BLOCKCHAIN LETTER OF CREDIT: A TRANSACTION-LEVEL ANALYSIS

【Author】 Bhat, Asif; Nor, Rizal Mohd; Amiruzzaman, Md

【Source】JOURNAL OF ENGINEERING SCIENCE AND TECHNOLOGY

【影响因子】0.000

【Abstract】This study discusses how blockchain technology can be utilized to construct an effective model in trade finance to optimize the process. The study delves into Accepire-BT, a collaboration of trade finance components and blockchain technology. We explore the existing trade finance paradigm and explore how Accepire-BT can help alleviate some of its drawbacks. The events of transactions driven by Accepire-BT are described in detail. The following key characteristics are highlighted: immutability, decentralization, authentication, and data structure. Additionally, we highlight Accepire-BT's benefits and capabilities, including efficiency, transparency, cooperation, and auditability, as well as how they may be accomplished without jeopardizing security, confidentiality, or interoperability. Finally, this study analyzes global trade system's vulnerabilities in terms of trust and security. It proposes a solution using blockchain technology in conjunction with the Standard Letter of Credit as a form of trade finance.

【Keywords】Blockchain; Contracts; Distributed; Ethereum; Ledger technology; Smart trade finance

【发表时间】2021 OCT

【收录时间】2022-02-20

【文献类型】期刊

【主题类别】

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