What is a Financial & Banking Smart Contract
Financial & banking Smart contracts, in particular, are increasingly being seen as the future for record-keeping and transactions across a range of financial related industries. They can be are self-executing contracts that have the terms and conditions of the agreement written into their lines of code.
identity information on the blockchain
specific personal information
Merge with other
Don’t you feel annoyed when you’re trying to make a money transfer, and you need to cover a fee, pay a percentage of the sum you send, and then wait for a few days while the transaction is being processed? Even though the modern banking system works rather smoothly, its imperfections are hard to deny.
Smart contracts do not require any intermediaries.Hence, you pay no fees. As there’s no bureaucracy involved, transactions become fast and cheap. Moreover, the transparency guaranteed by the blockchain reduces the possible risks of fraud.