Aim:

The main aim of this research paper is to identify that how the block chain technology can be applied for efficient handling of the complicated documentation process which is being carried out prior to any financial transaction that is an inevitable part of the operational process of international trade finance.

Research importance:

This study provides an overview of an emerging field – Blockchain adoption to revolutionize trade finance – in which not much research yet exists, and most publications remain very vague. The next actions that researchers, developers, regulators and businesses interested in blockchain need to take are pointed out and reasoned.

Research method:

The research adopts a pluralist approach to examine the subject matter based on three approaches: analysis of the extant literature about blockchain technology concerning trade finance transactions; perception analysis based on interviews with financial services executives, subject matter experts, and researchers; and a theoretical interpretation using through the lens of transaction cost and cross border trade finance theory A pluralist approach that compares and contrasts multiple plausible perspectives on reality is crucial to the emergence of rigorous scientific knowledge (Azevedo, 1997; Van de Ven, 2007) as it can provide complementary insights and possible synthesis of them to study an emerging business phenomenon. Furthermore, using multiple perspectives on a complex business problem decreases the likelihood of unintended bias in interpretations. Thus the case study and survey strategy of research has been followed in this research. In this survey strategy of primary data collection the interview of the management of a blockchain service provider for the international trade finance has been done to understand the documentation benefit using the blockchain technology for the trade finance.

Research findings:

As of September 2019, Blockchain based systems painfully lack the enterprise maturity needed to take over trade finance activities. Nevertheless, blockchain technology in the trade finance process is about the digitisation and automation of the current process thereby reducing turnaround time from about 7 – 14 days to just 24 hours or near real-time, thus making faster settlements. This digitization takes away the paper process of dispute resolution, contract agreement, document presentation, confirmations, verifications, approvals and the tracking and tracing of shipments.

Finally, the disintermediation provided by blockchain applications has the potential to disrupt traditional financial services transactions through the use of smart contracts and distributed ledgers for clearing and settlement process.

Keywords:

Blockchain technology, Trade finance, use of Blockchain in import-export

 

Chapter 1: Introduction

1.1 Research background 

Over the past decades, the global economy has been influenced by the rapid growth of financial transactions that entail trillions of dollars (Hyvärinen, Risius&Friis, 2017). In the USA, the Automated Clearing House System generates more than 350 billion dollars per annum which adds up to the 20% of electronic payments made in the country. With the stiff competition among business entities, financial institutions are no exception in adopting various technologies to remain relevant in the market. The new and innovative technologies are storming the market everyday and changing the spending and paying habits of the consumers. Technologies such as Blockchain have been positively impacting on the operations of the business organization. The financial operations play a major role in the business activities and hence implementation of Blockchain has been making changes in the positive way in the businesses through ease of transactions and other benefits (Ishmaev, 2017). Delimatsis, (2018) identifies two phases of blockchain-based financial transactions which can be classified into an initiation phase that requires the client to access blockchain network before buying or selling transaction; the verification stage of the financial set in the blockchain ledger by various Stakeholders. The proposed research aims to determine Blockchain’s role and application in improving and current processes in the International trade finance.

1.1.1 Trade Finance: A Definition

Trade finance is defined as a collective set of financial products and instruments firms use to facilitate commerce and international trade. Trade finance actually makes it more convenient for importers and exporters to conduct business using trade. Trade Finance is a broad category where many factors come into play to make financial transactions for corporate affairs. While the financial transactions takes place between the buyer and the seller of the services, external facilitators such as banking organisations, exporters and importers, custom officials and insurance companies in terms of international as well as domestic trade help in the financial transaction. The external institutions such as banks as well as insurance companies help in facilitating the trade financing. However, the whole concept of Trade finance is much boarder category, as it’s an umbrella term. Typically, it covers many financial models and solutions that companies and banking institutions use to make the transactions for trade feasible. It involves numerous actors, including importers, exporters, banks, carriers, customs officials, and insurers.

1.1.2 Traditional Trade Finance 

There are various issues such as information exchange, the trust levels is not up to the mark, there is lack of transparency and authenticity conflicts which are associated with the trade finance systems. These issues need to be adhered to and sorted and in order to overcome the problems the traders and the suppliers need to build trust and transparency. The authenticity of the external institutions such as banks and other places need to be addressed by the traders so that there are no trust issues later on. Delayed exchange of information, unprecedented low trust levels, transparency and authenticity conflicts associated with traditional trade finance systems are often considered as the prime factors. This substantially contributes to unwarranted risk and hinders the efficiency and profit margins in international trade business operations. The exploration and integration of Blockchain technology for trade finance will help to overcome these issues so that trade processes can be simplified. At present trade finance consist of various inefficiencies which make it highly vulnerable to the frauds. For example, the paper processing in the transactions systems must be replaced or upgraded with blockchain based solutions so that transaction time and efficiency can be improved.

Blockchain: Definition of Blockchain 

According to Gelsomino and et.al. (2016) block chain is defined as the decentralized and open ledger which allows users to track transactions by using cryptography and distributed databases. It is the interconnection of information blocks which stores digital information in public database. These digital information holding blocks are capable to store transaction information, participants involved in the transactions, date, time which are regulated and characterized by digital signature. The Blockchain data structure allows creation and management of digital transaction ledger which can be easily shared and accessed on a digital network via cryptography. Thus, the participants can help themselves by updating or modifying the ledger statement without any centralized authority. The blockchain technology ensures that trade finance operations are secure and transparent so that there is direct link between trade parties and market efficiencies. For instance the smart contracts in block chain allow organisations to trigger commercialization on the basis of market demand or criteria.  (Korpela, Hallikas and Dahlberg, 2017). This quick and efficiency management system is widely used in international trade finance system.

                                   (Source:

Benefits of blockchain in trade finance, 2019)

With the help of distributed database technology which is a BTC transaction can be reflected to the participants in just 20-30 minutes. Hence, its greatest advantage is that it eliminates the need of protecting and maintaining multiple copies of same information on several numbers of databases. This way the time taken to conduct the procedure is not very long and makes it easy to use for the participants. The user can maintain a set of information and at the same time can help the transaction to be conducted in a secure manner within a given time period of 20-30 minutes. One of the key difficulties observed in the international trade finance is to manage huge volume of documents. Blockchain can help in reducing these difficulties through the maintenance of high volume data in the database and keeping a proper record of the subject. The maintenance of high volume through database of blockchain would help the participants to ease their problem and also save time for the users as well as keep it secure. It not only enhances the complexity but also makes the transaction and trade costly in terms of paper flow.  Blockchain technology can help international traders to reduce this cost and process inefficiency involved in the paper flow by replacing it with digital data (Cong and He, 2019). With the use of this technology international traders can use a single digital document which is capable to manage all necessary information and can be accessed and modified by all participants at the same time. It also enhances the transparency and transaction time by unlocking capital. This reduces the chances of fraud and ensures that the participants are not cheated in any way. This will ensure that the authenticity of the trade is maintained and not fraud takes place during the transaction (Dowling and et.al. 2018).

