Gashenko I.V., Khoroshunov M.B. Smart Contracts in the Financial Sector of Russia
DOI: https://doi.org/10.15688/lc.jvolsu.2023.2.6
Irina V. Gashenko, Doctor of Sciences (Economics), Professor, Department of Taxes and Taxation, Rostov State University of Economics, Bolshaya Sadovaya St, 69, 344002 Rostov-on-Don, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. , https://orcid.org/0000-0002-7121-9363
Mark B. Khoroshunov, Master’s Student, Rostov State University of Economics, Bolshaya Sadovaya St, 69, 344002 Rostov-on-Don, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. , https://orcid.org/0009-0009-3540-4949
Introduction. The paper discusses one of the most promising and widespread digital innovations in FinTech, the so-called smart contracts, which have the potential to increase the financial stability of the economy and entrepreneurship based on the digital modernization of other industries, including digital law. Methods. Based on the IMD statistics, a profile of the development of smart contracts in the Russian Federation in 2021 has been compiled. A factor analysis of the development of smart contracts in the Russian Federation in 2013–2021 has been carried out using the regression analysis method. Results. A forecast has been made and alternative scenarios for the development of smart contracts in Russia have been identified. It is proved that in Russia the current (as of 2021) level of development of smart contracts is moderate. A set of practical recommendations has been proposed to improve it. Conclusions. The key conclusion based on the results of the study is that the basis of the organization of smart contracts is the use of machine code and security protocols. The most common technology for securing smart contracts is blockchain. The results of modeling, forecasting and the proposed authors’ recommendations have identified significant prospects for the development of smart contracts in the financial sector in Russia.
Key words: smart contracts in the financial sector, support of legal security, blockchain technology, guarantee of compliance with smart contracts, institutional legal support.
Citation. Gashenko I.V., Khoroshunov M.B. Smart Contracts in the Financial Sector of Russia. Legal Concept = Pravovaya paradigma, 2023, vol. 22, no. 2, pp. 41-49. (in Russian). DOI: https://doi.org/10.15688/lc.jvolsu.2023.2.6
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