Smart contracts are becoming the new preferred type of contract used in the financial sector. They are easy to use, have lower transaction costs, shorten settlement cycles, mitigate fraud and are transparent. However, an interesting aspect is whether smart contracts will offer consumer or buyer protection.
Fintech is on the rise and competing with financial institutions. Fintech firms offer consumers benefits such as more and easier options for funding. However, there is a catch. While offering benefits to consumers who would be unable to receive such benefits via traditional financial institutions, these fintech services also create risks for consumers.
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