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Characteristics of smart contracts

Author

Listed:
  • Massimo Doria (coordinator)

    (Bank of Italy)

  • Fabio Bassan

    (Università Roma Tre)

  • Maddalena Rabitti

    (Università Roma Tre)

  • Antonella Sciarrone Alibrandi

    (Università Cattolica del Sacro Cuore)

  • Ugo Malvagna

    (Università Cattolica del Sacro Cuore)

Abstract

The Bank of Italy, Università Cattolica del Sacro Cuore of Milan and Roma Tre University have launched a research project on the characteristics of smart contracts for the provision of banking, financial and insurance services. This paper aims to identify and analyse the legal and technical issues related to smart contracts, to then develop guidelines derived from best practices. It examines the concept of smart contract defined as: a) smart contract code, i.e. a software program stored, verified, and executed on a blockchain; b) smart legal contract, i.e. a means of articulating, verifying, and enforcing an agreement between parties that relies on blockchain technology. Additionally it offers an in-depth analysis of the characteristics of blockchain technology.

Suggested Citation

  • Massimo Doria (coordinator) & Fabio Bassan & Maddalena Rabitti & Antonella Sciarrone Alibrandi & Ugo Malvagna, 2024. "Characteristics of smart contracts," Questioni di Economia e Finanza (Occasional Papers) 863, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_863_24
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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2024-0863/QEF_863_24.pdf
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