Blockchain technology and its possibilities: A qualitative study of the connections between blockchain technology, the banking sector, and (self-)regulation

This study concerns itself with the question “what are the ways blockchain technology can shape (and vice versa) the implementation of regulation in the banking sector according to financial professionals?”. Through qualitative interviews and document analysis three topics related to the research question came forward. (1) Blockchain technology and disruption, (2) blockchain technology and (self-)regulation, and (3) Blockchain technology and challenges. The main message conceived by the respondents was that while the technology is currently being gradually implemented, it is too early to identity how regulating entities are going to react to a widespread implementation of blockchain technology into the financial sector. Some professionals argue that regulating accords are not necessarily going to be changed because of the technology. While others argue that the technology will be implemented into the banking sector with regards to compliance and (self-)regulation without a large change in the actual legislation. The overall argument is that financial professionals’ belief in the influence of blockchain technology can make it influential, however, not in predictable ways. The effects of power and the struggle for control involve a certain amount of unpredictability.