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Adoption of Blockchain Technology in Trade Finance Process

Author

Listed:
  • A.V. Bogucharskov

    (Department of Financial Markets and Banks, Financial University under the Government of the Russian Federation, Moscow, Russia)

  • I.E. Pokamestov
  • K.R. Adamova
  • Zh.N. Tropina

Abstract

The complexity of trade finance instruments associated with need for many accompanying documents, constant coordination are problems of this process. Successful development of trade finance instruments depend on improvement of software and implement blockchain solutions that enable companies to unite and through partnerships and process automation to accelerate cash flow and documentation throughout supply chain. The paper aims to examine areas and ways of blockchain application in trade finance and to identify key aspects of improving transactions process. We present possible interaction of participants with digital letters of credit and factoring with blockchain application and display its effect on key trade finance instruments. Moreover, we identifies a number of problems, implementation solutions of which will lead to further more efficient application of technology in supply chain finance. The achieving these goals will lead to further more effective application of blockchain in financing of supply chain. Blockchain with a high level of functionality and security in trade finance processes reduces processing time for documents, transaction costs, expanding number of participants and increases level of transparency.

Suggested Citation

  • A.V. Bogucharskov & I.E. Pokamestov & K.R. Adamova & Zh.N. Tropina, 2018. "Adoption of Blockchain Technology in Trade Finance Process," Journal of Reviews on Global Economics, Lifescience Global, vol. 7, pages 510-515.
    • Handle: RePEc:lif:jrgelg:v:7:y:2018:p:510-515
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    File URL: https://www.lifescienceglobal.com/independent-journals/journal-of-reviews-on-global-economics/volume-7/85-abstract/jrge/3429-abstract-adoption-of-blockchain-technology-in-trade-finance-process
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    Citations

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    Cited by:

    1. Imad Antoine Ibrahim & Jon Truby, 2022. "Governance in the era of Blockchain technology in Qatar: a roadmap and a manual for Trade Finance," Journal of Banking Regulation, Palgrave Macmillan, vol. 23(4), pages 419-438, December.
    2. Kowalski, Michał & Lee, Zach W.Y. & Chan, Tommy K.H., 2021. "Blockchain technology and trust relationships in trade finance," Technological Forecasting and Social Change, Elsevier, vol. 166(C).
    3. Yevheniia Polishchuk & Alla Ivashchenko & Oleksandr Dyba, 2019. "SMART-Contracts via Blockchain as the Innovation Tool for SMEs Development," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 39-53.
    4. Alireza Farnoush & Ashish Gupta & Hamidreza Ahady Dolarsara & David Paradice & Shashank Rao, 2022. "Going beyond intent to adopt Blockchain: an analytics approach to understand board member and financial health characteristics," Annals of Operations Research, Springer, vol. 308(1), pages 93-123, January.
    5. Dutta, Pankaj & Choi, Tsan-Ming & Somani, Surabhi & Butala, Richa, 2020. "Blockchain technology in supply chain operations: Applications, challenges and research opportunities," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 142(C).
    6. Chien-Hua Tsai, 2023. "Supply chain financing scheme based on blockchain technology from a business application perspective," Annals of Operations Research, Springer, vol. 320(1), pages 441-472, January.

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