Affiliation:
1. Jawaharlal Nehru Technological University, Hyderabad, India
2. State University of New York, USA
Abstract
This chapter examines the transformative power of blockchain technology and smart contracts in the financial industry. It explores the advantages of blockchain, such as enhanced security, transparency, and traceability, along with the automation capabilities offered by smart contracts. The research investigates their potential impact on traditional financial systems, focusing on areas like cross-border payments, trade finance, supply chain finance, and asset tokenization. It discusses the benefits of increased efficiency and cost reduction that can be achieved through blockchain implementation. The study also addresses the challenges associated with scalability, energy consumption, privacy, and smart contract vulnerabilities. Regulatory considerations and the importance of collaboration between industry stakeholders, regulators, and policymakers are emphasized. The chapter concludes by highlighting the transformative role of blockchain and smart contracts in creating a more inclusive, secure, and efficient future for finance.
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