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Time Stamps:
0:00 – Start
0:10 – Smart Contract Technology
1:54 – What are Smart Contract On Blockchain
3:38 – How smart Contracts works
4:45 – Revolution of Smart Contract
10:48 – End
Smart Contract Technology: What Disruptions Are They Causing In The Finance Industry?
In this video, we’ll be talking about smart contract technology and how it has revolutionized the global finance space.
The world of finance as we know it has undergone and is still going through fundamental transformations, triggered by new technologies. The most evident is the blockchain which has fundamentally altered the way financial transactions are handled today.
During the early stages of these transformations, it was forecasted that this technology will have a significant impact on how the finance industry will do business in the future, enabling new business models, delivering new value propositions, and solving longstanding challenges, with the much-needed transparency and security in transactions.
However, the change is here – and still going on. The finance industry has seen tremendous transformations, thanks to blockchain technologies. One of such technologies making the wave is the Smart Contract Technology.
The essential components of a smart contract are called objects. A smart contract has three main objects which include: the signatories (that is, the parties involved in the smart contract who use digital signatures to approve the terms of the agreement), the subject of agreement or contract, and the specific terms.
Smart contracts are changing the face of the finance industry with the slew of advantages they offer, ranging from error-free insurance claim processing, smooth peer-to-peer transactions, streamlined KYC processes, transparent auditing, and other initiatives.
With their key features which include resistance to tampering, self-executing, and self-verifying, they have proven to have more value than traditional contracts. Without a doubt, smart contracts can unlock more valuable insights for financial institutions to carry out their operations more smoothly and efficiently.
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DISCLAIMER: This is not financial advice! This is an entertainment and opinion-based show. I am not a financial adviser. Please only invest what you can afford to lose, and we encourage you to do your own research before investing. DYOR