The Impact of Decentralized Finance (DeFi) on Traditional Banking Systems: A Novel Approach
DOI:
https://doi.org/10.35145/icobima.v2i1.4376Kata Kunci:
Decentralized Finance (DeFi), Traditional Banking, Blockchain Technology, Smart Contracts, Financial DisruptionAbstrak
This research explores the transformative impact of Decentralized Finance (DeFi) on traditional banking systems. DeFi, leveraging blockchain technology and smart contracts, has emerged as a significant disruptor in the financial industry by offering decentralized, transparent, and accessible financial services. This study aims to assess how DeFi challenges conventional banking models and the implications for the future of financial services. Through a mixed-methods approach, combining quantitative analysis of financial data and qualitative insights from industry experts, this research identifies key components of DeFi and examines its effects on traditional banking operations, customer experiences, and financial stability. The findings reveal a significant increase in DeFi transaction volumes and user engagement, accompanied by a reduction in certain traditional banking activities. While DeFi offers benefits such as lower transaction costs and enhanced accessibility, it also introduces challenges related to security, regulatory uncertainty, and market volatility. The study concludes that DeFi presents both opportunities and risks for traditional banking systems. To remain competitive, traditional banks may need to adopt blockchain technologies and explore strategic partnerships with DeFi platforms. Policymakers are advised to develop clear regulatory frameworks to manage associated risks while fostering innovation. This research provides valuable insights for financial institutions, regulators, and investors navigating the evolving landscape of financial services.
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Referensi
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Purnama, I., Putra, R., Syahputra, H., Yani, F., & Eddy, P. (2024). The Influence of The Value of Oil and Gas Exports and Imports on The Country’s Foreign Exchange from 2010-2017. Luxury: Landscape of Business Administration, 2(1), 59–70. https://doi.org/https://doi.org/10.61230/luxury.v2i1.68
Renaldo, N., Sally, Musa, S., Wahid, N., & Cecilia. (2023). Capital Structure, Profitability, and Block Holder Ownership on Dividend Policy using Free Cash Flow as Moderation Variable. Journal of Applied Business and Technology, 4(2), 168–180. https://doi.org/https://doi.org/10.35145/jabt.v4i2.132
Renaldo, N., Suhardjo, Suharti, Suyono, & Cecilia. (2022). Optimizing Company Finances Using Business Intelligence in Accounting. Journal of Applied Business and Technology, 3(2), 209–213. https://doi.org/https://doi.org/10.35145/jabt.v3i2.107
Renaldo, N., Vomizon, R., Nuonnad, D. O., Okšav, N., & Hilas, R. A. (2023). The Use of ANOVA in Comparative Analysis of Exchange Rates in Indonesia. Nexus Synergy: A Business Perspective, 1(2), 100–108. http://firstcierapublisher.com/index.php/nexus/article/view/47
Rifai, A., Prihatni, R., & Sumiati, A. (2023). Analysis of Financial and Non-Financial Factors on Fixed Assets Revaluation on Banking Companies. Interconnection: An Economic Perspective Horizon, 1(2), 87–99. http://firstcierapublisher.com/index.php/interconnection/article/view/37
Sekaran, U., & Bougie, R. (2016). Research Method for Business A Skill-Building Approach Seventh Edition (Seventh Ed). John Wiley & Sons. https://doi.org/10.1007/978-94-007-0753-5_102084
Sinaga, S. O. (2024). Analysis of Determining the Cost of Goods Production Using the Full Costing Method as a Basis for Determining the Selling Price of Rubber Rubber at PT. Sinar Belantara Indah. Luxury: Landscape of Business Administration, 2(1), 26–58. https://doi.org/https://doi.org/10.61230/luxury.v2i1.66
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Suyono, Renaldo, N., Suhardjo, Andi, & David. (2023). Pengaruh Good Corporate Governance (GCG) terhadap Profitabilitas dan Nilai Perusahaan pada Perusahaan Sektor Consumer Goods yang Terdaftar di Bursa Efek Indonesia Periode 2017-2021. Bilancia: Jurnal Ilmiah Akuntansi, 7(2), 570–581.
