Friction is good for setting several things in motion. But, when it comes to engaging and retaining customers, a frictionless experience is mandatory. Especially in the banking sector where the digital drive has made disruptive technologies the norm. Couple this with the expectations of millennials and Generation-Z who are revolutionising how we operate. With so much change, banks and other financial institutions must rethink their business models for the future.
What are Smart Contracts?
Almost all prominent blockchain platforms now extend their capabilities in the form of smart contracts. A general definition of a smart contract is a computer programme that can automatically execute the terms of a contract. They extend the utility of blockchains from simply keeping a record of financial transaction entries to automatically implementing terms of multiparty agreements.