Operating system

Business

Paleontology

Marketing

Work in process

Business process modeling

Geometry

Block (permutation group theory)

Context (archaeology)

Blockchain

Smart contract

Mathematics

Computer security

Computer science

Business model

Database transaction

Database

Business process

Biology

Business process discovery

Process (computing)

Technological Forecasting and Social Change

Heterogeneity and complicated processes, risk of information leakage, and higher costs are some of the challenges that stem from third-party involvement in business transactions. This study proposes a novel mechanism to address the shortcomings of third-party-dependent transactions in the context of international trade. Moreover, we provide business process modeling, deployed in a business transaction scenario, to furnish a deeper perspective on the working of the mechanism based on Business Process Model and Notation (BPMN) 2.0 standards and guidelines. By analyzing and identifying blockchain roles and capabilities, this study proposes a blockchain technology-based letter of credit (BTLC), which is a mechanism providing letters of credit (LCs) that incorporate the benefits of blockchain and smart contracts.

Block by block: A blockchain-based peer-to-peer business transaction for international trade