Opportunities and Risks of Blockchain and Smart
Contracts in Finance
1.0.
Introduction
1.1. Definitions/Functioning
Blockchain technology can be defined as structured
data that acts as store for transactional records while also providing
security, a decentralized system and transparency in how it functions. It can
also be conceived as a chain which is stored as blocks which are functioning
without any sole authority. This blockchain is accessible to everyone on the
network and acts as a common ledger to everyone. Altering information that is
stored on this ledger is difficult, which is why it is also considered secure
and credible. The best way to assert the authenticity of the blockchain is
through use of digital signatures which secure it. It is because of the use of
digital signatures and encryption patterns that the data stored on it is free
of being tampered and cannot be changed. The credibility of blockchain is reliant
on these features[1].
The smart contract can be defined as a computer code
that is superimposed on top of a blockchain and running effectively. When the
defined rules are agreed upon, then they’re automatically enforced. Smart
contracts make certain that these pre-defined rules are met when facilitating a
transaction. [NA1] They
help verify and enforce these rules during a negotiation and allow for efficient
agreement between all people involved. It is an easy way of using a
decentralized automated system[2]. Digital assets are used
which are deposited by few parties and these are automatically distributed
among the remaining members through a formula which is based off specific data,
this is kept concealed during the phase of contract initiation. It’s important
that this should not be confused with a legal contract. It’s vital that smart
contracts be coded by people who have a command on how to code for it by using
all available information.
1.2. Problem Statement
Blockchain and smart contracts allow scope for
modifying the financial sector as well as pose risks that must be dealt with
instantaneously. Tackling and identifying the opportunities as well as setbacks
is integral to deciphering the value of this technology and how soon it can
become a mainstream feature of financing.
1.2. Objectives
1.
First objective of
the study is to describe the application areas of blockchain and smart
contracts in banking.
2.
Another objective
of the paper is to define the advantages and disadvantages of blockchain
technology in finance.
3.
Moreover, the study
will also focus on identifying the opportunities, threats, strengths and
weaknesses associated with blockchain technology in terms of finance.
4.
Another objective
of the study is to define the influence of blockchain and smart contracts on
the business models of the banks. [NA2]
2.0. Application Areas or Possibilities in
Banking
The financial services sector is the best place to
start when discussing the application of smart contracts. Using smart contracts
to regulate transactions being made for commercial reasons would help quicken
the process as well as simplify it. Assurance of accurate transfers being taken
place would also be a bonus and all parties would have to oblige to the
pre-defined rules. The brilliance of smart contracts lies in how it regulates
financial transactions. As all the terms are visible to each member involved in
the network, smart contracts are designed to meet those terms and hence,
diminish the room for errors and ensure efficiency in how the function.
Banks are already implementing blockchain projects
with the mission to simplify how their payments across borders are made; hence,
ensuring transparency is obvious in their transactions. Smart contracts and
blockchain technology will be integrated into the system of banking, healthcare, real estate
and internet of things [NA3] in the
foreseeable future[3].
Smart
contracts will help shape the future of the customers through new experiences
in banking. Smart contracts can help make
payments along with loans automated.[NA4] There
will be less complexity involved when acquiring the personal data of the buyer,
verifying their information, their behavior of spending and subsequent
information will be processed in a much quicker and efficient manner. Sourcing
data will be easier if smart contracts will be enabled to gain access to the
customer’s information regarding their ownership of deeds on their name and the
land records that are associated with their name. Extracting data will be easier as all the
customer data will be available on a shared platform[4].[NA5]
Third party verification won’t be needed for
acquiring and assembling personal data of the customers; the customer could avail benefits such as
a quicker response from clients and reductions in transaction costs. [NA6] Blockchain
allows their users to link their digital assets to smart contracts; this will
help construct the path for end – to – clearance and will help ensure control
of different products that the bank will offer[5].
