International Journal of Advances in Applied Computational Intelligence
Journal DOI
2833-5600ISSN (Online)
Volume 3 , Issue 1 , PP: 53-63, 2023 | Cite this article as | XML | Html | PDF | Full Length Article
Zenat Mohamed 1 * , Mahmoud M. Ismail 2 , Shereen Zaki 3
Doi: https://doi.org/10.54216/IJAACI.030105
This paper aims to explore the impact of Smart Blockchain-based Letters of Credit (BTLOC) on business transactions in the realm of trade finance. The involvement of a third party in business transactions often leads to complications such as process heterogeneity, increased complexity, information security risks, and higher costs. To address these challenges, this research proposes an innovative solution for activities dependent on third-party participation, specifically in the context of global trading. To provide a comprehensive understanding of this solution, the study employs business process modeling in a transaction scenario, offering a deeper insight into its mechanics. The implementation of platforms built upon blockchain technology (BT), and smart contracts has the potential to significantly reshape and streamline business procedures, thereby benefiting participants engaged in global trade. This research primarily focuses on investigating the theoretical aspects and feasibility of incorporating BT into global trade, considering a paradigm shift in the field. A novel BTLOC is introduced as a key element of the research, enabling the examination of its practicality. Additionally, we explore the applications of BTLOC in real case study of international Trading and explore its potential integration into trade finance processes. Through a multi-case analysis, this research contributes to the understanding of the paradigm shift facilitated by BT. The findings shed light on the future potential applications of blockchain in finance and serve as an illustrative example of the extended capabilities associated with financial processes.
Smart Blockchain , ebusiness , predictive analytics , decision management , Operational analytics , AES encryption.
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