Block by Block: A Blockchain-Based Peer-to-Peer Business Transaction for International Trade

Reza Toorajipour, Pejvak Oghazi*, Vahid Sohrabpour, Pankaj C. Patel, Rana Mostaghel

*Corresponding author for this work

Research output: Contribution to journalJournal articleResearchpeer-review

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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.

Original languageEnglish
Article number121714
JournalTechnological Forecasting and Social Change
Number of pages10
Publication statusPublished - Jul 2022
Externally publishedYes


  • Blockchain
  • International trade
  • Letter of credit
  • Peer-to-peer business transaction
  • Trade finance

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