The best
application that smart contracts offer will be that the user who decides to
tether their personal information regarding mortgages, assets, or any commodity
will be able to track their progress. When explaining how transactions are made
through smart contracts, let’s assume there are two people, John and Mike, who wish to transfer a commodity between themselves, such as a
house. The agreement is made between the two on the Ethereum blockchain using a smart contract. The
agreement between John and Mike is now contained on the smart contract. Simply put,
this is what the agreement will look like: “When John makes a payment of 300
Ether to Mike, then John will acquire ownership of the house”. These are the conditions that have to be met, and once
they’re set in the smart contract they can’t be altered. This allows John to
safely make the payment when he can. This scenario helps us understand how a
third party, such as a broker or a lawyer was not involved, thereby saving fees
to third-party companies. [NA7] The best part is that no intermediary
dealer who usually acquires a personal fee for delivering a commodity will be
needed in such an exchange.
2.1. Other Application Areas
Innovation that blockchain
technology offers to innovators and entrepreneurs has given them the boost to
try and implement this technology across more facets of the government and
industry[6]. The following examples
will let us see the many ways that blockchain technology is being used across a
wide range of areas, apart from crypto currency.
Initial Coin Offering (ICO): Small
businesses can use Initial Coin Offerings to garner funds through
crowd-funding. It’s a simple way of acquiring funds through the public rather
than persisting after venture capitals to provide funds and convince them on
making investments. It also helps avoid the multiple regulations that are to be
met when dealing with finance authorities[7]. This method will also
allow the sale of stakes within the same company to all the people who are
interested in joining a new venture.
Clearance and Payment: One of
the best benefits of blockchain technology is the ability to make payments in a
streamline process without having to endure risks that can be met through third
parties.
International payments: Blockchain basically has an encrypted databased which can result
in consistency and transparency while doing banking transactions. Encryption
will ensure that data is secure and verification further adds on the safety of
transactions. This can be used to handle payments internationally without
having any bank in between and also reduced costs.
Peer-to-Peer (P2P)
Transactions: Different providers offer direct transactions including Paypal and
Twint aiming at transfer of virtual money. However, there are different weak
points of these systems including spatial restrictions etc. Blockchain can be
used to avoid the risk of hacking or international restrictions.
Capital Markets:
Blockchain technology can also be used to handle capital markets
and big banks such as Credit Suisse are interested in it. But the process of
handling capital market transaction is complex and it needs more time for
development.
Trade Finance: Blockchain
technology can be used for the purpose of trade finance and its first live test
has already been carried out in 2016 in Israel. Normally contracts which are
very time-consuming, blockchain technology was used to make a transaction
within 4 hours that would otherwise take weeks. Additionally, reduced liquidity
and high bureaucratic costs important reasons that will boost blockchain
technology in this area.
Protection Against
Money Laundering: Encryption makes blockchain technology a very good tool to protect
against money laundering. Contracts are completely transparent and technology
allows recording the records of transactions and the persons involved. Hence,
the verification and identification of customers, it is possible to prevent
money laundering.
Insurance: Blockchain and smart
contracts can also be used for the purpose of insurance. Contracts and claims
can be settled in a transparent manner. All damages could be managed by network
by filtering out wrong claim of damages[8]. [NA8] [NA9]
3.0. Opportunities and Advantages/Disadvantages
of Blockchain and Smart Contracts in Finance
There are certain advantages and disadvantages to such
nascent technology but nonetheless they are worthy of being assessed and
analyzed to help businesses understand how to integrate them into their systems
to make the most of them[9].
3.1. Advantages of Blockchain
Bitcoin was an initial product
of blockchain technology. Its purpose was to establish a new form of digital
currency that would allow anonymity and allow transactions free from the
supervision of the government[10]. While this eludes Bitcoin analysis
startup companies like Elliptic and the Center on Sanctions and Illicit Finance
to the number of illicit activities taking place,[NA10] simultaneously, regulators have also realized that
it isn’t impossible to try and control this system. If we look into the structure of bitcoin then we come to realize that absolute anonymity
isn’t there, instead every transaction that is made is recorded on the distributed
ledger publicly. They even show links to specific entities, it in turn is quite
similar to how e-mail addresses work. Legally, tracking down perpetrators who
are responsible for illegal activities has been possible. There are also
relevant regulations regarding the exchange of Bitcoin currency to real world
currency and is subject to scrutiny regarding verification of identity,
terrorism financing and tracking down money laundering schemes.
