Blockchain technology and trust relationships in trade finance

Kowalski, Michał; Lee, Zach W. Y.; Chan, Tommy K. H.

doi:10.1016/j.techfore.2021.120641

Cited by 96 publications

(52 citation statements)

References 58 publications

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“…In the fields of economics and finance, the focus has mainly been on developing "decentralized" financial frameworks suited to delivering financial transactions in a more efficient manner [9]. Such proposals apply BC technology to reduce or even to eliminating the need for "centralized" institutions acting as trusted intermediaries or depositaries [10]. In general, the available literature focuses on the potential systemic impacts of BC on the existing financial framework as a whole [11,12].…”

Section: Related Literature and Projectsmentioning

confidence: 99%

A Blockchain-Based Financial Instrument for the Decarbonization of Irrigated Agriculture

Romero

Rúas-Barrosa

2022

Sustainability

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Farming and food production sustainability increasingly depends on the availability of a clean energy model for irrigated agriculture. This can be achieved by massively introducing photovoltaic irrigation systems (PVI) with sufficient quality and reliability. Nevertheless, such PVI projects require high upfront investment and long payback times, so access to long-term, low-cost capital is essential to ensure their competitiveness. In this regard, decentralized financial (DeFi) solutions based on blockchain (BC) technology present a number of features that can be applied to produce financial instruments (FI) well suited to attract investors to PVI projects and to reduce the cost of clean energy for irrigators. In order to assess such a possibility, a DeFi FI tailored for PVI has been produced and implemented in BC. We demonstrate that a single smart contract executed in a distributed ledger can execute the different tasks related to the securitization of PVI assets. The impact on the cost of capital for PVI projects is significant, leading to an estimated reduction in the cost of clean energy for irrigators of 22%. Nevertheless, decentralization also introduces a number of specific risks that must be considered and mitigated.

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Section: Related Literature and Projectsmentioning

confidence: 99%

A Blockchain-Based Financial Instrument for the Decarbonization of Irrigated Agriculture

Romero

Rúas-Barrosa

2022

Sustainability

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“…Ref. [36] argued that blockchain security contributes to improving trust among trade partners through in-depth interviews with industry experts. According to a study [2] on transparent and secure supply chains, one of the core functions of a blockchain is to enable an unlimited number of anonymous parties to transact securely with one another without a central third party.…”

Section: Hypothesis 4 (H4)mentioning

confidence: 99%

An Evidence of Distributed Trust in Blockchain-Based Sustainable Food Supply Chain

Joo

Han

2021

Sustainability

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It is necessary to identify what factors affect distributed trust and validate their effect on distributed trust and user satisfaction in an area of the food supply chain for sustainable business. The purpose of the present study is to examine determinants of distributed trust in the blockchain-based food supply chain and test seven hypotheses derived from the structural equation model integrating distributed trust, its three determinants, and user satisfaction. Transparency, traceability, and security are suggested as three determinants of distributed trust along the blockchain-based food supply chain. Data were collected from users of Chinese firms employing blockchain-based food supply chains to validate the research model and test the seven hypotheses. The present study contributes to clarifying the significance of distributed trust and suggesting evidence of its role in the food supply chain. The present study discussed trust-free systems based on blockchain technology related to sustainability through the findings.

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“…Furthermore, by disclosing it to users, the transparency of data are secured. Kowaiski et al ( 2021) confirmed the improvement of the trust relationship and security between business partners through blockchains in trade finance [16]. In turn, Majeed et al (2021) improved blockchain technologies applied to smart cities and their reliability and security [17].…”

Section: Introductionmentioning

confidence: 99%

B-GPS: Blockchain-Based Global Positioning System for Improved Data Integrity and Reliability

Lee

Seok

Lee

et al. 2022

IJGI

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When surveying national reference points using a global positioning system (GPS), appropriate work regulations pertaining to the surveying time must be observed. However, such data can be modified easily, so identifying non-compliance with work regulations and forgeries is challenging. If such incidents occur in cadastral surveys, it may result in financial damages to stakeholders, such as citizens and the state. Therefore, it is necessary to improve the reliability by ensuring the integrity of the GPS positioning data and allowing anyone to track them. In this study, a prototype system was developed to record GPS data and the corrections generated during survey processes using the Ethereum blockchain network. Blockchain is a distributed ledger system that prevents the manipulation of uploaded data without the need for a centralized institution by allowing anyone to check the data. Unlike in the past, the proposed system improves the data integrity and reliability for the entire survey process through blockchain, thereby ensuring transparency of the checks using smart contract addresses.

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Blockchain technology and trust relationships in trade finance

Cited by 96 publications

References 58 publications

A Blockchain-Based Financial Instrument for the Decarbonization of Irrigated Agriculture

A Blockchain-Based Financial Instrument for the Decarbonization of Irrigated Agriculture

An Evidence of Distributed Trust in Blockchain-Based Sustainable Food Supply Chain

B-GPS: Blockchain-Based Global Positioning System for Improved Data Integrity and Reliability

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