Role of Smart Contract Technology Blockchain Services in Finance and Banking Systems: Concept and Core Values

Abstract

Abstract:\n\n \n\nSo far, blockchain has been well acknowledged for its potential uses in the financial and banking industries. As a decentralized and distributed technology, blockchain, on the other hand, may be used as a powerful tool for a wide range of everyday applications. Among the many applications sectors where blockchain is expected to have a significant influence, finance and banking is one of the most important. In the contemporary financial and banking systems, it produces a broad variety of options and possibilities. As a result, the purpose of this paper is to investigate the possible uses of blockchain technology in present financial and banking systems, as well as to emphasize the most critical needs for such systems, such as trust less and transparent financial and banking systems. In addition, this article outlines the hurdles and roadblocks that must be overcome before blockchain technology can be successfully used in financial and banking institutions. In addition, we present the smart contract for blockchain-based financial and banking systems, which is critical for setting pre-defined agreements among multiple customers.