Conceptualizing blockchain and smart contracts

Document Type : Review Article

Authors

1 PhD of Business Administration, South Tehran Branch, Islamic Azad University, Tehran, Iran

2 Master of Business Administration, South Tehran Branch, Islamic Azad University, Tehran, Iran

Abstract

Along with the development of international trade worldwide, related institutions, including the field of financing and other areas, have also developed. Instead of facilitating trade, this development has complicated, costly, and slowed trade under the pretext of providing security and stability, and has sometimes been influenced by the decisions of powerful institutions such as governments. The intervention of the world's powerful countries in trade relations under various pretexts and the imposition of various sanctions against countries also exacerbated this complexity. It seems that by eliminating these intermediaries, the complexities, slowness and costs of trade can be significantly reduced. Advances in information technology, especially blockchain technology, and its remarkable capabilities such as smart contracting, have helped international trade actors eliminate powerful intermediaries in a way that increases security, stability rather than decreasing it. This article specifically explains blockchain technology and, consequently, smart contracts, and finally, the problems of smart contracts, for which a solution must be found.

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