The macro-level effects of blockchain ​​technology on the financial system

For centuries, money or all valuable trading tools that replace money are necessary for people to live in society by establishing order. In ancient civilizations, barley or copper symbolized a value with the exchange method, but in time, many types of money such as paper, valuable metal, digital electronics became a measure of a certain value in the market. Today, there are 3 types of money systems called modern money. These are called as deposit, electronic and digital money. Digital currencies are divided into two as virtual and crypto(encrypted) money. Bitcoin is the first currency to appear as crypto money. The basic infrastructure of Bitcoin consists of a system called Blockchain and can be briefly explained as a distributed database network. Blockchain can be integrated with all economic systems because of its technical structure and nowadays it appears in many areas. The relationship of the blockchain system with other the payment systems was examined using the stratified purposive (quota) sampling, with the semi-structured interview technique on the employees in the finance and payment field. Purpose of study; it is to analyze how the reliability and transparency of blockchain technology can provide a solution to the informal economy, which is Turkey's problem, and also the effects of Blockchain technology on financial systems because it is open to development in many areas. In line with the findings obtained as a result of the study, it is understood that even using Blockchain technology only as the basic network structure in payment channels, it can be a solution in the informal economy and indirectly affect all macroeconomic factors. In order not to be left behind from other countries in the world, In Turkey, the necessity of taking the steps of digital transformation, especially by public institutions and collaborations, emerges. As a result of digital transformation with the support of Blockchain technology, it will make it possible to benefit from many advantages of the system, especially its security and robustness.