Block by block: A blockchain-based peer-to-peer business transaction for international trade

【Author】 Toorajipour, Reza; Oghazi, Pejvak; Sohrabpour, Vahid; Patel, Pankaj C.; Mostaghel, Rana

【Source】TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE

【影响因子】10.884

【Abstract】Heterogeneity and complicated processes, risk of information leakage, and higher costs are some of the challenges that stem from third-party involvement in business transactions. This study proposes a novel mechanism to address the shortcomings of third-party-dependent transactions in the context of international trade. Moreover, we provide business process modeling, deployed in a business transaction scenario, to furnish a deeper perspective on the working of the mechanism based on Business Process Model and Notation (BPMN) 2.0 standards and guidelines. By analyzing and identifying blockchain roles and capabilities, this study proposes a blockchain technology-based letter of credit (BTLC), which is a mechanism providing letters of credit (LCs) that incorporate the benefits of blockchain and smart contracts.

【Keywords】International trade; Blockchain; Trade finance; Letter of credit; Peer-to-peer business transaction

【发表时间】2022 JUL

【收录时间】2022-07-25

【文献类型】理论性文章

【主题类别】

区块链应用-实体经济-电商领域