dynamic field. However, each of the different business models is united under the umbrella of financialization. Financialization links of blockchain technology and new financial business models as important parts of financial digitalization has been neglected in the literature. This article deals with the new financial business models of blockchain technology and cryptocurrency markets through the concept of digital financialization and examines them with descriptive analysis method. The aim of the article is to reveal the financialization links of cryptocurrency markets and to expand the concept of digital financialization to include blockchain technology. According to our findings, blockchain technology enables the financialization of digital data by directly transforming it into cryptocurrency without being involved in any production relationship. Blockchain technology and new financial business models, by cryptocurrencies, expanding and deepening the field of financialization to the extent that it integrates digital and financial fields.

Anahtar Kelimeler

Financialization, Financialization, Digital financialization, Blockchain technology, Cryptocurrency markets, New financial business models

DİJİTAL FİNANSALLAŞMA KAVRAMI ÇERÇEVESİNDE BLOK ZİNCİR TEKNOLOJİSİNİN YENİ FİNANSAL İŞ MODELLERİ VE KRİPTO PARA PİYASALARI

Öz

Finansallaşma, kapitalizmin son kırk yıllık dönüşümünü açıklayan önemli kavramlardan biridir. Dijital ve finansal alanda yaşanan gelişmeler dikkate alındığında, teknoloji ile finansallaşma arasında güçlü bir bağ bulunmaktadır. Yüzyılın başından bu yana hızla yükselen büyük teknoloji şirketlerinin iş modelleri, dijital ve finansal alanı giderek daha fazla bütünleştirmektedir. Bu bağlamda, dijital ve finansal alanların bütünleşmesi, finansallaşma literatüründe dijital finansallaşma olarak tanımlanan yeni bir kavram ortaya çıkarmıştır. Finansal alandaki dönüşüme öncülük eden dijitalleşme, 2008 yılı itibariyle dijital dönüşümün yeni aşaması olan blok zincir teknolojisi ve kripto para piyasalarını finansal sisteme dâhil etmiştir. Blok zincir teknolojisinin yeni finansal iş modelleri ve kripto para piyasaları, oldukça yeni ve dinamik bir alandır. Ancak, farklı iş modellerinin her biri finansallaşma çatısı altında birleşmektedir. Finansal dijitalleşmenin önemli parçaları olarak blok zincir teknolojisi ve yeni finansal iş modellerinin finansallaşma bağlantıları litertürde ihmal edilmiştir. Bu makale, blok zincir teknolojisinin yeni finansal iş modellerini ve kripto para piyasalarını dijital finansallaşma kavramı üzerinden ele almakta ve betimleyici analiz yöntemiyle incelemektedir. Makalenin amacı, kripto para piyasalarının finansallaşma bağlantılarını ortaya koymak ve dijital finansallaşma kavramını blok zincir teknolojisini de kapsayacak biçimde genişletmektir. Elde edilen bulgulara göre, blok zincir teknolojisi dijital verileri herhangi bir üretim ilişkisine dâhil olmadan doğrudan kripto para formuna dönüştürerek finansallaşmasını sağlamaktadır. Blok zincir teknolojisi ve yeni finansal iş modelleri, kripto paralar eliyle dijital ve finansal alanları bütünleştirdiği ölçüde finansallaşma alanını genişletmekte ve derinleştirmektedir.

Anahtar Kelimeler

Finansallaşma, Dijital finansallaşma, Blok zincir teknolojisi, Kripto para piyasaları, Yeni finansal iş modelleri

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