The Design and Implementation of Trade Finance Application based on Hyperledger Fabric Permissioned Blockchain Platform

Ariffin, Nizamuddin; Ismail, Ahmad Zuhairi

doi:10.1109/isriti48646.2019.9034576

Cited by 7 publications

(5 citation statements)

References 6 publications

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“…CBDC systems offer "real-time settlement and reduce costs" (Han et al, 2019, p. 268) associated with traditional payment systems. For example, Ariffin and Ismail (2019) proposed a blockchain-based system to enforce trust in traditional trade finance systems. On the other hand, in the case of Fu et al (2021), blockchain was applied to simplify the complex process of traditional cross-border payment services.…”

Section: Discussion Of Results From Primary Scholarly Studiesmentioning

confidence: 99%

Blockchain Design and Implementation Techniques, Considerations and Challenges in the Banking Sector: A Systematic Literature Review

Mafike¹,

Mawela²

2022

AIP

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Blockchain is transforming the banking sector and offering opportunities for significant cost reduction and efficient banking services. However, implementing blockchain is a challenge due to lack of adequate knowledge and skills on how to implement the technology. As a result, there are very few market-ready blockchain banking products and organisations are unable to realise the promised value. This paper presents an overview of the banking sector's blockchain use cases, design and implementation considerations and techniques. The aim is to offer an evidence-based primer to guide researchers and practitioners. The study relies on the systematic literature review method and reviews a total of 45 papers comprising 26 peer-reviewed scholarly articles and 19 technical reports from the banking industry. Leximancer software is used to support the thematic data analysis. The results show for the banking sector an increase in experimentation efforts geared towards the development of payment systems. The results also indicate key considerations from a technological, organisational and environmental perspective. The study highlights that platform selection, scalability and resilience are some of the critical technical considerations for implementing blockchain banking systems. Organisational considerations include collaboration and governance-related challenges. From an environmental perspective, the study notes several legal and regulatory considerations. This study contributes to the existing literature on blockchain adoption in banking, which is still in the nascent stage. The study also offers a research agenda for further understanding of blockchain implementation in the banking sector. Opportunities for further research are noted in the areas of interoperability, governance, security and privacy.

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Section: Discussion Of Results From Primary Scholarly Studiesmentioning

confidence: 99%

Blockchain Design and Implementation Techniques, Considerations and Challenges in the Banking Sector: A Systematic Literature Review

Mafike¹,

Mawela²

2022

AIP

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“…Challenges for blockchain-based service platforms include regulatory compliance, interoperability, and user adoption [10]. Notwithstanding these obstacles, additional research into the full potential and constraints of blockchain technology is imperative given its wide range of possible applications in the service industry [22].…”

Section: Existing Systemsmentioning

confidence: 99%

“…To solve high transaction costs and insufficient transparency in cross-border transactions, a consortium blockchain system is recommended [10]. Despite drawbacks including a small number of network users and technological limitations, an examination conducted in Shenzhen demonstrates that this system outperforms conventional approaches in terms of transaction speed, security, and cost-effectiveness.…”

Section: Existing Systemsmentioning

confidence: 99%

“…2 of 15 solutions is driven by the inherent advantages of the technology in terms of transparency, and security [8,9]. Furthermore, platforms such as Hyperledger provide enterprise-grade solutions for the financial sector, enabling the development of advanced financial applications [10]. This comprehensive integration of blockchain technology, coupled with specialized platforms, reflects a transformative shift in how industries approach and leverage cutting-edge solutions.…”

Section: Introductionmentioning

confidence: 99%

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Design and Development of A Blockchain-Based Financial Aid Distribution System

Shahrukh,

Momen,

Mansoor

2024

Preprint

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Contemporary financial systems, despite their inherent complexity and resilience, face significant challenges related to transparency, efficiency, and security. Notable deficiencies in transparency and emerging security vulnerabilities underscore the pressing need for innovative solutions in current financial practices. Hence, this paper introduces a financial distribution system based on a consortium blockchain. Given organizations’ preference for keeping sensitive data private, the partially decentralized nature of consortium blockchains plays a pivotal role in the proposed system’s architecture. Moreover, within this system, the proposed smart contract serves a dual role. It functions not only as a transactional tool but also as a specialized solution designed to improve transactional procedures. Its multifaceted capabilities include ensuring data accuracy, facilitating swift execution, and ensuring adherence to regulatory requirements within the dynamic financial distribution landscape. Through rigorous testing and empirical analysis utilizing the Hyperledger Besu platform, it has been observed that the performance of the proposed system surpasses traditional blockchain frameworks. The results unequivocally demonstrate the proposed system’s proficiency in handling high-frequency financial transactions with minimal computational burden.

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“…The ledger is collectively maintained by multiple parties and enables consistent, immutable, and traceable data storage. In recent years, owing to the rapid advancement of blockchain technology, its application has extended to various domains, such as finance [2], education [3], healthcare [4], and logistics [5], among others.…”

Section: Introductionmentioning

confidence: 99%

PnV: An Efficient Parallel Consensus Protocol Integrating Proof and Voting

Wang,

Li,

Fan

et al. 2024

Applied Sciences

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Consensus protocols, as crucial components of blockchain technology, play a vital role in ensuring data consistency among distributed nodes. However, the existing voting-based and proof-based consensus protocols encounter scalability issues within the blockchain system. Moreover, most consensus protocols are serialized, which further limits their scalability potential. To address this limitation, parallelization methods have been employed in both types of consensus protocols. Surprisingly, however, novel fusion consensus protocols demonstrate superior scalability compared with these two types but lack the utilization of parallelization techniques. In this paper, we present PnV, an efficient parallel fusion protocol integrating proof-based and voting-based consensus features. It enhances the data structure, consensus process, transaction allocation, and timeout handling mechanisms to enable concurrent block generation by multiple nodes within a consensus round. Experimental results demonstrate that PnV exhibits superior efficiency, excellent scalability, and acceptable delay compared with Proof of Vote (PoV) and BFT-SMART. Moreover, at the system level, the performance of the PnV-based blockchain system optimally surpasses that of the FISCO BCOS platform. Our proposed protocol contributes to advancing blockchain technology by providing a more efficient and practical solution for achieving decentralized consensus in distributed systems.

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The Design and Implementation of Trade Finance Application based on Hyperledger Fabric Permissioned Blockchain Platform

Cited by 7 publications

References 6 publications

Blockchain Design and Implementation Techniques, Considerations and Challenges in the Banking Sector: A Systematic Literature Review

Blockchain Design and Implementation Techniques, Considerations and Challenges in the Banking Sector: A Systematic Literature Review

Design and Development of A Blockchain-Based Financial Aid Distribution System

PnV: An Efficient Parallel Consensus Protocol Integrating Proof and Voting

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