TY - JOUR
T1 - Block by block
T2 - A blockchain-based peer-to-peer business transaction for international trade
AU - Toorajipour, Reza
AU - Oghazi, Pejvak
AU - Sohrabpour, Vahid
AU - Patel, Pankaj C.
AU - Mostaghel, Rana
N1 - Publisher Copyright:
© 2022
PY - 2022/4/26
Y1 - 2022/4/26
N2 - 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.
AB - 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.
KW - 512 Business and Management
KW - international trade
KW - blockchain
KW - trade finance
KW - letter of credit
KW - peer-to-peer business transaction
UR - http://www.scopus.com/inward/record.url?scp=85129038240&partnerID=8YFLogxK
UR - https://www.mendeley.com/catalogue/1832eb6d-124c-3972-80a2-2fe21497ebf9/
U2 - 10.1016/j.techfore.2022.121714
DO - 10.1016/j.techfore.2022.121714
M3 - Article
SN - 0040-1625
VL - 180
JO - Technological Forecasting and Social Change
JF - Technological Forecasting and Social Change
M1 - 121714
ER -