Traceability is another benefit provided by the Blockchain methods. It also enables to automatically verify the authenticity of the assets so that frauds can be reduced in international boundaries (Dowling and et.al. 2018). Thus, from the security perspective also this advanced technique enables the secure exchange of trade associated data among various financial institutions. This challenge can be mitigated with the help of blockchain and thus would help in restoring order for the traders. The traceability is increased through the database and the participants could locate the information about the transactions easily and hence that will ensure that the transaction information is also authentic. The traders can help themselves through the process technology of blockchain and ensure no data is breached or is false through the benefit of traceability. Frauds take place in huge numbers and therefore, blockchain technology will gradually reduce the number of fraud incidents and track information of all the transaction made by the traders and the external parties’ contribution.  In the traditional trade finance systems, the delayed exchange of information, unprecedented trust levels, transparency and authenticity related conflicts are often considered as the prime factors which lowers the efficiency and profit margins in the international trade. The exploration and integration of Blockchain technology for trade finance will help to overcome these issues so that trade processes can be simplified. At present trade finance consist of various inefficiencies which make it highly vulnerable to the frauds. For example, the paper processing in the transactions systems must be replaced or upgraded with blockchain based solutions so that transaction time and efficiency can be improved.

1.2 Research scope: Relevance and knowledge gap in research 

The research topic is highly relevant for the present context. With the rapid year-over-year growth of transnational trade transactions, both in terms of volume and amounts , there has been rapid growth in the trade finance services. However, with this growth the existing paper based and long processing system give rise to various security vulnerabilities. Thus, it is vital to understand the blockchain solutions so that efficiency can be improved and fraud vulnerabilities can be minimized. With the traditional finance systems banks and trade participants are required to manage their various types of related documents individually. Thus, it is required that database used by every participant reconciled with the other so that documentation errors can be eliminated. There is great need that Blockchain technology and its operational aspects must be analyzed and understood so that the organizations dealing in international export and import can utilize its benefits and can make their transactions very quick and transparent (Scott, 2016).  

The study of Blockchain technology will encourage its usage in trade finance by lowering its complexity and unnecessary expenses involved in the document management or flow. The financial growth in the global market depends upon robustness, availability and flexibility of the financial mechanism. However, the complex and time process of scalability in trade finance lowers the growth rate (Civelek and Özalp, 2018). The relevant research in the field of application of Blockchain technology in international trade can resolve this issue and concerns. Another significant reason for the execution and study of this type of study is that with the advanced digital technology the data security and information exchange has been one of the challenging parameter for the trader (Blossey, Eisenhardt and Hahn, 2019). This challenge can be overcome by using a m ore advanced financial system which is better in terms of security, transparency and processing time. The Blockchain technology provides an effective solution for this purpose.

1.2.1 Practical problem formulation 

Rapid globalization has outpaced the trade finance industry’s ability to standardize and digitize its system of record-tracking. The exchange of commodities—each with its own unique regulations, shipping specifications, and certification requirements—is currently managed across different borders and jurisdictions using an ineffective, antiquated paper-based system of record tracking that is often prone to significant issues. Among these issues are fraud, security vulnerabilities, and inefficient payment methods that leave stakeholders waiting for payment for an inordinate amount of time. It has been difficult to make significant technological improvements to trade finance operations for various reasons, including the number of diverse stakeholders located across the globe and the complexity and volume of business transactions. Fractured processes cause billions of dollars’ worth of annual losses in income and missed opportunities.

The security and implementation problems are mainly concerned with public blockchain. The private or hybrid blockchain have less vulnerabilities to experience such issues. The public blockchain systems tends to have higher transparency and decentralization which enhances the vulnerability of cyberattacks. However as compare to private networks public systems also have benefits that when number of users is very high then it allows decentralizing the data access. Thus, it depends upon the user requirement that what benefits and applications can be used. For example applications related to commodity trading needs extreme degree of privacy instead of emphasizing on transparency. Thus, for commodity based transactions hybrid blockchains are preferred. Thus, the major problem associated with the block chain use is to effective implementation in commodity industry.

 

1.3 Knowledge gap and research contribution 

Very limited studies have been conducted on the issue. Previous researchers have highlighted the benefits of Blockchain technology for the international trade. However, there has been a wide gap in its application in import and export. The existing researches only emphasise on the benefits and operational aspect of the quoted technology. Further, to highlight the significance and impact of end to end finance networks in the international trade this study will determine the benefits and challenges in the application of exchanging trade related data within finance network. It has been also observed that role of financial institutions is often neglected in the probable challenges of international trade. This research study will also examines the role of financial institutions and how these institutions are taking steps to shift from the traditional financing methods to the Blockchain technique. This study will contribute in analysis of highly  automated infrastructure which can enable more advanced and efficient solutions related to finance (Kshetri, 2017). Thus, it will help to develop a new level of interaction platform among service providers, financial institutions, corporations, customers and business to business networks.

1.4 Research Aim and Objectives:

1. Aims:
2. The main aim of this research paper is to identify that how the block chain technology can be applied for efficient handling of the complicated documentation process which is being carried out prior to any financial transaction that is an inevitable part of the operational process of international trade finance.
3. Objectives:
4. To assess the importance of block chain technology and smart contract and how it is facilitating inter-entity data/document reconciliation while carrying out international financial transactions
5. To assess the importance of block chain technology in ensuring transaction efficiency and transaction security in trade finance
6. To assess the importance of block chain technology in paper less business processing and cost minimization of international financial transactions

Research questions 

• What is the importance of block chain technology and smart contract and how it is facilitating inter-entity data/document reconciliation while carrying out international financial transaction?
• What is the importance of block chain technology in ensuring transaction efficiency and transaction security in trade finance?
• What is the importance of block chain technology in paper less business processing and cost minimization of international financial transactions?

Thesis Structure 

This research is structured into seven chapters. These are;

1. Chapter 1: This will introduce the research and give a background of the topic, which includes the research questions, objectives and scope of the research.
2. ii. Chapter 2: This will give an extensive literature review on the blockchain technology, an overview of the trade finance process. It will also provide the context and relevance of the study .
3. iii. Chapter 3: This will explain the research methodology, detailing how the research was conducted and what methods were used.
4. iv. Chapter 4: This will present and analyses the data and findings in the research and form the basis for discussion in the proceeding chapter.
5. v. Chapter 5: This will discuss and review the work done, interpret the results and answer the research question.
6. vi. Chapter 6: This will give the conclusions and summary of the research findings and analysis and possible recommendations

Chapter 2: Theoretical foundation 

2.1 Trans-national trade of goods life cycle 

The trans-national product life cycle model describes the relation between trade, investment and life cycle of the product. This model suggests that in international trade it is very common cyclic stage in which the developed or high income countries such as US are the biggest consumer of the products and thus exports products initially. However, gradually the export market is diminished and these country becomes importer of the product (Crosby and et.al., 2016). At the same time it has been also observed that some less developed countries undergoes shift from importer to exporter.

