 Smart Contracts as a New Technology in the Digital EconomyIrina Glazkova, Dorota Kozioł-Kaczorek and Sergey Shmatko Problems of World Agriculture / Problemy Rolnictwa Światowego, 2018, vol. 18, issue 33, Part 4 Abstract: Digital technologies have a number of advantages that contribute to the development of the economy and make it more transparent. Some of the main features of modern digital technologies are speeding up business processes, reducing costs, eliminating the possibility of fraud, ensuring the transparency of the system and the ability to check and analyze the system. Regardless of whether a commercial or government organization uses the technology, in any case, there is a wide range of possibilities of its application. One of these technologies is blockchain. A blockchain is a distributed database in which storage devices are not connected to a shared server. This database stores an ever-growing list of ordered records called blocks. Each block contains a timestamp and a link to the previous block. The article defines a smart contract, describes the main areas of its application and provides processes similar to smart contracts, but working outside the blockchain. We also consider some of the risks that arise when working with smart contracts. Keywords: Risk; and; Uncertainty (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ags:polpwa:281353 Access Statistics for this article More articles in Problems of World Agriculture / Problemy Rolnictwa Światowego from Warsaw University of Life Sciences Contact information at EDIRC. |
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