Regardless of the supposed
problems that bitcoin has been discovered to present, private and public sector
companies and agencies are intent on using it for their benefit[11]. Decentralization is the essence of blockchain
and it can help numerous problems that present now by capitalizing on these
benefits, which are:
Absolute Transparency: Every
participant within the network has the same accessibility of data and history
of transactions made[12].
Constancy: There
is consensus taken from all members before changes or modifications are made to
the data because changing one record will set in motion changes in subsequent
records as well.
Safety and Security:
Compromising and jeopardizing the transaction data becomes difficult for
hackers, as modifying data that has been distributed throughout the network is
difficult. The best method to prevent fraud and illegal transactions would be
by encrypting data and sensitive information, thereby protecting every dataset
on the network[13].
The Ability of Tracing Data: The
benefit of the history of transactions being auditable allow for blockchain to
provide a path that helps assess and verify the authenticity of the information
at hand.
The attributes that blockchain
offers can all be present together based on the different degrees of
centralization and permission that the blockchain allows. Currently, blockchain
technology allows for data to be kept private and is accessible to certain
trusted partners on the network[14]. There are debates
regarding such a permissioned system of blockchain (as described in figure 1).
There are restrictions regarding who can make transactions, thereby defeating
the purpose of Bitcoin allowing everyone the chance to use this technology with
freedom and innovation. There are concerns regarding collusion of small groups
of many participants who can alter the ledger and the system in permission
blockchains. However, in open and permission-less blockchains like Bitcoin,
collaboration between numerous users on the network would be necessary.
Figure 1: Permissioned system of
blockchain[15]
3.2. Disadvantages and Limitations of Blockchain
Scalability: The
design of blockchain technology actually requires a massive amount of
computational power as well as energy. When these are available, only then can
confirmation and verification of each block be permissible. An annual estimate
of the electricity that Bitcoin uses is estimated to be TWh, which is
equivalent to the electricity that is being consumed in Czech Republic[16].
Speed: Per
second, the estimated numbers of transactions that can take place are seven on
Bitcoin. And in order to confirm each block, there ends up being a delay of 10
minutes per block confirmation. As of the year 2018, the fastest mode of
cryptocurrency is Ripple. It allows 1500 transactions to take place in one
second. However, this too falls short of the transactions that Visa alone can
handle which are 24,000 credit card transactions per second. Wherever speed is
a concern, blockchain technology has the potential to disappoint[17].
Confidentiality: When
speaking of public permission-less blockchains, it is necessary to note that
transaction history is open and accessible. This is not an ideal situation in
cases where information needs to be kept confidential. A permissioned
blockchain can be requested by user though, but might have to face a problem of
not being able to access all benefits of blockchain technology as only select
participants will be privy to its services.[18]
Jurisdiction: This is
one such area that must be considered when dealing with blockchain technology.
One thing is certain that blockchains don’t have a parameter they function
within; instead they can very easily surpass jurisdictional boundaries. This
can complicate a relationship between two parties where differences in the
contract are based off of their differences in jurisdiction, rendering their
contractual demands very difficult to meet. It is very difficult to determine
the location of single node in a network, that too within a decentralized
environment.
Liability: A
vendor who offers a blockchain that is trading related; his customers may face
the issues of material risks that can affect the settlement of the trade
between them and the vendor. There should be careful consideration of the
distribution and acknowledgment of the risk that might be endured, and this
should be agreed upon by all participants[19].
Platform Software: The credibility of the
distributed ledger is always determined by the software which they use to run
and function. So, if jeopardized, the entire software is subjected to harm.
Targeted Malware: Targeting malware is a very fatal
problem. The malware is part of the infrastructure of the distributed ledger
and provides support to it. It is undoubtedly subject to threats and
vulnerabilities now with the introduction of crypto-jacking.
Abuse of Privilege: A problem that is on the rise is
individuals willing to monopolize and take advantage of the blockchain system.
This results in people abusing the privilege of being the controller or
administrator of the network and making unauthorized modifications to the
infrastructure without consensus.
Figure 2: Blockchain risk overview
suggesting impact of cryptocurrency compromise[20]
3.3.
Advantages of Smart Contracts
The brilliance of smart contracts is that they can help streamline the
process for all small businesses in an articulate and effective manner[21].
