Abstract
In the evolving landscape of international trade, this comprehensive exploration delves into the paradigm shift enabled by smart contracts, challenging the traditional role of Documentary Credits (LCs). By prioritizing transparency, the article showcases how the integration of smart contracts revolutionizes proforma invoicing submission and offers a robust mechanism for scrutinizing over and under-invoicing—an entrenched tactic in Trade-Based Money Laundering (TBML). The innovative concept of introducing a bidding process within smart contracts opens doors for global participation, reducing entry barriers for startups and entrepreneurs, thereby transforming poverty into prosperity. These transformative mechanisms, rooted in blockchain technology, mark a compelling shift towards combatting TBML and fostering a more inclusive and dynamic global economy.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: International Journal of Blockchain Technologies and Applications
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
