Methodology and Analysis of Smart Contracts in Blockchain-Based International Trade Application

Abstract

Blokchain is used in a variety of applications where trustworthy computing is\nre-quired. Trade finance is one of these areas that would benefit immensely\nfrom a decentralized way of doing transactions. This paper presents the\npreliminary as-sessment of Accepire-BT, a software platform developed for the\npractice of col-laborative Trade Finance. The proposed solution is enforced by\nsmart contracts using Solidity, the underlying programming language for the\nEthereum block-chain. We evaluated the performance in the Rinkeby test network\nby using Remix and MetaMask. The results of the preliminary trial show that\nsmart contracts take less than one minute per cycle. Also, we present a\ndiscussion about costs for us-ing the public Ethereum Rinkeby network.\n