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블록체인 기반 신용장거래의 활용에 관한 연구A Study on the Utilization of Blockchain Based Letter of Credit Transaction

Other Titles
A Study on the Utilization of Blockchain Based Letter of Credit Transaction
Authors
우광명김성호
Issue Date
2021
Publisher
한국무역연구원
Keywords
Blockchain Technology; Distributed Ledger Technology; Smart Contract; Letter of Credit
Citation
무역연구, v.17, no.3, pp 207 - 223
Pages
17
Indexed
KCI
Journal Title
무역연구
Volume
17
Number
3
Start Page
207
End Page
223
URI
https://scholarworks.gnu.ac.kr/handle/sw.gnu/5252
DOI
10.16980/jitc.17.3.202106.207
ISSN
1738-8112
2384-1958
Abstract
Purpose This study objective is to explore the benefits and shortcommings of using Blockchain and smart contract in letter of credit and how capable the Blockchain and smart contract to eliminate the risk in letter of credit transaction. This study has applied cases the applicability of blockchain technology in international trade process from a perspecitive of letter of credit (L/C) payment. Design/Methodology/Approach There are composed of five chapters based on literature and cases studies. Chapter deals with the introduction of this paper and Chapter explains the changes in trade payment methods, will explore complexity and diversification of trade transaction, electronic payment. Chapter deals with blockchain technology in electronic trade settlement, will explore blockchain technology as the Distributed Ledger Technology and Smart contract. Chapter idenfies application of blockchain technology in letter of credit transaction, will explore possible to apply technology in letter of credit transaction, influence of blockchain in letter of credit transaction and cases of application of blockchain technology in letter of credit transaction. Chapter concludes this paper. Findings Traditional way of letter of credit that is a paper based system in which it is needed to share and validate documents between parties in different countries make letter of credit mechanism slow, inefficient and high cost. However, blockchain technology enables trade parties to share information on a close ledge. Then, trade deal can be completed automatically through a series of digital smart contract. By applying blockchain and smart contract, it eliminate the time, risk and cost in letter of credit transaction. Research Implications This paper explains the blockchain application cases. Blockchain can be used in letter of credit various stages from opening the credit on the bank and send it to the beneficary until payment. This blockchain technology have more benefit in cross borders trade such as a letter of credit transaction. Blockchain could save letter of credit from the continues declain in use in international.
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