Implementation of Smart Contract Technology in Financial Services Institutions

Betley Heru Susanto; Mohamad Noorman Masrek; Irni Eliana Khairuddin

doi:10.21834/ebpj.v7iSI10.4129

Authors

Betley Heru Susanto Faculty of Information Management, Universiti Teknologi MARA Selangor, 401450 Shah Alam, Malaysia
Mohamad Noorman Masrek Faculty of Information Management, Universiti Teknologi MARA Selangor, 401450 Shah Alam, Malaysia
Irni Eliana Khairuddin Faculty of Information Management, Universiti Teknologi MARA Selangor, 401450 Shah Alam, Malaysia

DOI:

https://doi.org/10.21834/ebpj.v7iSI10.4129

Keywords:

Blockchain, crypto, Smart Contract, Ethereum, Crypto

Abstract

The popularity of blockchain-based applications has pushed the advancement of a smart contract as an essential part of the blockchain platform. Previous research has validated that smart contracts can facilitate many functions in financial services companies such as banking and insurance. A smart contract is useful to automate the execution of an agreement by initiating steps when a certain circumstance is fulfilled; thus, it can eliminate the role of any middlemen or waste time. This study explores the basic concepts of blockchain-based applications, smart contracts, advantages, challenges, and potential implementation in the financial services industry.

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