Blockchain: Use of Smart Contracts in Finance

Abstract

Through its decentralized architecture, blockchain technology has become a transforming paradigm in the banking sector, revolutionizing established procedures. This study analyzes the dynamic convergence of blockchain and finance, with an emphasis on smart contracts' essential role in altering financial transactions. It adds to the expanding knowledge of the practical uses and possibilities of this technology in the banking industry by investigating the uses, problems, and prospects of smart contracts within the financial environment. This research study digs into the many uses, effects, problems, and prospects of smart contracts in the banking industry. This chapter attempts to give a full knowledge of how smart contracts are revolutionizing financial processes and determining the future of the financial sector through theoretical studies.