Abstract
Blockchain has emerged as a promising technology to ensure trust between parties. By using this technology, we can establish a secure communication paradigm, where data integrity and immutability can be guaranteed. These inherited features underline blockchain as a suitable technology to optimise the adopted processing model in several domains, such as health, trade supply chain and food safety. In this paper, we present a detailed overview of the use of blockchain technology in (international) trade supply chains. Furthermore, the discussed proposals have been classified based on the target application scenarios. Our goal is to clarify the benefits of applying this technology to the trading domain and highlight the challenges that are associated with applying this technology to optimise the trading domain. Accordingly, we underline several issues that occur during the designing of the blockchain solution to optimise the (international) trade supply chain.
Highlights
The trade supply chain represents the required steps to complete the trading process, which eventually results in delivering the goods to the buyer
Blockchain technology has the advantage of optimising the trade supply chain by simplifying the monitoring component and ensuring the integrity of the exchanged information
Blockchain technology can contribute significantly to the optimisation of the international trade supply chain compared to the local trade supply chain
Summary
The trade supply chain represents the required steps to complete the trading process, which eventually results in delivering the goods to the buyer. The process of trade involves a legal bind agreement between the trading parties (seller and buyer), which specifies the conditions that must be addressed by each party for the successful completion of the trade. These conditions could specify the acceptable transportation method for the goods. Customers who use the Amazon trading platform can inform the platform administration if the received goods do not match the posted description by the sellers. In such a process, the employed information-sharing mechanism must ensure the integrity of. Similar to traditional legal contracts, smart contracts encapsulate the logical rules of the system and assure their enforcement through automation
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