Blockchain-based smart contracts and their potential to develop some financial and banking operations in Iraq

Laith Haleem Al-Hchemi^1,*
¹University of Al-Qadisiyah, Diwaniyah City, Iraq

Abstract

This research explores the great potential of blockchain based smart contracts in Iraq’s financial and banking sector. It looks into how this technology can improve financial operations by automating transactions and reducing operational cost, increasing transparency, and reducing intermediaries. The research also tackles the challenges of adoption such as lack of digital infrastructure and lack of legal frameworks and cybersecurity risks. The findings show that smart contracts can lead to higher operational efficiency and more strategic flexibility for financial institutions in Iraq. Therefore, the research recommends developing digital infrastructure and establish comprehensive regulatory frameworks to support smart contracts and digital transformation in the financial and banking sector according to international standards.

Keywords: Blockchain; Digital infrastructure; Cybersecurity risks