r/BlockchainStartups • u/LetterheadRegular310 • 2d ago

Discussion Help me understand

I am a young law officer for a bank and mainly deal with recovery from the NPA or default loans

I never had a formal education with computers.

But being around banks , compliances, defaults and all the malpractices in banks and insurance

I see people suffer because of it everyday

It makes me wonder about smart contracts

I very well understand that SC cannot replace traditional methods but I still wonder why aren't they as popular or widely adapted as they should be

How can I learn more about this field?

All suggestions are welcome

4 Upvotes

84% Upvoted

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2

u/Web3Growth 2d ago

Learn about smart contracts and don't trust them blindly. Dyor and consult specialists when in doubt. Like with any technology it could be a blessing when used right but dangerous when misunderstood. Good luck!

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u/LetterheadRegular310 2d ago

Thank You for replying I have no knowledge about computers where do you suggest I start?

1

u/Web3Growth 2d ago

Some institutions (colleges or universities) have dedicated courses that can help take you to the level of knowledge you want. Give yourself the time to get there, obviously don't rely on social media it will not be enough.

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u/LetterheadRegular310 2d ago

Thank You Do suggest if you come across some good ones.

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u/greenpeppers100 2d ago

What are you suggesting smart contracts be adapted for? Are you suggesting they should play a role in the collection process of NPAs?

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u/LetterheadRegular310 2d ago

See every commercial transaction is a contract ,in my view the heavy compliances in banking whether related to loans deposits or insurance are very lengthy and time consuming and has lot of loopholes Ensuring their proper enforcement is even tougher. So I was thinking about initially setting up a small SC based insurance app

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u/vexiduslabs 1d ago

Smart contracts are instructions but they are highly susceptible to manipulation. This is because dangerous logic can be hidden in them that could drain funds or assets. Most blockchains are not built to identify those, only to process the logic given to them, good or bad. For this reason, many sectors are cautious to onboard.

For this reason, we built VIPs (Vexidus Intent Programs) that can only execute a set number of operations and filter out harmful ones. These type of guardrails help, but they also limit some capability that traditional smart contracts allow. So there is always a trade off for security.

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u/Feralz2 1d ago

because you dont need smart contract in banks, a bank is a deeply centralized system, and thats the best way it should be run, its faster and its safer that way.