The New Structure of the Stock Exchange on the Blockchain Network and its Impact on Transactions
Subject Areas :
HADI ZARE
1
*
,
Rahim Mokhtari
2
1 - Department of Law, Shz.C., Islamic Azad University, Shiraz, Iran. (Corresponding Author).
2 - Department of Law, Shz.C., Islamic Azad University, Shiraz, Iran.
Keywords: Stock Exchange, Blockchain, Smart Contract, Centralization, Intermediary-based Systems.,
Abstract :
The stock exchange is considered one of the key pillars of the global economy, yet it has historically operated through a centralized, intermediary-based structure. While a central authority provides important benefits such as guaranteeing the integrity and security of transactions, this model also faces significant challenges—including lack of transparency, high fees, dependence on intermediaries, and cybersecurity vulnerabilities. Over the past two decades, and especially with the rise of smart contracts, blockchain technology has opened the door to rethinking this traditional framework. With its peer-to-peer architecture and automated contract execution, blockchain offers a decentralized alternative to conventional stock markets. It has the potential to eliminate intermediaries, reduce costs and delays, and enhance security and transparency. Nevertheless, blockchain remains in the early stages of development and, like many emerging technologies, brings legal and technical challenges—such as regulatory gaps, complexity, high energy consumption, and scalability limitations. Overcoming these obstacles could pave the way for a fundamental transformation in the architecture of financial markets through decentralized models.
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