In 2008, the world faced a financial meltdown led by the US housing crisis. At the time, the financial industry and several companies had to be bailed out by the US government. The meltdown began due to securitisation of loans. These bad loans were packaged and traded by hedge funds, whose value was linked to the ability of homeowners to pay back their loans. “When this packaging and repackaging of loans happened, there were one-on-one contracts between financial institutions such as banks and securitisation companies, there was no way one could tell that the value of the security was falling. This is where smart contracts play a major role – in keeping transparency in the financial system,” says Siddhartha S, Founder of Intain.
Read more at: https://yourstory.com/2019/06/blockchain-startup-chennai-intain-financial-crisis
