World Bank: Smart Contract Technology and Financial Inclusion: Enhancing Access and Efficiency in Financial Services
The World Bank Group’s report on “Smart Contract Technology and Financial Inclusion” explores the potential of smart contracts, particularly those based on blockchain technology, to enhance financial inclusion. It highlights how smart contracts can reduce transaction costs, improve transparency, and automate processes, making financial services more accessible and efficient. The report discusses various applications, including supply chain finance, insurance, and consumer credit, emphasizing the benefits for micro, small, and medium enterprises (MSMEs) and underserved populations. It also addresses legal and policy considerations, such as consumer protection, customer due diligence, and the need for standardization and vetting to ensure responsible deployment of smart contracts.
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