Possibilities of Usage of Smart Contracts in Distributed Ledger Systems for Solving Financial and Banking Problems

The paper is devoted to the usage of distributed ledger systems and smart contracts for solving problems existing in financial and banking industry. Author considers theoretical aspects of networks based on blockchain technology; in particular, she suggests classification of such networks, highlights advantages of their usage and limitations. Author identifies problems that financial and banking sectors are facing, and proposes a solution to these problems by implementation of blockchain technology and smart contracts. In the framework of this paper, author solves a practical case in order to optimize business process of concluding and executing repo agreement by presenting it in the form of smart contract. Additionally, the paper proposes a possible architecture for building distributed ledger system and identifies its main components. Based on the results of the research, author makes conclusions concerning prospects and directions for further development of the technology. Obtained results can be used by banks and financial organizations as a basis for implementation of blockchain technology.