The benefit of this contract is that is that it provides a company with the
assurance that it has the adequate resources to fill orders or that it has the
necessary data to deliver a certain product at a specific location. Certain
applications that smart contracts offer are:
Automated Payments: Many small
businesses offer their clients the chance to request the personal choice of
keeping their personal information on a file so that it’s accessible when online
and automated payments are needed. Smart contracts don’t just offer these
essentials but also offer better protection of data[22].
The use of blockchain technology that is the foundation of smart
contracts makes the information of clients more protected. There is a bonus of
building trust between the client and the business, also giving a competitive
edge. There are automatic updates of payments being made so everything is
relevant and current.
Engagement contracts. Smart contracts are able to help deliver promises or expectations that are due, whether it is regarding an event that has to be planned or meeting that requires consultation. The smart contract helps keep tabs on when, what, and how things will be delivered. The smart contract will alert you when goals or payments have been met. Both cash flow and the trust between clients and partners are strengthened.
Engagement contracts. Smart contracts are able to help deliver promises or expectations that are due, whether it is regarding an event that has to be planned or meeting that requires consultation. The smart contract helps keep tabs on when, what, and how things will be delivered. The smart contract will alert you when goals or payments have been met. Both cash flow and the trust between clients and partners are strengthened.
Real Estate: For a
realtor, opting for the use of smart contracts can help streamline his
processing of data and minimize costs as well. The best benefit of this would
be that the entire process from selection of a house to sale of a house can all
be done regardless of how far apart the parties transacting with each other
live. Every step will be managed by smart contracts, from the clearance of a
house and payment, to closing costs. The buyer is notified of the deed once
payments are made either through full payment or through mortgage payment.
Mortgage companies are using smart contracts to help modify and navigate their
payments, finances and rental companies that are in touch with them to generate
digital leases that are to be used eventually[23].
Employment Contracts: A smart employment contract ensures that the employee is very well informed of their pay and what work is expected of them. The transparency that is present keeps both the staff and the clients on the same track; this helps them work on their relation[24]. The contract can be used to pay off wages only when requirements such as certain working hours are met, after which the system determines for the wages to be paid. The smart contract is liable to modification in the event that promotions are made or changed are made in the responsibilities of the employees, this allows proper tracking of the performance of the employees’ growth in the business.
Employment Contracts: A smart employment contract ensures that the employee is very well informed of their pay and what work is expected of them. The transparency that is present keeps both the staff and the clients on the same track; this helps them work on their relation[24]. The contract can be used to pay off wages only when requirements such as certain working hours are met, after which the system determines for the wages to be paid. The smart contract is liable to modification in the event that promotions are made or changed are made in the responsibilities of the employees, this allows proper tracking of the performance of the employees’ growth in the business.
3.4. Disadvantages and Limitations of Smart
Contracts
There are limitations to smart contracts. The consumers are usually quite
suspicious because of it being a new technology[25].
While there is immense potential in them, organizations have to be considerate
when implementing them. A blatant fact is that coding is difficult and can at
times result in loopholes. Ethereum has been deemed as the second most valuable
cryptocurrency following Bitcoin, and its code has been lauded as being better
than that of Bitcoin. Immense trust was pooled into this form of coding, such
that a bunch of investors put together millions of dollars to launch a
decentralized form of investments, which would allow everyone the chance of
having an opinion on how the funds would be managed. However, a massive hack in
2016 left this smart contract code crippled and destroyed. The advent of
blockchain technology into the finance sector has yet to find a secure footing
because small companies are being subjected to potential threats by
incorporating smart contracts. Smart contracts should only be used if they
legally bind all individuals involved and hold each member accountable in the
event of unforeseen damage.
A get-out/cessation clause is one such solution that smart contract
developers believe is the answer. But its undeniable that these clauses have
the chance of projecting the individuals to more exploitation and vulnerability
than previously anticipated. Cessation clauses are challenging to begin with
because the smart contracts are not always perfectly coded. There are numerous
challenges that have already impacted the security and assurance that smart
contracts offer. The addition of platform that hasn’t been tested out
completely is a risky attempt on part of any business willing to risk their
standing at this stage of using technology.
