Working Paper

Smart Contract Technology and Financial Inclusion

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collection.link.213
https://openknowledge.worldbank.org/handle/10986/11866
collection.name.213
Other papers
dc.contributor.author
World Bank Group
dc.date.accessioned
2020-05-08T15:36:59Z
dc.date.available
2020-05-08T15:36:59Z
dc.date.issued
2020-05-01
dc.date.lastModified
2021-09-16T18:15:45Z
dc.description.abstract
FinTech Note is a World Bank Group (WBG) series that explores the role of FinTech (the confluence of 'finance' and 'technology') in economic development, with an emphasis on financial inclusion. The purpose of this note is threefold. First, by bringing together in single resource key technological, economic, and legal aspects of smart contracts (sections 3-5), the note serves as a high-level reference on the basic elements of smart contracts. It equips local policymakers and WBG staff with the requisite foundation to effectively brainstorm about smart contracts' productive use in local economies. Second, the note discusses select policy considerations (section 6) that local authorities, standard setting bodies, and international organizations will need to evaluate in order to ensure smart contracts' responsible and effective deployment in retail and micro, small, and medium enterprise (MSME) finance. The note focuses on financial consumer protection, customer due diligence, key legal determinations, standardization and vetting, and data source automation. Finally, the note analyzes smart contracts’ potential applications in retail and MSME finance (section 7), focusing on supply chain finance, insurance, and consumer credit. It discusses the extent to which smart contracts could facilitate incremental financial inclusion gains and the changes they would introduce to these products. To this end, the Annex further examines the changes smart contracts could bring to two specific microfinance products, a weather index insurance policy and a mobile money-based, short-term unsecured loan.
en
dc.identifier
http://documents.worldbank.org/curated/en/710151588785681400/Smart-Contract-Technology-and-Financial-Inclusion
dc.identifier.uri
http://hdl.handle.net/10986/33723
dc.language
English
dc.publisher
World Bank, Washington, DC
dc.relation.ispartofseries
Fintech Note;No. 6
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
FINANCIAL INCLUSION
dc.subject
SMART CONTRACTS
dc.subject
FINANCIAL TECHNOLOGY
dc.subject
FINTECH
dc.subject
CONSUMER PROTECTION
dc.subject
MICROFINANCE
dc.title
Smart Contract Technology and Financial Inclusion
en
dc.type
Working Paper
en
okr.crossref.title
Smart Contract Technology and Financial Inclusion
okr.date.disclosure
2020-05-06
okr.doctype
Publications & Research
okr.doctype
Publications & Research :: Working Paper
okr.docurl
http://documents.worldbank.org/curated/en/710151588785681400/Smart-Contract-Technology-and-Financial-Inclusion
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/33723
okr.identifier.externaldocumentum
090224b087b0f035_2_0
okr.identifier.internaldocumentum
32015185
okr.identifier.report
148271
okr.imported
true
en
okr.language.supported
en
okr.pdfurl
http://documents.worldbank.org/curated/en/710151588785681400/pdf/Smart-Contract-Technology-and-Financial-Inclusion.pdf
en
okr.topic
Finance and Financial Sector Development :: Access to Finance
okr.topic
Finance and Financial Sector Development :: E-Finance and E-Security
okr.topic
Finance and Financial Sector Development :: Finance and Development
okr.topic
Finance and Financial Sector Development :: Financial Literacy
okr.topic
Finance and Financial Sector Development :: Financial Regulation & Supervision
okr.topic
Information and Communication Technologies :: Information Technology
okr.topic
Science and Technology Development :: Technology Innovation
okr.unit
Fintech - AS - FIG (CFGFA)

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