블록체인 기반 신용장거래의 활용에 관한 연구

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.