kaal:claim:3782216-011

Applying Web3 technology to chit funds replaces the foremen and their commission with smart contracts, which eliminates the risk that a foreman absconds with the fund.

Source quote, verbatim

First, smart contracts replace the foremen and their d% commission, eliminating the risk of a foreman absconding with the fund.

From

Craig Calcaterra, Wulf A. Kaal, Decentralized Finance (DeFi) (2021), Chit fund example
https://ssrn.com/abstract=3782216 · source PDF

Cite as

Craig Calcaterra, Wulf A. Kaal, Decentralized Finance (DeFi) (2021). SSRN: https://ssrn.com/abstract=3782216

Holds when

chit fund style rotating savings and lending schemes

Classification

designsupport: argueddefismart-contractsdecentralization

Related claims

extended_by kaal:claim:5254152-006 Smart contracts, as self executing contracts with terms written directly into code, remove the need for interm...

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