Wijaya, E., Ali, Z., Hocky, A., Anton, A., & Oliver, W. (2023). Impact of Company Size, Income on Share, Debt to Equity, Total Assets Revenue and Net Profit on The Kompas 100 Company Value Index. Proceeding of International Conference on Business Management and Accounting (ICOBIMA), 2(1), 218–226. https://doi.org/https://doi.org/10.35145/icobima.v2i1.4066
Ruozi, R., & Anderloni, L. (2014). The Future of Banking: Trends, Strategies, and Emerging Technologies. Springer.
Sandner, P., & Fridgen, M. (2020). Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets. Frankfurt School Blockchain Center.
Chen, L., & Bellavitis, C. (2020). "Blockchain Disruption and Decentralized Finance: The Rise of Decentralized Business Models." Journal of Business Venturing Insights, 13, e00151.
Adiya, M. H., Hamidi, M., Rahim, R., & Adrianto, F. (2023). Literature Review: Mediation Effects of Debt Maturity on Good Corporate Governance in Enhancing Financial Performance. Journal of Applied Business and Technology, 4(2), 100–113. https://doi.org/https://doi.org/10.35145/jabt.v4i2.125
Alfat, F. F. (2024). Factors that Influence the Learning Achievement of Students Majoring in Accounting at the Institut Teknologi dan Bisnis Master Pekanbaru. Reflection: Education and Pedagogical Insights, 1(4), 128–157. https://doi.org/https://doi.org/10.61230/reflection.v1i4.60
Anton, Fernando, E., Estu, A. Z., Eddy, P., & Andi. (2023). Financial Report Fraud Determinants (Banking and Insurance Sub-Sector Companies on the Indonesia Stock Exchange 2017-2021). Nexus Synergy: A Business Perspective, 1(1), 32–50. https://firstcierapublisher.com/index.php/nexus/article/view/12
Badrianto, Y., Yudhyani, E., Runtunuwu, P. C. H., Heriyanto, Panjaitan, H. P., Junaedi, A. T., Sudarno, Alamsyah, Sudirman, A., Suyono, Renaldo, N., & Andi. (2023). Pengantar Bisnis: Memenangkan Persaingan Kompetitif Bisnis (H. F. Ningrum (ed.); Vol. 4, Issue 1). Media Sains Indonesia.
Fadrul, F., Howard, H., Nurazizah, F., Eddy, P., Novitriansyah, B., & Estu, A. Z. (2023). Analysis of Company Size, Inventory Intensity, and Variability of COGS on The Selection of Inventory Valuation Methods in Basic Materials Sector Companies Listed on IDX 2017-2021. Proceeding of International Conference on Business Management and Accounting (ICOBIMA), 2(1), 227–237. https://doi.org/https://doi.org/10.35145/icobima.v2i1.4068
Hanapiah, U. (2023). The Effect of Experiment Methods on Student Learning Results in Learning IPA in Class VIII Mts. Negeri 2 Labuan. Reflection: Education and Pedagogical Insights, 1(3), 99–105. http://firstcierapublisher.com/index.php/reflection/article/view/36
Hia, E. (2023). The Effect of Profitability on Cash Dividends in Consumer Goods Industry Sector Companies on the Indonesian Stock Exchange (Period 2015-2019). Interconnection: An Economic Perspective Horizon, 1(3), 105–124. https://firstcierapublisher.com/index.php/interconnection/article/view/50
Junaedi, A. T., Renaldo, N., Yovita, I., Veronica, K., & Jahrizal. (2023). Revolusi Digital Dalam Perspektif Bisnis (Sudarno & M. B. Hutahuruk (eds.)). PT. Literasi Nusantara Abadi Grup.
