Implementation of smart contract technology in financial services institutions

Masrek, Mohamad Noorman and Khairuddin, IrniEliana and Susanto, Betley Heru (2022) Implementation of smart contract technology in financial services institutions. Environment-Behaviour Proceedings Journal, 7 (SI10). pp. 1-6. ISSN 2398-4287

Official URL: https://ebpj.e-iph.co.uk/index.php/EBProceedings/i...

Identification Number (DOI): 10.21834/ebpj.v7iSI10.4129

Abstract

The popularity of blockchain-based applications has pushed the advancement of a smart contract as an essential part of the blockchain platform. Previous research has validated that smart contracts can facilitate many functions in financial services companies such as banking and insurance. A smart contract is useful to automate the execution of an agreement by initiating steps when a certain circumstance is fulfilled; thus, it can eliminate the role of any middlemen or waste time. This study explores the basic concepts of blockchain-based applications, smart contracts, advantages, challenges, and potential implementation in the financial services industry.

Metadata

Item Type:	Article
Creators:	Creators Email / ID Num. Masrek, Mohamad Noorman mnoorman@uitm.edu.my Khairuddin, IrniEliana irnieliana@uitm.edu.my Susanto, Betley Heru Betley.heru@binus.ac.id
Subjects:	H Social Sciences > HG Finance > Banking > Electronic funds transfers H Social Sciences > HG Finance > Financial management. Business finance. Corporation finance
Divisions:	Universiti Teknologi MARA, Selangor > Puncak Perdana Campus > Faculty of Information Management
Journal or Publication Title:	Environment-Behaviour Proceedings Journal
ISSN:	2398-4287
Event Title:	5th International Conference on Information Science
Event Dates:	19-21 September 2022
Volume:	7
Number:	SI10
Page Range:	pp. 1-6
Keywords:	Blockchain, Smart contract, Ethereum, Crypto
Date:	November 2022
URI:	https://ir.uitm.edu.my/id/eprint/143283