World Bank Releases Research on the Impact of Smart Contracts for Financial Inclusion
By Lujan Odera
The World Bank released its report on smart contracts and the impact it’ll have on the development of financial systems across the globe. A brief report on the working paper, titled ‘Smart Contract Technology and Financial Inclusion,’ states the research focused on digital financial inclusion in leveraging communities that suffer from access to formal financial services.
Smart contracts is a self-executing agreement coded on blockchain technology. Over the years, smart contracts have been lauded for their potential to reduce the cumbersome contract processes involved across the financial industry by allowing trustless transactions and reducing the costs involved.
Photo courtesy of the Institute for Money, Technology and Financial Inclusion.