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Automated Execution of Financial Contracts on Blockchains

Kurzanzeige
dc.contributor.authorEgelund-Müller, Benjamin
dc.contributor.authorElsman, Martin
dc.contributor.authorHenglein, Fritz
dc.contributor.authorRoss, Omri
dc.date.accessioned2018-01-08T07:47:30Z
dc.date.available2018-01-08T07:47:30Z
dc.date.issued2017
dc.description.abstractThe paper investigates financial contract management on distributed ledgers and provides a working solution implemented on the Ethereum blockchain. The system is based on a domain-specific language for financial contracts that is capable of expressing complex multi-party derivatives and is conducive to automated execution. The authors propose an architecture for separating contractual terms from contract execution: a contract evaluator encapsulates the syntax and semantics of financial contracts without actively performing contractual actions; such actions are handled by user-definable contract managers that administer strategies for the execution of contracts. Hosting contracts and contract managers on a distributed ledger, side-by-side with digital assets, facilitates automated settlement of commitments without the need for an intermediary. The paper discusses how the proposed technology may change the way financial institutions, regulators, and individuals interact in a financial system based on distributed ledgers.
dc.identifier.pissn1867-0202
dc.identifier.urihttps://dl.gi.de/handle/20.500.12116/10747
dc.publisherSpringer
dc.relation.ispartofBusiness & Information Systems Engineering: Vol. 59, No. 6
dc.relation.ispartofseriesBusiness & Information Systems Engineering
dc.subjectBlockchain
dc.subjectDistributed ledger
dc.subjectDomain specific language
dc.subjectFinancial services
dc.titleAutomated Execution of Financial Contracts on Blockchains
dc.typeText/Journal Article
gi.citation.endPage467
gi.citation.startPage457

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BISE 59(6) - December 2017