+7 495 989 9610, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Finance and Credit
 

Smart Contract: Concept, Financial Essence, World Experience and Opportunities of Practical Use

Vol. 27, Iss. 8, AUGUST 2021

Received: 17 May 2021

Received in revised form: 31 May 2021

Accepted: 14 June 2021

Available online: 30 August 2021

Subject Heading: THEORY OF FINANCE

JEL Classification: G20, H51, O33

Pages: 1871–1893

https://doi.org/10.24891/fc.27.8.1871

Vasilii A. DADALKO Institute of World Civilizations, Moscow, Russian Federation
antikrizis1@bk.ru

https://orcid.org/0000-0002-5329-0051

Vladimir V. NIKOLAEVSKII Belarus State Economic University, Minsk, Republic of Belarus
v.nikolaevsky@tut.by

https://orcid.org/0000-0003-2643-6657

Andrei D. NEKRASOV Municipal Unitary Enterprise Minsksanavtotrans, Minsk, Republic of Belarus
nekrasov19951@gmail.ru

https://orcid.org/0000-0003-3059-1860

Dar’ya S. SHERSTNEVA OAO ASB Belarusbank, Lida, Republic of Belarus
scherstneva-b@mail.ru

https://orcid.org/0000-0002-2217-9158

Subject. The article considers smart contracts as digital financial instruments, their financial and economic essence, which is defined as digital instruments for the settlement of financial relations.
Objectives. The aim is to introduce into scientific use such a system concept as digital financial instruments and mechanisms based on the consideration of their economic, legal and financial essence.
Methods. The study rests on systems approach that enables to present a smart contract from a technological, economic, legal and financial position as a set of elements with their specific functions defining its complex concept.
Results. We reveal the nature of financial relations, arising at the time when bilateral or multilateral transactions are concluded and smart contracts are presented as ways to automatically settle them. Completion of a smart contract is a confirmation of the completion of the transaction and the moment of termination of financial relationship. The article shows the fundamental possibility of using smart contracts in the system of budget relations as a tool for the settlement of a multilateral transaction.
Conclusions. Currently, smart contracts are an essential element of a new stage in the development of financial technologies. Specialists in the financial and banking sector recognize the emerging opportunities for their use in the system of financial relations. The paper shows an example of possible use of smart contracts in the settlement of budget relations and in improving the utilization efficiency of budget funds.

Keywords: smart contract, transaction, digital financial instrument, financial relations, efficiency

References:

  1. Kovalev M.M., Golovenchik G.G. Tsifrovaya ekonomika – shans dlya Belarusi: monografiya [The digital economy is a chance for Belarus]. Minsk, BGU Publ., 2018, 327 p.
  2. Dobrolyubova E.I., Yuzhakov V.N., Efremov A.A. et al. Tsifrovoe budushchee gosudarstvennogo upravleniya po rezul'tatam [The digital future of State management of results]. Moscow, Delo, RANEPA Publ., 2019, 114 p.
  3. Kozlov S.D., Slobotchikov O.N., Shatokhin M.V. et al. Tsifra i vlast': tsifrovye tekhnologii v gosudarstvennom upravlenii: kollektivnaya monografiya [Digit and power: Digital technologies in public administration: a collective monograph]. Moscow, IMTs Publ., 2020, 268 p.
  4. Szabo N. Smart Contracts: Building Blocks for Digital Markets. URL: Link
  5. Nikolaevskii V.V., Sherstneva D.S. [The use of smart contracts in letter of credit transactions in the banking activities of the Republic of Belarus: Opportunities and prospects for implementation]. Novaya ekonomika = New Economy, 2019, Special issue, pp. 157–162. URL: Link (In Russ.)
  6. Delmolino K. et al. Step by Step Towards Creating a Safe Smart Contract: Lessons and Insights from a Cryptocurrency Lab. Cryptology ePrint Archive, 2015. URL: Link
  7. Cant B., Khadikar A., Ruiter A. et al. Smart Contracts in Financial Services: Getting from Hype to Reality. Capgemini Consulting, 2017. URL: Link
  8. Zyl' P. [Digital transformation of banking and payment systems]. Банкаўскі веснік, 2017, no. 11, pp. 51–55. URL: Link (In Russ.)
  9. Kirpichnikov R. [On the practice of using blockchain technology in projects for the financial sector of Belarus]. Банкаўскі веснік, 2017, no. 11, pp. 59–61. (In Russ.) URL: Link
  10. Podgornyi A. [The practice of implementing the tasks of the banking system using blockchain technology]. Банкаўскі веснік, 2017, no. 11, pp. 56–58. (In Russ.) URL: Link
  11. Nikolaevskii V.V. [On prepared soil. On the nature of investments and the factors of increasing their efficiency]. Беларуская думка, 2010, no. 9, pp. 24–29. URL: Link (In Russ.)
  12. Nurmukhametov R.K., Stepanov P.D., Novikova T.R. [Blockchain technology and its application in trade finance]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2018, vol. 11, no. 2, pp. 179–190. (In Russ.) URL: Link
  13. Prikhod'ko I.V., Chumak I.A., Lyandau Yu.V. [The use of blockchain technologies to modernize the management system of companies in the financial sector and trade finance]. Upravlenie v Rossii: problemy i perspektivy, 2019, no. 2, pp. 52–57. (In Russ.) URL: Link

View all articles of issue

 

ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 27, Iss. 8
August 2021

Archive