Modern trends in the banking system: application of smart contracts in the blockchain environment

Abstract

The article deals with contemporary tendencies of the banking policy of the world. For this purpose, the key issues have been worked out: analysis of the evolution of formation, specification of the essence and main characteristics of the blockchain technology, profiling of the mechanism of the work of the block chain technology, disclosure of the main purpose and the features of the use of smart contracts in the block chain environment, formulation of the advantages and disadvantages that arise in the process of working with smart contracts, analysis of perspective directions of application of smart contracts in the banking system.

The study underlines that under current conditions of broad consumption, crypto-currency payments found general application. Such payments are relatively simple: there are wallets, you can transfer money from one wallet to another or several at once. The network is built on principles that allow you to do it without a single center, but the tasks are carried out in a traditional way. Thus, it is an ordinary payment system consisting of people, money and money transfer.

Under the influence of the continuous development of technologies, a payment network that allows you to write programs that not only worked with wallets was created, but they themselves would take money out of wallets and decide who and how much to send. Important conditions for smart contracts are transparency, security and universality for all users.