What is it about?
An exploration of how blockchain Smart Contracts could be the catalyst for the next global financial crisis.
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Why is it important?
Global financial crises like the one in 2008 have devastating impacts to companies and individuals. Blockchains and smart contracts continue to grow across financial sectors and if they grow without regulation the speed and complexity they introduce could lead to a new global financial crisis much larger and much bigger than previous ones.
Perspectives
By examining the factors in the 2008 global financial crisis and the properties of smart contracts, the authors consider mechanisms where a new global financial crisis could erupt. The potential impact and mitigating actions are explored showing that a robust global financial system can include the advantages that smart contracts bring.
Paul Griffin
Singapore Management University
Read the Original
This page is a summary of: Smart contracts: will Fintech be the catalyst for the next global financial crisis?, Journal of Financial Regulation and Compliance, December 2019, Emerald,
DOI: 10.1108/jfrc-09-2018-0122.
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