Methodology and Analysis of Smart Contracts in Blockchain-Based International Trade Application
This work addresses the need for decentralized and trustworthy transaction systems in trade finance, but it appears incremental as it applies existing blockchain and smart contract methods to this specific domain.
The paper tackled the problem of implementing blockchain-based international trade finance by developing and testing the Accepire-BT platform using smart contracts on Ethereum, with results showing that smart contracts take less than one minute per cycle in preliminary trials.
Blokchain is used in a variety of applications where trustworthy computing is re-quired. Trade finance is one of these areas that would benefit immensely from a decentralized way of doing transactions. This paper presents the preliminary as-sessment of Accepire-BT, a software platform developed for the practice of col-laborative Trade Finance. The proposed solution is enforced by smart contracts using Solidity, the underlying programming language for the Ethereum block-chain. 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 us-ing the public Ethereum Rinkeby network.