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Block by block: A blockchain-based peer-to-peer business transaction for international trade
Mälardalen University, School of Innovation, Design and Engineering, Innovation and Product Realisation.
Sodertorn University, School of Social Sciences, Stockholm, Sweden;Hanken School of Economics, Helsinki, Finland.
SAVEGGY AB, Ideon Innovation, Ideon Science Park, Lund, Sweden.
Department of Management and Operations, Bartley Hall Rm 2067, Villanova, PA, USA.
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2022 (English)In: Technological forecasting & social change, ISSN 0040-1625, E-ISSN 1873-5509, Vol. 180, p. 121714-121714, article id 121714Article in journal (Refereed) Published
Abstract [en]

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.

Place, publisher, year, edition, pages
Elsevier, 2022. Vol. 180, p. 121714-121714, article id 121714
National Category
Probability Theory and Statistics
Identifiers
URN: urn:nbn:se:mdh:diva-58118DOI: 10.1016/j.techfore.2022.121714ISI: 000821727900014Scopus ID: 2-s2.0-85129038240OAI: oai:DiVA.org:mdh-58118DiVA, id: diva2:1654544
Available from: 2022-04-27 Created: 2022-04-27 Last updated: 2022-10-21Bibliographically approved

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Toorajipour, RezaMostaghel, Rana

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  • de-DE
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  • en-US
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