Junaedi, A. T., Renaldo, N., Yovita, I., Veronica, K., & Sudarno. (2023). Digital Culture as a Moderating Factor in Increasing Digital Literacy. Reflection: Education and Pedagogical Insights, 1(3), 116–127. http://firstcierapublisher.com/index.php/reflection/article/view/49
Kumalasari, P. D., & Endiana, I. D. M. (2023). The Timeliness of Financial Reporting on Food and Beverage Companies in Indonesia. Nexus Synergy: A Business Perspective, 1(3), 193–198. https://firstcierapublisher.com/index.php/nexus/article/view/58
Ndruru, A. (2023). Analysis of the Effect of Financial Performance on Stock Returns in Manufacturing Companies (Basic Industry & Chemical Sector, Cement Sub-Sector Listed on the IDX for the 2018 - 2020 Period). Interconnection: An Economic Perspective Horizon, 1(3), 125–142. https://firstcierapublisher.com/index.php/interconnection/article/view/51
Purnama, I., Diana, & Yani, F. (2023). Business Income, Operational Costs, and Production Costs on Net Profit After Tax at PT Unilever Indonesia Tbk Period 2016-2021. Luxury: Landscape of Business Administration, 1(1), 23–32. https://firstcierapublisher.com/index.php/luxury/article/view/17
Purnama, I., Putra, R., Syahputra, H., Yani, F., & Eddy, P. (2024). The Influence of The Value of Oil and Gas Exports and Imports on The Country’s Foreign Exchange from 2010-2017. Luxury: Landscape of Business Administration, 2(1), 59–70. https://doi.org/https://doi.org/10.61230/luxury.v2i1.68
Renaldo, N., Sally, Musa, S., Wahid, N., & Cecilia. (2023). Capital Structure, Profitability, and Block Holder Ownership on Dividend Policy using Free Cash Flow as Moderation Variable. Journal of Applied Business and Technology, 4(2), 168–180. https://doi.org/https://doi.org/10.35145/jabt.v4i2.132
Renaldo, N., Suhardjo, Suharti, Suyono, & Cecilia. (2022). Optimizing Company Finances Using Business Intelligence in Accounting. Journal of Applied Business and Technology, 3(2), 209–213. https://doi.org/https://doi.org/10.35145/jabt.v3i2.107
Renaldo, N., Vomizon, R., Nuonnad, D. O., Okšav, N., & Hilas, R. A. (2023). The Use of ANOVA in Comparative Analysis of Exchange Rates in Indonesia. Nexus Synergy: A Business Perspective, 1(2), 100–108. http://firstcierapublisher.com/index.php/nexus/article/view/47
Rifai, A., Prihatni, R., & Sumiati, A. (2023). Analysis of Financial and Non-Financial Factors on Fixed Assets Revaluation on Banking Companies. Interconnection: An Economic Perspective Horizon, 1(2), 87–99. http://firstcierapublisher.com/index.php/interconnection/article/view/37
Sekaran, U., & Bougie, R. (2016). Research Method for Business A Skill-Building Approach Seventh Edition (Seventh Ed). John Wiley & Sons. https://doi.org/10.1007/978-94-007-0753-5_102084
Sinaga, S. O. (2024). Analysis of Determining the Cost of Goods Production Using the Full Costing Method as a Basis for Determining the Selling Price of Rubber Rubber at PT. Sinar Belantara Indah. Luxury: Landscape of Business Administration, 2(1), 26–58. https://doi.org/https://doi.org/10.61230/luxury.v2i1.66
Stevany, Wati, Y., Chandra, T., & Wijaya, E. (2022). Analysis of the Influence Events on the Increase and Decrease of World Oil Prices on Abnormal Return and Trading Volume Activity in Mining Sector Companies that Registered in Indonesia Stick Exchange. International Conference on Business Management and Accounting (ICOBIMA), 1(1), 181–192.
Suyono, Renaldo, N., Suhardjo, Andi, & David. (2023). Pengaruh Good Corporate Governance (GCG) terhadap Profitabilitas dan Nilai Perusahaan pada Perusahaan Sektor Consumer Goods yang Terdaftar di Bursa Efek Indonesia Periode 2017-2021. Bilancia: Jurnal Ilmiah Akuntansi, 7(2), 570–581.
Wijaya, E., Ali, Z., Hocky, A., Anton, A., & Oliver, W. (2023). Impact of Company Size, Income on Share, Debt to Equity, Total Assets Revenue and Net Profit on The Kompas 100 Company Value Index. Proceeding of International Conference on Business Management and Accounting (ICOBIMA), 2(1), 218–226. https://doi.org/https://doi.org/10.35145/icobima.v2i1.4066
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2023-11-25
