Purpose

This paper aims to examine the risks associated with smart contracts, a disruptive financial technology (FinTech) innovation, and assesses how in the future they could threaten the integrity of the global financial system.

Design/methodology/approach

A qualitative approach is used to identify risk factors related to the use of new financial innovations, by examining how over-the-counter (OTC) derivatives contributed to the Global Financial Crisis (GFC) which occurred during 2007 and 2008. Based on this analysis, the potential for similar concerns with smart contracts are evaluated, drawing on the failure of The DAO on the Ethereum blockchain, which involved the loss of over $60m of digital currency.

Findings

Extensive use of bilateral agreements, complexity and lack of standardization, lack of transparency, misuse and speed of contagion were factors that contributed to the GFC that could also become material concerns for smart contract technology as its adoption grows. These concerns, combined with other contextual factors, such as the risk of defects in smart contracts and cyberattacks, could lead to potential destabilization of the broader financial system.

Practical implications

The paper’s findings provide insights to help make the design, management and monitoring of smart contract technology more robust. They also provide guidance for key stakeholders on proactive steps that can be taken with smart contract technology to avoid repeating the types of oversights that contributed to the GFC.

Originality/value

This paper draws attention to the risks associated with the adoption of disruptive FinTech. It also suggests steps that regulators and other key stakeholders can take to help mitigate those risks.

中文翻译：

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智能合约：金融科技会成为下一次全球金融危机的催化剂吗？

目的

本文旨在研究与智能合约，颠覆性金融技术（FinTech）创新相关的风险，并评估未来它们如何威胁全球金融体系的完整性。

设计/方法/方法

通过研究非处方药（OTC）衍生品如何导致2007年和2008年发生的全球金融危机（GFC），使用定性方法来确定与使用新金融创新相关的风险因素。 ，利用以太坊区块链上的DAO失败，评估了智能合约中类似问题的潜在可能性，该失败导致数字货币损失超过6000万美元。

发现

双边协议的广泛使用，复杂性和缺乏标准化，缺乏透明性，滥用和蔓延速度是导致全球金融危机的因素，随着全球智能合约技术的普及，它也可能成为智能合约技术的重大问题。这些担忧，再加上其他背景因素，例如智能合约和网络攻击中的缺陷风险，可能导致整个金融体系的潜在不稳定。

实际影响

本文的发现提供了见解，可帮助使智能合约技术的设计，管理和监控更加可靠。它们还为关键利益相关者提供指导，指导他们采用智能合约技术可以采取的主动步骤，从而避免重复造成全球金融危机的监督类型。

创意/价值

本文提请注意与采用破坏性金融科技相关的风险。它还提出了监管机构和其他主要利益相关者可以采取的措施，以帮助减轻这些风险。