(Source: Introduction To Global Marketing, 2019)

According to the product trade cycle model in the first stage export operation takes place on the basis of surplus to phase and strength of domestic product. The product launch first occurs in high income and developed countries due to their greater potential. Hence, the emanation of new product initiates from high income country and then gradually with time export market is developed. The entrepreneurs in the developed country realises that due to low manufacturing cost new production must be initiated in the developing or the low income country. This process encourages the second stage of the cycle.

In the second phase high income foreign company begins product supply in export market. The competition of foreign producers displaces the export production source. At this stage developed country can also make investments in foreign nation so that it can protect its shares.With the enlargement of foreign producers, they become a major competitive source for the third country market in which there is high competition with developed exporters  (Pilkington, 2016).In the final phase when foreign producers achieves necessary scalability and experience they start export to the original producer at low production cost then the original cost. As a result, the developed producers experiences competition in their own territory.

2.2 Blockchain in international trade context

According to Tripoli and Schmidhuber, (2018) recent advancements and use of Blockchain technology has gained huge popularity due to its effectiveness in enabling proactive supply chains. Its integration with the trade services allows accurate prediction of the consumer behavior, development of cheap and fast routing needs as well as improved supply management systems. When the traders are capable to easily protect and manage their huge volume of information there has been numerous opportunities which allows them to have broad and quick access to financing contacts.

Jessel and DiCaprio, (2018) stated that the international government which seeks good negotiations in import and export activities can also find useful evidences from the Blockchain technology. Since blockchain technology uses a single digital platform it can be easy for the international government to explore and detect the negotiating scenarios as well to have better evaluation of the pros and cons of trade agreement. The increased transparency through Blockchain also improves the international cooperation and the flow of import-export goods.

2.2.1 Tracking ownership of cargo 

In the global trade stolen goods and counterfeit are well known issues and is often the first priority for the authorities to resolve. As per Collet, (2018) fake sold and stolen goods leads to the huge losses and damages to the actual owners of products as well as customers. The insurance companies are also not left untouched with this type of damage. The key reason for this problem is that with the conventional trade systems it is quite difficult to track the real ownership and to distinguish it from the fake owners. Since the international trade network and finance system is very huge and complex it is quite difficult to track the actual owners from the past history as well. Due to this reason most of the traders still uses the paper-based documentation system so that they own asset in order to deal with the future conflicts.

However, the damage and modification to paper-based documentation is very easy and thus the problem remains issue from long term. Ducas and Wilner, (2017) elucidated that the Blockchain can serve as an effective solution for this issue. The information stored in the Blockchain portal cannot be modified or counterfeited as it consist of ownership tool. When the data is modified the owner is informed regarding the changes made. With the digital storage the owners are also able to store the information for the long term without being feared of data lost or stealing. If traders stores the specification of their products on Blockchain then it will impossible for the frauds makers to claim fake products as original. It will also enable customers to themselves check the actual ownership related information of the products they are receiving along with the original specification.

According to Chang, Iakovou and Shi, (2019) blockchain technology can be considered as the efficient way for tracking the true ownership of any product. When customers and financial institutions are satisfied with the originality of the product then it is very easy for the service providers to manage their credits and supply chain. The technology also enable to track the cargo and every shipment details so that they can track the products and customers can be informed regarding exact delivery schedule. Along with the protection from fake ownership it also enhances the quality of services provided to the consumers by enabling timely delivery of services.

2.2.2 Digitized wallets and tokens 

Blockchain wallet or the digital wallets provides assistance to users so that crypto-currencies such as bitcoin or ether can be managed. These digital wallet can be accessed through only valid user and passwords. The interface also shows the recent transaction so that the parties engaged in the trade and finance can perform the financial transaction across the borders without indulging in complex banking formalities of international trade (Yli-Huumo and et.al., 2016). On one hand organizations can use cryptocurrency for making payments while virtual crypto tokens in the blockchain represents utility or the asset. These tokens act as the transaction units in blockchain and are easily transferable and tradable among participants.

2.2.3 Smart contracts 

The international trade consist of tremendous paper work and complex banking procedure. It results in delayed payment and conflicts as well. These trade issues can be resolved by using blockchain based smart contracts. As per this contract the payments are automatically released when contract execution is confirmed in a secure and transparent way. Smart contracts are efficient, reliable, self enforcing and executing (Zheng and et.al., 2017). One of the advantage of using smart contract in cross border transactions is that it reduces paper work and banking cost nearly by 50% and transactions are updated quickly and automatically in decentralised database. Arbitaration has been one of the crucial aspect in international conflicts and this can also be resolved by smart contract quickly without waiting for months as in traditional arbitration. For resolving disputes arbiter access the transaction details from database instead of finances.

2.3 Blockchain platforms

The registered data in the block chain cannot be modified and thus it makes blockchain highly suitable for the secure and decentralised processing. It helps international trade and finance dealers to process the transaction and documentation secure and fast processed. There are various blockchain platforms which are used for international export and import (Tian, 2016). The US import and export uses blockchain to manage supply chain, multiparty financial transactions, business decentralisation as well as for tracking tangible assets.

Blockchain platforms for international trade employs distributed ledger technology (DLT). It allows transparent operations and transparency in the transaction ranging from tracking of invoices to digitalisation of documents. The international finance trade can use various blockchain platforms such as VOLTRON digitises credit letters or papers so that document turnaround and frauds can be reduced. Another platform MARCO POLO is also based upon DLT and aims at tracking payments and other financial transactions (Wright and De Filippi, 2015).

The most widely and suitable blockchain for the cross border trade operations is BATAVIA in which blockchain smart contracts are used so that all participants and their transaction activities can be tracked and monitored. These DLT based blockchain platforms augment the international trade as these platforms encourages the entry in the international trade for the organizations by eliminating the entry barriers and replacing antiquated intermediaries. However, there are several challenges in using these platforms such as issues related to scalability, regulation and security.

2.4 Blockchain technologies 

Blockchain technology uses blocks or the record lists which are interconnected via cryptography. This technology can be known as open and distributed ledger system which is resistant to modification and which records and maintains transaction among parties. One of the characteristic of this technology is that it does not have any democratized system and thus each and every participant has accountability to view or modify the information.

Blockchain technology does not have any operational cost and operates on three principles called decentralisation, immutability and transparency  (Ahram and et.al., 2017). The centralised systems are easy target of cyber and networking threats thus it is more secure and protected for the international trades. With the paper based system frauds and mismanagement of information is very common in international trade. The blockchain provides the immutability from this perspective. Since the data entered in the blockchain cannot be modified there is transparency and immutability from the documentation errors.