3.5. SWOT Analysis
Strengths: There’s an added benefit of quick and low cost money transfers to be
made between parties. There is no need for intervention from a third party,
thereby saving on costs that would otherwise have been expended on their use.
The system is upgraded to an automated one through use of smart contracts. It
is accessible globally and is very convenient. It is transparent and helps
prevent and form of fraud to surpass clients and customers. It provides a good
platform to assess and analyze all data on the network. Modification of the
data on the network is improbable.
Weaknesses: There is the off chance that scalability might limit how this technology
will be used in the future if it doesn’t match new innovations in the system.
Low performance can be an issue if all parties become overly reliant and
inefficient. There is a lot of energy consumption when using and regulating a
large network with numerous parties logged into the system. As the system is
highly transparent, user privacy might be compromised and that might be
concerning for some people. While it has been established that the lack of data
modification means that fraudulent behavior is prevented, there’s always the
fear that one single code that controls a whole system can be hacked by coding
experts. There is also the need that external oracles will be relied heavily upon.
If there is the unfortunate loss of credentials of users, then the lack of an
intermediary will mean that data recovery might be limited. Due to the
unreliability of the market, the fear that cryptocurrency might lose their
value is a major concern. There’s also the problem of blockchain still being in
its early stages, which means that mastering blockchain will take time, and
gaining proper understanding of its concepts will mean more people will have to
work hard in grasping how it functions. Many existing technologies are still
delivering the same results those blockchains offers, only in longer durations,
so convincing businesses to shift to a modern way of operating may take time.
Opportunities: Companies that will integrate blockchain and smart contracts will gain a
competitive advantage because the complexity involved in how the regulate data
and interact with customers will become easy. New markets will be an easier
target and it will help companies get acquainted with them far more quickly.
The best thing about blockchain will be that large amounts of data will be
coming from different parties and at the same time they’ll be accessible and
present in one huge platform to be used.
Threats: It can be perceived as an unreliable form of networking to people who
don’t want to modernize their system. If external parties hesitate to
contribute to this system then limited information will be available for
accessing. Convincing the government about the security blockchain might offer
will be difficult. At the same time convincing customers about how online
interaction is better and easier than personal interaction might not suit them.
4.0. Influences of technology trends (Blockchain & Smart Contracts)
on the business models of banks[NA11]
Changes that blockchain technology
offers will help shape and structure new business models. Blockchain technology
has been known to exemplify the complicated and disruptive capabilities of the
market, it provides the opportunity of offering features which although
uncommon will help impact how the industry is functioning in the long run.
Business models of banks will have to restructure how their payments are made
as implementation of blockchain technology would mean faster payments, as well
as reduction in fees when making international transactions. This is
particularly attractive for banks when dealing with cross border transactions.
The digitally distributed
ledgers will provide banks with the potential to manage and operate their
business at lesser costs and make real time transactions more accessible to
customers. Transparency and public transactions will mean that banks business
models will have to incorporate this technology knowing that all how they
choose to operate will be open knowledge to everyone[26].
This also means that banks which integrate blockchain technology in the
business models will be able to have quicker access to liquidity that is made
through coin offerings. A crypto-economic model is what banks will rely upon.
There will be access to different streams of capital and delineates away from
traditional financing. Conventional methods can be skipped and in turn a modern
method of selling tokens to customers can be employed. This would also mean
that banks with such a business model would be disrupting the very structure of
current capital markets by how the tokenize stocks and bonds. Banks would now
be able to borrow and secure the money that is being exchanged with much more
security and also at lower interest rates which is vital to how banks can save
on costs.
Simply put, blockchain would be
improving business models by making direct transactions possible. The concept
of trust agents will soon be eliminated. Peer-to-peer execution of transactions
is a concept that might be very promising to the clients and customers. Not
only will identified parties be comfortable with its use but also unidentified
parties will find it relatively easy to use. The emergence of a decentralized
trading market is on the brink. Globalized trading will become quicker and
efficient as cross border payments will be made easily. The current
inefficiencies that clients and customers have to suffer will be minimized. It
is undeniable that cross border transactions are quite time consuming, very
elaborate and are expensive too. The best benefit will be the cheap and
effective means of transacting. Expensive currency exchange offices will become
obsolete or run down and that would be gladly accepted by customers who have to
make additional payments. Current business models which require additional
money paid to acquire remittances will be eliminated. A connection between the
contract and the transaction will be established. The contracts of payments
will be linked to transactions made, and this is where smart contracts come
into play and help contribute to the efficiency this system promises[27].
