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Title | Smart contract in banking for Ukraine’s economy digitalization |
Authors |
Yatsenko, Valerii Valeriiovych
Kovalov, Bohdan Leonidovych Kubatko, Oleksandr Vasylovych Kharchenko, Mykola Oleksiiovych Mazin, Yurii Oleksandrovych Piven, Vladyslav Serhiiovych |
ORCID |
http://orcid.org/0000-0003-2316-3817 http://orcid.org/0000-0002-1900-4090 http://orcid.org/0000-0001-6396-5772 http://orcid.org/0000-0002-3034-8935 http://orcid.org/0000-0002-6829-1065 |
Keywords |
smart contract blockchain digitalization banking technology |
Type | Article |
Date of Issue | 2022 |
URI | https://essuir.sumdu.edu.ua/handle/123456789/88556 |
Publisher | Sumy State University |
License | In Copyright |
Citation | Yatsenko V. V., Kovalov B. L., Kubatko O. V., Kharchenko M. O., Mazin Yu. O., Piven V. S. Smart contract in banking for Ukraine’s economy digitalization // Вісник Сумського державного університету. Серія Економіка. 2022. № 2. С. 92−97. DOI:10.21272/1817-9215.2022.2-10 |
Abstract |
Smart contracts are one of the digital technologies that have the potential to significantly alter the way market
participants interact. It is emphasized in the research that a smart contract is a specialized computer protocol that
allows negotiating parties to exchange assets between themselves: stocks, money, or property without involving a
third party as an intermediary. It should be noted that smart contracts also have a wide area for use not only in the
financial sector, but also in other sectors of the economy, and the global trend towards digitalization is one of the
fundamental drivers of the development of this tool. The most recognizable technology for the operation of smart
contracts today is blockchain. It is mentioned that blockchain guarantees the reliability and security of the concluded
contracts in terms of their confidentiality, immutability, and permanence. Four basic stages of a blockchain-based
smart contract were revealed. It is stated in the article that one of the most promising applications for smart
contracts is the automation of the provision of banking services, such as supply chain financing, mortgage lending
and small business lending. The automatic implementation of the full lending process, from application to credit
risk assessment, mortgage renewals, title transfer, and mortgage servicing and securitization, can be facilitated by
sharing borrower information and digital versions of multiple registries and title documents.It is emphasized that
smart contracts have a number of advantages over traditional paper-based contracts. It's important to remember
that no matter how advanced technology gets, there's always the risk of IT-system vulnerabilities. The future of
smart contracts in banking was forecasted. Many banking processes and legal agreements will be substituted by
blockchain-based finance solutions in the future; however the shift will be slow. Incumbent banking institutions are
unlikely to completely relinquish control of their databases from unknown third parties. Most likely, groups of
banking institutions will use authorized blockchains, and customers will only interact with trusted nodes, and not
directly with the ledger, |
Appears in Collections: |
Вісник Сумського державного університету. Економіка (2009-2024) |
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File | Size | Format | Downloads |
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Yatsenko_smart_contract.pdf | 259.56 kB | Adobe PDF | -275787394 |
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