The three technologies which helps in building and developing blockchain are private key cryptography, peer to peer network interaction and blockchain protocols. In the cryptography key digital identify references are sued for providing the secure digital keys. This technology assist blockchain with strong ownership control and security. Peer to peer network technology best suits the elemental characteristics of international finance and trade.

In cross border transactions networks are widely distributed and thus the network size is very huge. Thus, blockchain technology remains committed with the authorisation and authenticity of the network records (Treleaven, Brown and Yang, 2017). Another major blockchain technology is based upon providing incentives so that the record security and network transaction can be serviced. The blockchain protocol holds the power and capability to decide and verify the validity and type of transaction. Thus, this aspect completely depends upon the international trade participants that how transaction verification can be done and executed.

2.4.1 Hyperledger: 

Though these platforms work effectively in the international trade but it cannot be used in the markets which have fragmentation because for using these trade partners must use same type of ledger (Lemieux, 2016). The double entry risk in the documents or the ledger statement often creates dispute among the trade parties. Blockchain platforms are valuable because they provide the golden records which does not have any possibilities of double entry of records.The peer to peer technology providers the multiple copies of the ledger statement to all the participants so that one can easily track them and manager. And even if one of the trade parties lost their copy of agreement it can be easily access again. The rapid rise in the popularity and use of crypto-currencies is also encouraging the use of blockchain in the mainstream of  international finance.

2.4.1 Ethereum 

It is an open source computing program which is based upon blockchain which features the scripting functionality. The Ethereum platform generates the blockchain by token named ether which can be exchanged and shared between various users or accounts for compensating the mining nodes. The virtual machines are used for connection of international public nodes and thus are helpful in supporting blockchain functions.

2.4.1 Corda R3

This open source blockchain application allows the direct transaction of individual and organisations and uses smart contracts for providng strict privacy. The use of this technology allows its users to maintain the records at lower transaction cost and streaming business cost. This is different from the other two system platforms as it specifically deals with the privacy issues. The transaction cost and streaming business cost are important factors which are kept in check by this system. This is a crucial factor which differentiates this one from the other two and hence is used for supporting the blockchain technology and its functions.

2.5 Transnational trade theories 

Trans-national theories of trade analyses and evaluate the international trade pattern and its implications. The international trade which includes the post shipment payment terms needs financing as the seller may require borrowing the working capital so that order can be completed. Financing may also be required for purchasing the credit insurance so that counterparty defaults can be protected.  Thus, trade financing is integral part of the trade and includes aspects such as insurance, guarantee and credit terms.

2.5.1 Trade finance theory 

In the international trade finance the organisations follows three types of payment methods namely letter of credit, pre-shipment payment and post-shipment payment (Finger and et.al., 2018). According to trade finance theory the trade patterns differs by nature of countries. For instance in US based countries the post shipment term is predominant method of payment. It has been also observed that the US import-export activities are lower in the countries which have letter of credit as the payment term. The type of product also plays significant role in the finance theory. The export of the expensive and exclusive products often results in more firm terms for the finance theory.

2.5.2 Transaction cost theory 

The transaction cost theory can be used to demonstrate the understanding that how blockchain technique can influence the financial transactions. The theory is associated with the organizational theory, contract law and economic perspective. There are several transactional activities which does not have contribution towards the production of goods and services. The transactional cost theory minimises these unnecessary cost and emphasis on monitoring, bargaining, enforcement and searching of transaction related activities (Cachin, 2016). The two principle primitive of transaction cost theory are rationality and opportunism. Each organization involved in the international trade aims to maximise the trade transactions.

The bounded rationality refers to the individual’s limitation of processing, receiving and retrieving information. On the other hand opportunism is exemplified by breaching agreements, stealing and dodging duties. According to this theory attributes such as frequency of transaction between trading parties, relationship uncertainties among trade partners and asset specificty influences the transactional cost.

 

 

Chapter-3 Literature review

3.1 Blockchain Overview

According to Iansiti and Lakhani, (2017), Blockchain can be defined as growing list of records which are linked together using cryptography. All the list of records are called blocks which contain a cryptography hash of previous block time-stamp and transaction data. It is a way that can record each and every transaction between two parities efficiently in a quite permanent and verifiable. In other words it is a kind of crypto-currency which uses a medium of exchange for a secure financial data. These currencies uses decentralized control to oppose centralized digital currency and central banking system. Blockchain is resistant to any kind of modification in data. It allows all kind of digital information to be distributed but not copied. Slow and steadily Blockchain technology has become a backbone of the new type of internet. As initially it was designed for bitcoins and digital currency but today technology community has found a new way of using this technology.

As per the view of Swan, (2015),in simple words, blockchain can be defined as a type of incorruptible digital ledger of economic transactions that can be used to record all financial transactions and well as everything else of value virtually. One of the most special and important thing about blockchain is that it has no central authority. So all the information available in it is open for everyone and anyone can see it i.e. it is transparent for everyone and which is why everyone involved in this transaction is accountable for their actions. As it has already been discussed that blockchain is completely safe and fully autonomous way of passing information. It is done in a simple manner i.e. one party initiates a transaction by creating a block. That block is verified by millions of computers distributed around the internet.

Further as explained by Cachin, (2016), Database of blockchain is not stored at a single place in-fact it is stored at multiple location so that all the stored recorded can become easily verifiable and remain public. This also help in saving information from hackers and from becoming corrupt. Due to non availability of central system it becomes difficult for hackers to hack the system. This complete blockchain technology is dependent upon three main pillars which are: Immutability, transparency and Decentralization. Due to no core authority, no central system data remains safe and for users all the data data available is completely authentic and it is verified by millions of versifiers this is one of the main advantage of this technology which makes it more advance, efficient and reliable. Its immutability makes the data available safe as it cannot be changed or tempered one it enters into the system. Blockchain has changed the way of trading and has added another option on transferring data as well as has added a mode of payment option.

3.2 Modes and method of payment in international trading finance 

As per the view of Niepmann and Schmidt-Eisenlohr, (2017), International trade financing is one of the most essential thing to get funds to carry out international trade operations. This international trade financing uses various methods of transaction and of finance that are mainly used in investment operations included in international trade. Niepmann and Schmidt-Eisenlohr, (2017), further says that there are five major processes that can be used for transaction in international trade which are:  prepayment, letter of credit, Draft, consignment and open account. These are one of the most frequently used processes in transaction especially in international trade. These processes of traction are: First is Prepayment is a process in which installment payment is completed before the due date. In this prepayment complete balance or upcoming payments  can be paid in advance. Borrower is obligated to pay complete payment within the due time. Letter of credit is provided by the bank which says that complete due amount will be paid within the due time period. If in case the borrower or buyer fails to pay rest of the remaining portion of payment then in such case bank covers the rest of the remaining portion of payment.

