Blockchain characteristics and consensus in modern business processes

Viriyasitavat, Wattana; Hoonsopon, Danupol

doi:10.1016/j.jii.2018.07.004

Cited by 296 publications

(189 citation statements)

References 17 publications

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“…Traditional trade finance via L/C relies heavily on the trust mechanism accumulated by intermediaries (e.g., banks). A blockchain innovation may be to reengineer business processes and offer a better value proposition in terms of validity, auditability, and disintermediation [24] in trade processes.…”

Section: The Concept Of Paradigm Shiftmentioning

confidence: 99%

Blockchain-Enabled Trade Finance Innovation: A Potential Paradigm Shift on Using Letter of Credit

2019

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This paper explores a potential paradigm shift in trade finance utilizing blockchain technology. Traditionally, the centralized operating model has governed trade finance and the manner in which traders handle business processes. However, such heavy reliance on centralized authorities has made for poor performance, the lack of flexibility and transparency, and vulnerability to malicious alteration. The blockchain, as a distributed ledger technology (DLT), has attracted growing attention and has the potential to disrupt legacy finance procedures such as payment by letter of credit (L/C). International trade players may benefit from the technological reengineering of financial processes through the implementation of blockchain- and smart contract-based platforms. From the conceptual perspective of a paradigm shift, this study analyzes the feasibility of blockchain innovation in trade finance through modern blockchain-based L/C initiatives. Moreover, this study also explores blockchain applications in terms of logistics tracking and how it integrates with trade finance procedures. This study contributes to the understanding of a blockchain paradigm shift with a multi-case study. The results may illuminate the potential future application of blockchain finance and provide researchers with an illustrative example of other finance-related capabilities. Studies of trade-related topics such as customs clearances, insurance, and logistics applications need to be addressed in the future to create a comprehensively trustless environment and facilitate the automation of trade.

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Section: The Concept Of Paradigm Shiftmentioning

confidence: 99%

Blockchain-Enabled Trade Finance Innovation: A Potential Paradigm Shift on Using Letter of Credit

2019

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“…We noticed that there are slightly different characterizations of BT in the literature (Aste et al, 2017;Puthal et al, 2018;Treiblmaier, 2019;Viriyasitavat and Hoonsopon, 2019). Therefore, we summarized the properties of the technology and made the following compressed list of relevant characteristics concerning the open science use case.…”

Section: Overviewmentioning

confidence: 99%

A Review on Blockchain Technology and Blockchain Projects Fostering Open Science

et al. 2019

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Many sectors, like finance, medicine, manufacturing, and education, use blockchain applications to profit from the unique bundle of characteristics of this technology. Blockchain technology (BT) promises benefits in trustability, collaboration, organization, identification, credibility, and transparency. In this paper, we conduct an analysis in which we show how open science can benefit from this technology and its properties. For this, we determined the requirements of an open science ecosystem and compared them with the characteristics of BT to prove that the technology suits as an infrastructure. We also review literature and promising blockchain-based projects for open science to describe the current research situation. To this end, we examine the projects in particular for their relevance and contribution to open science and categorize them afterwards according to their primary purpose. Several of them already provide functionalities that can have a positive impact on current research workflows. So, BT offers promising possibilities for its use in science, but why is it then not used on a large-scale in that area? To answer this question, we point out various shortcomings, challenges, unanswered questions, and research potentials that we found in the literature and identified during our analysis. These topics shall serve as starting points for future research to foster the BT for open science and beyond, especially in the long-term.

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“…This huge implementation gap leads the way for the use of blockchain data storage technology and modification of the contractual structure. In practice, it is time to move from a purely refund insurance blockchain to a big data management one [54].…”

Section: Blockchain and Smart Contracts: How They Work?mentioning

confidence: 99%

Implementation of Blockchain Technology in Insurance Contracts Against Natural Hazards: A Methodological Multi-Disciplinary Approach

Pagano

Romagnoli

Vannucci

2019

Environmental and Climate Technologies

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Risk insurance for disasters plays a relevant part in the implementation of risk reduction strategies during the pre-disaster phase. This is essential to support risk management towards decreasing the marginal risk allowing policy holders to transfer risk to avoid considerable financial loads from the costs incurred during the recovery phase in a post-disaster phase. There is evidence that the introduction of an integrated risk insurance strategy for community resilience planning is still lacking. Thus, this undermines the possibility to have proper optimized holistic risk management; on the one hand this strengthens pre-disaster risk mitigation measures, mostly relying on mitigative infrastructural solutions, and on the other hand it better defines risk prevention strategies mostly connected to land planning and urban development. This paper will show how insurance markets can play a key role towards mitigating the economic consequences of natural and climate change disasters, and how essential it is to better quantify the beneficial effects and costs of engineer-based mitigative solutions. In this context, the legal framework into which the actuarial quantitative model can be implemented will support the creation of an integrated multidisciplinary approach with potential implementation on a novel platform capable of collecting and processing information from different sources and dimensions such as blockchain technology. The scientific community is, in fact, increasingly interested in implementing blockchain technology to overcome problems linked to the contractual dimension of natural disaster risk insurance which can be interpreted as a sort of smart contracting. Through a study that involved four distinct areas, namely: law, environmental engineering, insurance and IT, this paper proposes a specific multidisciplinary methodology to achieve the drafting and implementation of a digital insurance contract on a blockchain platform against natural hazards. This paper proposes the basis to advance a quantitative concept to optimize the impact of catastrophe risk insurance onto the community resilience; in fact providing a key synergy for definition of pre-disaster conditions.

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Blockchain characteristics and consensus in modern business processes

Cited by 296 publications

References 17 publications

Blockchain-Enabled Trade Finance Innovation: A Potential Paradigm Shift on Using Letter of Credit

Blockchain-Enabled Trade Finance Innovation: A Potential Paradigm Shift on Using Letter of Credit

A Review on Blockchain Technology and Blockchain Projects Fostering Open Science

Implementation of Blockchain Technology in Insurance Contracts Against Natural Hazards: A Methodological Multi-Disciplinary Approach

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