FinTech Network, the financial business intelligence provider, has announced the publication of a new whitepaper which it produced in partnership with consulting company Zerado. ‘Smart Contracts: From Ethereum to Potential Banking Use Cases’ examines the use of smart contracts and how they could improve efficiencies within the banking sector.
Within the whitepaper, the benefits of the Ethereum network and its ability to enact smart contracts are discussed. It examines methods by which smart contracts could potentially be used to improve processes in areas such as mortgages, clearing and settlement, know your customer compliance and bonds.
In addition, the way that smart contracts aim to provide security that is superior to traditional contract law, along with ways they can reduce other transactional and administrative costs and improve efficiency are investigated. Besides this, it also looks at how challenges with conceptual misalignment, inflexibility, contractual secrecy and legal jurisdiction could hinder the use of smart contracts in financial services.