Further explained by Melvin and Norrbin, (2017), Draft payment process is done in two ways first is sight draft and second is time draft. Sight draft can be explained as a kind of exchange bill in which exporter owns transported goods title until and unless the buyer pays and acknowledges them. It is mostly done in case when trading is done through air or through ships. It is one of the best method of payment in case of international trade. Time draft is a kind of foreign check guarantee that is done by the bank. It is a kind of short term credit that is used for financial goods transactions especially in international trade. Consignment is a type of arrangement in which goods are left in the possession of another party so that they can sell those goods. It is done especially with the parties that sell and receive large amount of goods. This consignment can be done for variety of things or goods. Last is open account in which payment of various trade transactions are done. In this goods are supplied by supplier to the buyer. After receiving and checking the consignment buyer credits supplier’s account in their own books as per the invoice amount.

As explained by Connolly and Swoboda, (2018), All the processes can be competed by any means or mode of payment method. These payments can be done in terms of bonds, in cash or through online modes. It can be done either by paying all the payment in advance. But this advance payment is mostly done in case of low value or low order import and export trading. This option reduces the risk of delay payment or no payment. However, this mode of payment sometimes create problem in business in terms of international trade finance. So, it becomes important for business owners to understand all kinds of risk associated with it. Another is installment payments where either in cash or through digital medium payments are done in short installments. Next is post order payment in this complete payment is done are the order is received by the buyer. Most of the international trade finance companies prefer digital mode of payment as it is quite secure as compared to other modes. In this digital mode also most of the companies are switching to blockchain due to various benefits.

3.3 Blockchain and trade finance

In the view of Guo and Liang, (2016), Trade finance can be defined as financial transactions that are done both internationally and domestically. It is related to trade receivable finance and global trade. Such trade finance includes factoring, lending, issuing credit letter, insurance, factoring and export credit. Almost above 90 percent of worlds trade depends upon international trade finance. In this almost anytime goods or services can be sold or bought and in this somewhere trade finance is involved. But there is only one thing which is quite difficult with trade finance which is that it involved lots and lots of paper work. Most of the banks today are trying to reduce the paper work and increase the efficiency of the trade finance by making of the data flow digital. For this most of the international trade financiers are trying to adopt blockchain as their one of the mode of transfer of data as well as a mode of financial transaction. Corporate continuously experiment with their process of trade finance in order to simply their trading process across borders. Blockchain today has successfully streamlined trade finance process. Today role of blockchain is much more especially in international trade finance. Many corporate companies are focusing on adopting blockchain for their international trade finance as it is much more efficient, secure technology that can be used.

According to Korpela, Hallikas and Dahlberg, (2017), Blockchain helps in distributing digital ledger of transaction using cryptography. Blockchain increases the security and reduces the chances of fraud in international trade finance as all the participants within the network can securely amend the ledger  without needing any kind of security. This technology also increases the efficiency of trade finance as all the participants within the network can quickly update and view all the recent transactions done. This also reduces the need of multiple copies of paper documents which consist of all the necessary and required information. All the people involved within the trade finance have their own database  which consist of all the necessary documents as well as all the required and necessary transaction  details. All the documents are reconciled with each other so that if any one database document gets corrupted then it can easily be corrected  and further corrective measures can be taken in order to determine which of the following document is correct.

As explained by Dowling and et.al, (2018), this technology also helps in employing all the documents  and required necessary information in one digital document as it can be updated pretty quickly, can be viewed by all the persons available on the network in the same time. One of the main role of blockchain is transaction and it also works as an advantage as it speeds up the transaction settlement time as well as increases the transparency between the parties which increases trust within the parties for international trade finance. According to Cong and He, (2019), There are various companies that has already started using and deploying their programs to start using blockchain in their trade finance as well as within their receivable finance.This blockchain technology helps them to make their transactions more secure, more efficient etc. and not only this it also helps them to keep a close eye on their system. It also helps them to improve their services which is beneficial not only for them but for their clients as well. Due to such varied applications and benefits blockchain plays a vital role in today’s trade finance especially which is done internationally. In other words it can be said that This technology has provided with various benefits to trade finance companies that has been discussed above. It has become one of the main dominant type of technology that is dominating many bankers and business world today.

Further as explained by Jessel and DiCaprio, (2018), All the inefficiencies of international trade finance has been solved with Blockchain technology. Due to this digital transformation many companies are introducing new projects that uses this digital transformation technology. This technology has advanced international trade finance in many ways that has been discussed above. There are various other modes of payment that are being used for trade finance especially at international level. These mode of payments are used according to the financial supply chain of the company which they find quite feasible and secure. Today mode of payment s one one of the main process on which brainstorming is done because most of the frauds happens in terms of finance only. So, many companies have today updated their historic operation process to digitized operational process to reduce the fraud and increase the efficiency of the process. All the above presented information is the empirical evidence that concerns block chain role and application in international trade financing all this information is from united states import and export. 3.4 Trade Finance Products

The Global Trade Review (2018) explains the five popular trade finance products, which are either short-term finance products maturing within a year, or medium to long-term trade finance products that is from five to twenty years. These are:

Letter of Credit (LC) 

An LC is a guarantee issued by a bank on behalf of its importing client assuring the exporter that the correct payment would be made within the specified time frame if the exporter complies with certain terms and conditions and the right goods are sent (Global Trade Review, 2018). Thus, in the event of a default in payment from the importer, the bank would be held liable for the payment.

With the LC, the bank steps in to avert the payment risk in the trade transaction. The exporter is assured of receiving payment and the importer is assured of receiving the correct goods (Hwang and Im, 2017).

This is the oldest and most common form of short-term trade finance. 28

Figure xx: A Letter of Credit Transaction

Source: (Global Trade Review, 2018)

Supply Chain Finance (SCF) 

SCF is a short-term financing process from the bank to the supplier and buyer, that optimizes the working capital (funds for general day-to-day expenses for the company) for both parties, by lowering financing costs and improve business efficiency (Global Trade Review, 2018).

With SCF, the supplier sells their invoices to the bank at a discount, thus enabling them to have faster access to funds to use as working capital, whilst the buyer has gotten more time to pay.

In transactions involving a small supplier and a big buyer with high ratings, the supplier can get their invoices paid at a discount from the bank rather than wait for the due date of payment from the buyer, granting them quick access to funds rather than having it tied up in unpaid invoices. This process is a supplier finance program.

In a reverse process, the bank gives credit facilities to the buyer to pay the supplier immediately and repay the bank on the required due date of the transaction. This process is a buyer finance program. 29

Unlike the LC where the banks are dealing with just one trade transaction, with SCF, they would be supporting a continuous flow of goods. This has become increasingly popular with globalization and the complex process involved with supply chain management (Hwang and Im, 2017)

Structured Trade and Commodity Finance 

This is a long-term financing of cross-border commodity flows involving high-value supply chains. This is done in several ways: (Global Trade Review, 2018)

1. Pre-export finance (PXF): Here, the bank uses the export contracts as collateral when providing the finance for the trade.

2. Borrowing base facilities: Here, the bank provides credit facilities to the business to be used as working capital. The collateral for this credit is the current assets of the company.

