A Methodological Analysis of Blockchain-Based Smart Contracts in International Trade
Keywords:
Trade Finance, Blockchain, Smart ContractsAbstract
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.
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