The study explores whether blockchain technology can change the paradigm of the current financial structure and the balance of power in the international financial system. Accordingly, this study reviews the development of blockchain technology by analyzing China and Venezuela, both of which struggle to harness their technological advancement and to enhance their power in the international realm. We found that Venezuela invests in blockchain technology to create an alternative payment structure for survivability, while China’s desire is to become a global leader in global blockchain technology.
Aysan, Ahmet Faruk; Sadriu, Behar; and Topuz, Humeyra
"BLOCKCHAIN FUTURES IN CRYPTOCURRENCIES, TRADE AND FINANCE: A PRELIMINARY ASSESSMENT,"
Bulletin of Monetary Economics and Banking: Vol. 23:
4, Article 5.
Available at: https://bulletin.bmeb-bi.org/bmeb/vol23/iss4/5