5.0. Summary and
Outlook
The technology of Blockchain is
still being developed and is undergoing numerous prototypes to make it a system
that is impossible to breach while at the same time effective and quick. This
technology has acquired a lot of attention and at the same time has raised
numerous expectations. Blockchain is an innovative and new technology that has
disruptive powers and can change the current way businesses are functioning.
Financial services first witnessed changes in the form of Bitcoin. New services
are being introduced which encourage peer to peer interaction and improve how
cross currency and cross-country interactions take place, rendering current
exchange offices obsolete. Coding experts are given a leverage to enter the
market and showcase their knowledge of how to integrate blockchain into current
business models. It’s important that the need of implementing a fundamental
change be recognized by all companies so that in order to thrive in modern
times, all parties recognize how necessary it is to modify their current
methods and use blockchain to improve inaccuracies and outdate methods of
working.
The value of blockchain
technology is uncontestable, and its contributions in the form of smart
contracts allow us to see how far and wide technology can help in accelerating
work in the finance sector. The prospect of it being adopted as a mainstream
aspect in larger business has been postulated to come into force by the year
2020 (Figure 3).
Figure 3: Prospect of blockchain
technology to be adopted as a mainstream aspect in businesses[28]
Smart contracts have the potential
of providing businesses with the exciting opportunity of personal growth, which
allows them a chance to transform and make a mark in the financial services
industry. It is vital that whenever
breakthroughs and innovative ideas are introduced into the field, then
regulators identify whether is the current technology juts a trend or is there
some actual potential. Smart contracts should be identified about the potential
it’s been supposed to provide to business and banks. By giving time and
attention on understanding the scope of smart contracts, postulating its long-term
benefits, and establishing a strategy with which its impact and effects in the
long term can be envisioned. This will
allow for organizations to understand its importance in the digital age. For
expanding it is necessary that the financial services sector should make
educated and informed decisions about how to incorporate smart contracts setup
an ecosystem where it plays an important role. It is vital that proper
evaluation and assessment of their need to replace traditional contracts be
assessed, and that the hype for this technology not shroud the thought
processing of people and whether its need is needed in the first place or not.
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[12] Myler, Larry. Transparent Transactions: How
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[13] Myler, Larry. Transparent Transactions: How Blockchain Payments Can
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[14] Myler, Larry. Transparent Transactions: How
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[15] A report by the UK Government Chief Scientific Adviser. Distributed
Ledger Technology: Beyond Blockchain.
2016. p. 35.
[16] Chavez-Dreyfuss, Gertrude. Coca-Cola, U.S. State
Dept to use blockchain to combat forced labor. 2018.
[17] Violino, Bob. Blockchain voting: Can it help secure
our elections? 2018.
[23] Hughes, Brian. Smart Contracts: Here Are the
Practical Applications of This Exciting Blockchain Technology. 2018.
[24] Atiken, Roger. Smart Contracts On The Blockchain:
Can Businesses Reap The Benefits? 2017.
[25] Grybniak, Sergey. Advantages and disadvantages of smart contracts in
financial blockchain systems.
2017.
[26] Oh,
JaeShup. "A case study on business model innovations using Blockchain:
focusing on financial institutions." Asia
Pacific Journal of Innovation and Entrepreneurship, 2017: 335-344.
[27] Holotiuk, Friedrich. "The Impact of Blockchain
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[28] Coumaros, Jean. "Smart Contracts in Financial Services: Getting from
Hype to Reality." 2018. p.16.
[NA2]Have
been modified according to the comment “linked to finance”
[NA4]Reshaped
and fixed as per comment
[NA5]Fixed.
Restructured the sentence.
[NA6]Simplified
[NA7]Explained
and made easier as per comment
[NA9]Added
the suggested areas.
[NA10]Fixed
and specifically mentioned
[NA11]Changed
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