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Understanding Smart Contracts: Hype or Hope?

In: FinTech Research and Applications Challenges and Opportunities

Author

Listed:
  • Elizaveta Zinovyeva
  • Raphael C. G. Reule
  • Wolfgang Karl Härdle

Abstract

Smart Contracts are commonly considered to be an important component or even a key to many business solutions in an immense variety of sectors and promises to securely increase their individual efficiency in an ever more digitized environment. Introduced in the early 1990s, the technology has gained a lot of attention with its application to blockchain technology to an extent, that can be considered a veritable hype. Reflecting the growing institutional interest, this intertwined exploratory study between statistics, information technology, and law contrasts these idealistic stories with the data reality and provides a mandatory step of understanding the matter, before any further relevant applications are discussed as being ‘factually’ able to replace traditional constructions. Besides fundamental flaws and application difficulties of currently employed Smart Contracts, the technological drive and enthusiasm backing it may however serve as a jump-off board for future developments thrusting well in the presently unshakeable traditional structures.

Suggested Citation

  • Elizaveta Zinovyeva & Raphael C. G. Reule & Wolfgang Karl Härdle, 2023. "Understanding Smart Contracts: Hype or Hope?," World Scientific Book Chapters, in: Daisy Chou & Conall O'Sullivan & Vassilios G Papavassiliou (ed.), FinTech Research and Applications Challenges and Opportunities, chapter 1, pages 3-91, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781800612723_0001
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    More about this item

    Keywords

    FinTech; FinTech Regulation; Artificial Intelligence; Machine Learning; Cryptocurrencies; Smart Contracts; Financial Fraud Detection; FinTech in Financial Services;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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