3. Revolving credit facilities (RCF): The bank provides flexible financing option, usually to a big commodity trading house, who can draw from and pay back as needed, thus benefiting from extra flexibility.

4. Warehouse financing: Here, the bank accepts the commodities in the warehouse as collateral for financing the producer of the commodities.

Overview of Export and Agency Finance (ECA) 

ECAs are public government-owned agencies and entities that provide government-backed loans, guarantees and insurance for international export operations to domestic companies, particularly when the trade involves developing countries and emerging markets (Global Trade Review, 2018)

Here, political and country risks are averted in order to promote export in the country and also providing credit facilities for the export at the pre-shipment or post-shipment stages. 30

Figure xx: An Export Finance Process

Source: (Global Trade Review, 2018)

Trade Credit and Political Risk Insurance 

Trade credit insurance is given to protect against non-payment due to a default, insolvency or bankruptcy.

Political risk insurance is given to protect against non-payment due to exposure to political and country risks which includes, default in payment due to actions of the foreign government, acts of terrorism, war and other political violence (Global Trade Review, 2018).

Unlike the other trade finance products where the bank bears the risks in the trade transaction, with trade credit and political insurance, the risks are borne by private insurance companies. These private insurance companies offer specialist insurance protection against credit and wider political risks to the banks and other financial institutions, exporters and importers, commodity traders and foreign investors (Global Trade Review, 2018).

3.5 Trade finance scope (Problems that can be addressed through Block Chain)

Gelsomino and et.al., (2016) Explains that, Trade fiance scope which is related to debt, payment, liquidity and other financial instrument are used in international trading. There are many problems that are related to payment or finance related to international trade. All such problems are addressed with blockchasin in an effective manner. Blockchain is also known as distributed ledger technology as well. It has helped in solving various kinds of problems and had solved various issues and problems such as debt, payment, liquidity and various other problems in an easy, secure and better manner. By solving these problems it can help organization to gain an edge over rivals. This technology has not only reduced transaction cost but it has increased its overall security as well. It has helped in solving transaction problems as well by maintaining a ledger. This ledger helps in tracking all transactions done between two peers, debts due on a peer and many others. It also helps in creating smart contracts which helps in solving delayed payment problems as well as in this payment to the party is automatically released when the problem get over. One of the main problems faced by traders in international trade is based on liquidity as there is a high risk related to uncertainty of liquidity. This is because many times it impacts the overall market price as well. Blockchain can solve this liquidity problem with the help of bitcoins. Exchange and circulation of bitcoins is much easier as compared to exchange of cash. This way blockchain has made international trading easy, secure, efficient by resolving all the issues related to it and has increase the overall scope of trade finance.

Chapter 4 Research Methodology, Design and methods

4.1 Research design

Research design can be defined as a set of methods that can be used in collecting and  analysing as well as answer research questions or research problem. In other words research design can be said as the way to ensure that whether the data that has been collected will help in solving or answering the research problem effectively and efficiently (Creswell and Creswell, 2017). It helps in identifying the type of study that will be carried out so that all the research objective can be completed and all kind of research questions can be answered. It mostly includes research strategies that are used in data collections and analysis. It can mainly be divided into two types which are: exploratory research design and Conclusive research design.

Exploratory research design is used to explore all the research questions. It never answers or offers conclusive and final solution to the existing problem. It is mostly used when a research problem is not defined clearly but is needed to be studied properly or in other words it is used in informal or non-quantitative data analysis i.e. in qualitative data analysis. Data needed for this research design is completely vague which can be collected from any kind of ill defined data sources. In this design data collection form is rough and open ended and mostly the relevant sample used for the research is small. In this mostly primary data is used for qualitative analysis with non-representative sample (Merriam and Tisdell, 2015). This research design has its own advantage like changes in this are adaptable and flexible.

Conclusive research design is mostly used to find useful research conclusion or for decision making. In this the research objectives and requirements of the research design are needed to be defined clearly so that it can be used specifically. This type of research design always provides a way to quantify and verify all the findings of exploratory research. Purpose of this type of research always specific according to the course of action, data needed for this should be clear from well defined data source, data collection form for this usually highly structured with relatively large sample size, data collection method in this rigid and a well laid out procedure is required. This type of research design is normally used in formal or quantitative research type. It is of various other types such as case study, retrospective study, cross-sectional study, longitudinal study and case series study (Quinlan and et.al., 2019).  The main objective of this research design is to test relationships or hypothesis with clearly defined information. All the findings used in this research is mostly used for decision making.

For this dissertation the research design that will be used is exploratory as it is a qualitative dissertation and all the information that is required is loosely defined so to get an insight and understanding of research topic. this Exploratory research design will be used as it is an qualitative research paper where data analysis that will be done will be non-quantitative.  It will also help in generating an insight about the situation.

4.2 Research Approach

Research approach can be defined as a plan or procedure which consist of many broad assumption steps for data collection methods, interpretation and analysis. It is mainly of two types which are: approach for data analysis and second is an approach for data collection. It mainly involves many decisions which are taken to present all the data collected and is needed to be analyzed. Research approach is mainly categorized into three which are: first is qualitative, second is quantitative and third is Mixed. For qualitative approach inductive research approach is used. For quantitative deductive research approach is used and for mixed Abductive research approach is used. Deductive research approach is mainly used when a hypothesis is needed to be developed which is completely based on existing theories (Marshall, Coleman and Reason, 2017). Basic meaning of deductive is reasoning to general from particular and the logic behind this is that if the premises are true then conclusion is also true. Data collection is used to test the hypothesis that is related to the existing theory where theory verification is done. There are various advantages of deductive approach such as: it helps in avoiding risks, Complete research or study can be completed within a short duration of time, it also helps in measuring all the concepts quantitatively.

Inductive approach it also known as inductive reasoning. In this approach as an observation result various theories and observations are proposed to the end of research process. In this approach a pattern is observed and evolved for the theories to be developed through a series of pattern. This approach also givers the researcher a liberty to alter the direction of the research even after the commencing of the research process. It is mostly used to generate untested conclusions by generalizing from specific to general. In this data collection is basically used to explore patterns, phenomena, patterns and for creating conceptual framework. In this approach types of questions used are either process oriented or are open ended. It mostly follows bottom up approach and simply based on observation, create a pattern and develop a theory. Abductive approach also known as abductive reasoning (Teherani and et.al., 2015). This approach is mostly used to address all the weaknesses that are associated with inductive and deductive approach. This approach is used when incomplete observations are associated with the research and based on those incomplete observations predictions are made that might be true. Data collection in  this is used to identify theories, phenomena, patterns and based on these phenomena framework is located. These frameworks are tested through subsequent data collection. So it can be said that in this existing theories are modified.

For this dissertation inductive approach will be used as it is one of the best suitable approach for this qualitative dissertation as in this based on observation results a pattern will observed.

