The Risks and Rewards of Blockchain Technology

By Katherine Heires

Peter Vaihansky, Senior Vice President at DataArt, spoke with Risk Management magazine about the concept of blockchain, its future role in the financial services, the promise of streamlined intermediary-free transactions and possible security and integration challenges.

“Think of [smart contracts] as a business rules engine that can take custody of some valuable assets and move them from one actor to another,” said Peter Vaihansky, senior vice president at tech consulting firm DataArt. A practical example of this would be an invoice that pays itself when a shipment reaches a port or a crop insurance contract that automatically pays out to a farmer based on information from a trusted weather data feed, Vaihansky explained. “It will disintermediate a lot of structures and could speed business activity up tremendously,” he said.

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