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Smart Contracts and Corporate Governance: Prospects and Risks of Business Digitalization

In: Technology and Business Strategy

Author

Listed:
  • Alexander Yukhno

    (Civic Chamber of Russia)

  • Vladimir Osipov

    (Moscow State Institute of International Relations (MGIMO University))

Abstract

The main goal of the research is to identify the main advantages and risks of using the so-called smart contracts in practice of business digitalization. Their characteristics and applications are indicated, then the potential risks of the digitalization that may arise in this context in business practice of smart contracts are analyzed. Smart contracts represent the next step in its development from simple accounting of financial transaction records to universal use as digital solution. The ability to conclude and verify such contracts through the blockchain reduces the costs of the parties and eliminates the risks of unreliable methods of data transfer. At the same time, despite the obvious advantages of smart contracts, it is necessary to take into account the potential risks arising in the process of their use, some of which were identified in the study. Practical recommendations are given to business organizations regarding the digitalization and use of smart contracts, and it is also concluded that the technology of smart contracts is currently at an early stage of development and requires careful testing and adequate control over its use.

Suggested Citation

  • Alexander Yukhno & Vladimir Osipov, 2021. "Smart Contracts and Corporate Governance: Prospects and Risks of Business Digitalization," Springer Books, in: Igor Stepnov (ed.), Technology and Business Strategy, edition 1, chapter 0, pages 235-243, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-63974-7_17
    DOI: 10.1007/978-3-030-63974-7_17
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