4.3 Research philosophy

Research philosophy is a wide belief where data is gathered about a phenomena in a way such that it can be analyzed and used accurately. It is important to specify research philosophy in the research study as it deals with the knowledge development, source and nature of the data. In this the researcher will collect both primary and secondary data so that they can engage in the analysis so that all the research questions can be answered based on creation of new knowledge. There are four main types of research philosophies within the scope of dissertation which are: pragmatism, positivism, realism and interpretivism (Padilla-Díaz, 2015). Choice of all the philosophies is done based on the data collection method. Pragmatism is used when multiple or mixed method designs are chosen in both qualitative and quantitative data collection. Positivism is used when large data sample is used which are highly structured which are needed to be measured. It is used used mostly used in case of quantitative but sometimes is used in qualitative as well. Realism is used data collection method chosen fits the subject matter and can be used with both qualitative and quantitative data collection method. Lastly, interpretivism is used with small sample data where in depth investigation of qualitative data is to be done.

Pragmatism philosophy can be used with both inductive and deductive research approach and with qualitative and quantitative research strategy. This philosophy says that there is no single way of interpreting data to get an entire picture but rather there are multiple  ways to interpret data for multiple realities. As per this philosophy research questions are one of the most important determinant of research philosophy. Positivism philosophy says that stable reality can be observed and described from a single point of view. In this all the knowledge gained through data measurements, observations are trustworthy. In this philosophy researcher’s is limited to the interpretation and collection of data in an objective way (Saunders and et.al., 2015). This this the main aim of the researcher is to predict and explain the aim of the dissertation. Realism research philosophy is basically based on the idea of independent reality from the human mind. In this scientific approach is assumed and knowledge is developed. It is mainly divided into two parts which are direct and critical realism.  Direct realism says that data got by the researcher is based on the data that is observed by the researcher. Critical realism says that the data observed and depicted does not portray real aim. In this different range of data collection methods can be chosen which fits the subject matter.

Interpretivism research philosophy uses questionnaires, interviews and observations. This philosophy uses both primary and secondary data to understand the aim and predict weakness. Based on the type of research in this dissertation Interpretivism research philosophy will be used as it is a qualitative research where inductive research approach will be used.  

4.4 Research Sampling

Research sampling is a process to select members of a population so that they can participate in the research study. It is one of the most important part of a research as it is not possible to analyze and interpret the data of too large population directly as it might be time consuming, costly and sometimes might hinder the overall result (Robertson and Sibley, 2018). Sampling helps the researcher to select the sample from a large population so that it becomes much easier to reach to a conclusion. Sampling of the data helps in various ways such as: any size and type of research becomes manageable, helps in saving the overall cost and time of the research, helps in obtaining more accurate research findings, information obtained can be processed in a more accurate and efficient way and not only this it also helps in accelerating the speed of primary data collection. Sampling is done in following steps which are: first the target population is defined, then sample frame is chosen, then sample size based on the research problem is determined, then based on this sample method is selected and lastly chosen sample method is applied into the practice. Sampling methods are mainly divided into two categories which are: probability and non probability sampling.

In probability sampling all the members of the population has the chance of participating in the research study i.e. all the members has a non zero chance of participating in the study. It is further divided into four types which are: Simple random, systematic random, stratified random and cluster random sampling. Probability sampling has various advantages such as: research findings has high reliability, accuracy is increased and error chances are decreased however it is more time consuming (Palinkas and et.al., 2015). Non probability sampling group member are chosen in a non-random manner therefore all the members of the sample does not get a chance to participate in the study. It is further of four types which are: quota, purposive, volunteer and haphazard sampling. It is used as sometimes it is not possible to draw a conclusion based on random probability based on the cost and time consecrations. There are various advantages of this non probability sampling which are: it becomes possible for the researcher to reflect all the descriptive comments about the sample,  it is extremely cost and time effective as compared to probability sampling however in this it becomes difficult to represent the entire population.

For this dissertation the process of interview collection of data will be done and thus lead to collection and analysis of qualitative data. The collected data for the dissertation will be secured through the interview of two managers of the company hashcashconsultants. The managers will be asked open ended questions which will lead to the answers needed for the data analysis of the primary data for the conduction of the research study and reaching a conclusion.

4.5 Data Collection

Data collection can be defined as the process in which data is collected from different sources so that required answers for the research problem can be identified in order to evaluate the outcome of the research (Klausen, 2017). Data collection is divided into two main categories which are: primary data collection methods and secondary data collection methods. Secondary data can be defined as the type of data that is collected from magazines, books, journals, online portals etc. Primary data is a data that is collected by the researcher from all the fist hand sources. Primary data collection methods are divided into two main groups which are: qualitative and quantitative data collection method. Quantitative data collection methods can be described as the methods that are used to measure the level of occurrence of the information based on the calculations and numbers. In simple words in this mathematical calculations in different formats are done. In this methods all the open ended, questions or questionnaires are formed and are analyzed with the help of mean, mode, median or any other form of method. So it can be said that data obtained in this is numerical, sample size is quite large and all the obtained data is analyzed based on the null or rejection pattern.

Qualitative data collection methods are used to gain the insight, understanding and motivation behind the data to be collected. It is used to collect all the non quantitative or non-numerical data (Levine and et.al., 2018). Qualitative research is mainly associated with all the elements that are non-quantifiable. In this data collected is mostly textual and is of small sample size. It is used to understand the depth of the study with the help of various methods such as: questionnaires, interviews, observations, case studies, focus groups etc. there are various advantages of qualitative data collection methods which are: it helps in collecting detailed information, is comprehensive in nature, easy to be conducted, while there are many disadvantages of this method as well such as it has less reliability, poor generalization, rare integrity etc.

For this dissertation the primary method of data collection will be used and hence the managers of hascashconsultants will be asked 3 open ended questions through an interview process. This will help in the collection of qualitative data which is needed for the conduction of the explorative case study-based dissertation. Based on the findings through the qualitative data collection a conclusion will be drawn for the current research study.

4.6 Data Analysis

Data analysis can be defined as the procedure in which data is inspected, transformed, cleaned etc. in order to discover information regarding the research and reach the conclusion so that decision making can be supported data analysis is done. In this the manner in which data is collected, used etc. is analyzed (Silverman, 2018). It plays a major role in decision making, completion of research and reach to the conclusion of a research. Data analysis is of two types which are: qualitative and quantitative data analysis methods. In case of absence of primary data data analysis can be done in the form of discussing common patterns, controversies etc. within the secondary data of the research. Qualitative data analysis is mostly used to analyze data such as interviews, text documents, audio, notes, videos, recordings etc. this qualitative data analysis is divided into five main categories which are further sub divided into different analysis. Five categories are: Content analysis, narrative analysis, disclosure analysis, frame work analysis and grounded theory. Content analysis is a process in which behavioral or verbal data is categorized to tabulate, classify, summarized data. Narrative analysis is a method in which reformation of stories which are mainly presented by participants of the study. In other words narrative data analysis can be defined as the revision of primary qualitative data that is collected by the researcher for the study. In disclosure data analysis, analysis of naturally occurring written or oral talks or texts are done. Framework analysis is type of data analysis method in which several stages of data analysis is done such as: identification of thematic framework, charting, coding, mapping, interpretation etc. Grounded theory in analysis of a single case to formulation of a theory is done (Ott and Longnecker,  2015).  After this rest of the cases are also analyzed to check whether they contribute in the theory.

