Stages of the development of the concept of decentralized finance in the global economy: from new institutional economy to DEFI

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Abstract

In this article, the authors examine the concept of decentralized finance (DeFi) in the context of the evolutionary genesis of its key principles and ideas. The basic principles of Blockchain technology and smart contracts are considered. The stages of evolution of the concept of decentralized finance and Blockchain technology are analyzed both from the perspective of development as a monetary system and from the point of view of the principles of the New Institutional Economic Theory. As a result, the authors came to the conclusion that the concept of decentralized finance and Blockchain technology provide a number of opportunities to solve many problems associated with both dilemmas of economic theory and conceptual problems of financial services markets.

About the authors

Victor Vitalievich Dorokhov

Peoples' Friendship University of Russia named after Patrice Lumumba (RUDN University)

Author for correspondence.
Email: victor.v.dorokhov@gmail.com

Postgraduate Student of the Department of Finance and Credit, Faculty of Economics

117198, Moscow, Miklukho-Maklaya str., 6

Sofya Grigorievna Glavina

Peoples' Friendship University of Russia named after Patrice Lumumba (RUDN University)

Email: glavina-sg@rudn.ru
ORCID iD: 0000-0002-5174-8962
SPIN-code: 4511-1442
Scopus Author ID: 57021815800

PhD in Economics, Head of the Digital Economy Department at IMED RUDN University

117198, Moscow, Miklukho-Maklaya str., 6

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