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Developing Smart Contracts for Financial Payments as Innovation

Developing Smart Contracts for Financial Payments as Innovation

Engin Demirel, Seda Karagoz Zeren
Copyright: © 2019 |Pages: 19
ISBN13: 9781522571803|ISBN10: 1522571809|EISBN13: 9781522571810
DOI: 10.4018/978-1-5225-7180-3.ch006
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MLA

Demirel, Engin, and Seda Karagoz Zeren. "Developing Smart Contracts for Financial Payments as Innovation." Handbook of Research on Managerial Thinking in Global Business Economics, edited by Hasan Dinçer and Serhat Yüksel, IGI Global, 2019, pp. 96-114. https://doi.org/10.4018/978-1-5225-7180-3.ch006

APA

Demirel, E. & Zeren, S. K. (2019). Developing Smart Contracts for Financial Payments as Innovation. In H. Dinçer & S. Yüksel (Eds.), Handbook of Research on Managerial Thinking in Global Business Economics (pp. 96-114). IGI Global. https://doi.org/10.4018/978-1-5225-7180-3.ch006

Chicago

Demirel, Engin, and Seda Karagoz Zeren. "Developing Smart Contracts for Financial Payments as Innovation." In Handbook of Research on Managerial Thinking in Global Business Economics, edited by Hasan Dinçer and Serhat Yüksel, 96-114. Hershey, PA: IGI Global, 2019. https://doi.org/10.4018/978-1-5225-7180-3.ch006

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Abstract

Innovation in smart contract systems helps to create decentralized payment systems. These developing concepts will be a new perspective to solve transparency issues. Smart contracts can prove all transactions and flow of funds and money between parties. Business deals and financial payment methods are expected to be a hybrid approach in both traditional and smart contracts in the future. Empirical analysis of smart agreements among their emerged platforms, different applications, and design views will enlighten future needs of trade payment methods. This chapter investigates the concept of smart contracts and critical issues for developing on financial payments environment. This research also aims to examine possible advantages of the application of smart contracts as innovation, legal, and technical aspects of the emerging business environment. The analysis will compare new mechanisms securing a block-chain applied to financial payments. This chapter also reviews the mechanisms of smart contracts and block-chain and focus on predicted future areas on the financial system.

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