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

29Citations
Citations of this article
224Readers
Mendeley users who have this article in their library.

This article is free to access.

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.

Cite

CITATION STYLE

APA

Toorajipour, R., Oghazi, P., Sohrabpour, V., Patel, P. C., & Mostaghel, R. (2022). Block by block: A blockchain-based peer-to-peer business transaction for international trade. Technological Forecasting and Social Change, 180. https://doi.org/10.1016/j.techfore.2022.121714

Register to see more suggestions

Mendeley helps you to discover research relevant for your work.

Already have an account?

Save time finding and organizing research with Mendeley

Sign up for free