A Methodological Analysis of Blockchain-Based Smart Contracts in International Trade


  • Asif Bhat Department of Computer Science, International Islamic University Malaysia, Kuala Lumpur, Malaysia
  • Rizal Mohd Nor Department of Computer Science, International Islamic University Malaysia, Kuala Lumpur, Malaysia
  • Md Amiruzzaman Department of Computer Science, West Chester University, PA, USA
  • Md. Rajibul Islam Department of Computer Science and Engineering University of Asia Pacific


Trade Finance, Blockchain, Smart Contracts


Blockchain is used in a variety of applications where trustworthy computing is required. Trade finance is one of these areas that would benefit immensely from a decentralized way of doing transactions. This paper presents the preliminary assessment of Accepire-BT, a software platform developed for the practice of collaborative Trade Finance. The proposed solution is enforced by smart contracts using Solidity, the underlying programming language for the Ethereum blockchain. We evaluated the performance in the Rinkeby test network by using Remix and MetaMask. The results of the preliminary trial show that smart contracts take less than one minute per cycle. Also, we present a discussion about costs for using the public Ethereum Rinkeby network.


S. E. Chang, H. L. Luo, and Y. Chen, “Blockchain-Enabled Trade Finance Innovation: A Potential Paradigm Shift on Using Letter of Credit,” Sustainability, vol. 12, no. 1, p. 188, Dec. 2019, doi: 10.3390/su12010188.

A. v. Bogucharskov, I. E. Pokamestov, K. R. Adamova, and Z. N. Tropina, “Adoption of blockchain technology in trade finance process,” Journal of Reviews on Global Economics, 2018, doi: 10.6000/1929-7092.2018.07.47.

Raluca Gh. Popescu and Popescu, “An Exploratory Study Based on a Questionnaire Concerning Green and Sustainable Finance, Corporate Social Responsibility, and Performance: Evidence from the Romanian Business Environment,” Journal of Risk and Financial Management, 2019, doi: 10.3390/jrfm12040162.

N. Szabo, “Smart Contracts,” 1994. [Online]. Available: https://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/smart.contracts.html.

N. Szabo, “Formalizing and securing relationships on public networks,” First Monday, 1997, doi: 10.5210/fm.v2i9.548.

A. R. Hevner, S. T. March, J. Park, and S. Ram, “Design science in information systems research,” MIS Quarterly: Management Information Systems, 2004, doi: 10.2307/25148625.

A. R. Hevner, “A Three Cycle View of Design Science Research,” Scandinavian Journal of Information Systems, 2007, doi: http://aisel.aisnet.org/sjis/vol19/iss2/4.

M. Schäffer, M. di Angelo, and G. Salzer, “Performance and Scalability of Private Ethereum Blockchains,” 2019, doi: 10.1007/978-3-030-30429-4_8.

J. Benet, “IPFS - Content Addressed, Versioned, P2P File System,” Jul. 2014, [Online]. Available: http://arxiv.org/abs/1407.3561.

M. Scherer, “Performance and Scalability of Blockchain Networks and Smart Contracts,” White Paper, 2017.

PING, “Ping to Integrate Chainlink Oracles to Provide IoT Data to Smart Contracts,” 2020, [Online]. Available: https://medium.com/@pingnet/ping-to-integrate-chainlink-oracles-to-provide-iot-data-to-smart-contracts-2fd9d5a1abe2.




How to Cite

Bhat, A., Mohd Nor, R. ., Md Amiruzzaman, & Md. Rajibul Islam. (2022). A Methodological Analysis of Blockchain-Based Smart Contracts in International Trade. International Journal on Perceptive and Cognitive Computing, 8(2), 37–42. Retrieved from https://journals.iium.edu.my/kict/index.php/IJPCC/article/view/313