BitCom: A Commerce Model on Blockchain

Abstract

The supply chain is a complex framework of facilities working together to gain profits. Rapid changes in technology have made the commerce a place of high competition and hugely affected by price fluctuation. BitCom is a proposed architecture bolstered by the emerging concept of blockchain. It aims to provide a clean and efficient supply chain to decrease system-wide costs. It is a framework deriving its roots form both- permissioned and permissionless blockchains to achieve a feasible solution to the problem of automating commerce. The model stays true to the roots of the supply chain while maintaining security. It uses flexible smart contracts for negotiations and transactions while permissionless entry is provided to the users. The concept of a credibility score has been introduced to help introduce trust in a decentralised network.