Open AccessApplication Of Permissioned Blockchain For Automated, Efficient, Secure Cross Border Trade
Author(s) -
Sreedevi B et.al
Publication year - 2021
Publication title -
türk bilgisayar ve matematik eğitimi dergisi
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.218
H-Index - 3
ISSN - 1309-4653
DOI - 10.17762/turcomat.v12i3.1659
Subject(s) - blockchain , confidentiality , computer security , computer science , encryption , verifiable secret sharing , process (computing) , order (exchange) , smart contract , business , finance , operating system , set (abstract data type) , programming language
There are lot of documents and confidential data involved in international trade. Banks offer financial services and also act as middleman for cross border trades. The verification process plays a vital role and it takes months to years, to complete. The major problem is to maintain integrity and confidentiality of the data shared, and to maintain fair trading process. Blockchain technology is introduced to increase the efficiency and security of the documents shared to the needed parties in the trade. Permissioned blockchain is used wherein the participants of the network are controlled and governed by the blockchain owner. Hyperledger fabric platform is used to implement the trade finance application. The main idea is to automate the verification processes in order to complete the trade financing within minutes to hours and to enhance security of the documents shared using Attribute Based Encryption (ABE) in cross border trades. The smart contracts in blockchain provides functionalities to assure that the information is tamper-free, auditable and verifiable.