In quantitative data analysis raw numbers or figures are analyzed into meaningful data with the help of various applications of critical thinking. In the calculation of variable differences and variable frequencies it can be done through a number of software’s in different manner such as Excel spreadsheet, Microsoft Access and SPSS. There are various advantages of this quantitative analysis such as: it has flexible information retrieval, analysis of data is done in an unbiased manner. There are various methods of doing quantitative data analysis such as mean, mode median, correlation quantitative data analysis method. All the methods are used according to the requirement of the case study.

For this dissertation the data collection and analysis method is of open ended interview questions asked to the managers of the company Hascashconsultants. Their answers will then be used to reach conclusion through analysis of the primary data. Only qualitative method of conducting research analysis will be used in the current dissertation.

4.7 Ethical Considerations

Ethical consecrations in a research are important and critical to be considered. It provides moral behavior description that is needed to be included in the case study (Bauer and et.al., 2017). It makes a dissertation acceptable and reliable. It is important for the researcher to incorporate such ethics in the research study. Mainly such ethics are associated with collection of primary data like when safety and privacy of the data obtained by the participants of the study. Other than this there are various other factors such as plagiarism, referencing etc. it is important for the researcher not to copy other researchers data and use it as their own as it will considered as plagiarism. If another researcher’s data or information is used then it is required to be referenced. All the secondary data collected should be references, validated and authenticated as well i.e. it should not be directly copied but should be validated whether it is correct or not. It is completely wrong to use someone else data or information as one’s own information. It is also ethically wrong to use wrong information and mislead all the readers by wrong information, therefore it should be avoided. Throughout the dissertation data protection act was considered and was not broken at all i.e. none of the other researchers study data was used on the researcher’s name. In other words it can be said all the guidelines related to the usage, searching of data were followed and kept in mind throughout the completion of dissertation. All the policies related to data collection were followed and were not breached.

Dissertation might get failed if this part is missing or is not considered. There are various principles, ethics that are needed to be considered while doing the research paper (Wright and et.al., 2019). All the participants of the research have voluntarily participated in the research and had each and every right to remove their names from the participation in the research. They were not harmed in any way for the completion of the research. Dignity of all the research participants was considered and was prioritized. Offensive formation of questions, interviews was avoided as well as unacceptable language was also avoided. Confidentiality and privacy of all the participants was also considered. Permission of the participants of the research was taken as a priority. Throughout the dissertation it was noted that no vague and false information was used or analyzed for the completion of the research project. Throughout the research dissertation transparency and honesty within data collection, communication in relation to the dissertation was adhered. All the sources used for data collection, funding for the research and any kind of possible conflicts were declared i.e. no information regarding the same were hidden. Lastly usage of offensive language, discrimination towards any participant or inappropriate language for questionnaires was avoided in any way it was possible.

4.8 Research Limitations

There were various limitations that were faced by the researcher during the completion of the dissertation. Various research processes and methods were used to reduce the research limitations. Such limitations were directly related to the research problem in many ways. In this research all the points related to the aim were tried to be covered but however there were many points that were not included in the completion of this dissertation (Greener, 2018). There were many research limitations that were faced by the researcher during the completion of the dissertation, such as: First limitation that was faced by the researcher was formation of aims and objectives of the dissertation. It was a bit difficult to narrow down the level of focus of the study so that the study can be increased. Another limitation faced by the researcher was in implementation of data collection methods. Data collection was one of the major limitation that was faced by the researcher as they needed to consider the validity and authenticity of the data that was to be collected with the help of various methods of data collection. Sample size was also a limitation faced by the researcher as if large sample was taken then it would have become difficult for the researcher to analyze the data and if small sample was taken then too the researcher would have faced difficulties. It was extremely important for the researcher to consider accurate size of the sample in order to obtain accurate results of the dissertation.

Lack of previous study and experience was another limitation that was faced by the researcher. As the researcher did not have any previous experience of doing dissertation and lacked previous study related to the topic. Due to this lack of experience and previous study it was difficult to identify the scope of study that had been done in the research field. This previous study helps in building the base of the dissertation and also helps in achieving the research objectives in an easier manner (Finger and et.al., 2018). Due to this lack of experience researcher faced lack in confidence in completing the dissertation. This lack of confidence affects the amount of information that is needed to be revealed, used and analyzed during the dissertation. Another limitation that was faced by the researcher was lack of code of conduct due to which inter departmental and inter university revelries were created and were faced by the researcher.

Chapter 5: Research Analysis and Discussion of Result 

The importance of block chain technology in trade finance can be better understood by the method of case study. There are 2 case studies that have been selected in this section which takes up cases that were brought to the Court of Justice and the problems in those cases can be solved by the use of block chain technology. There is only a limit of in depth study that has been conducted in those cases. Only a single aspect of the problem is being taken that can be solved by the implementation of Block chain technology. This analysis provides the method in which Block chain technology can be used for the purpose of preventing certain issues in business situations.

Case Study 1: Contigroup vs Glencore 

Case Brief: In the year 2004 there was a legal battle between two companies namely Contigroup Companies Inc and Glencore A.G. The basic issue in this case was a delay in the delivery of liquid petroleum. Contchem is the seller of liquid petroleum and Glencore is a trader. In this case Contichen sold the product to Glencore. This was resold to another trader that Glencore International A.G. The Glencore International AG sells to its chief buyer that is Petrochina. The delay took place in the place where Glencore International AG to deliver its product to Petrochina. The claimant in this case is Contigroup Companies and the Defendant is Glencore A.G. The claimant in this section have made claim that the Butane that has been sold to the defendant in the year 2002 had remained unpaid. It was also stated that Glencore had already sold the product to Petrochina. The contract that was formed between the companies stated that the product was to be sold to Petrochina by 12 June 2002. Actually, the Cargo reached China on 15 June 2002 (Collet, 2018). The delay was claimed by Petrochina as well and was settled with a huge sum of money that is $ 172,899.67.

Chief Issue: The key issue in this case is that there are two goods that are butane and propane and there are 4 parties that are engaged in different type of contracts for delivering of this product. In the year 2002 the first contract was materialised. The sales contract was verified in the year 2002. The delivery of the second lot of Contichem in the contract was due at 10^th June. The delivery of the second lot of order was to be done by Sunway which is a cargo ship. The capacity of the ship is lesser than the total amount of order that has been made. So there was an arrangement that was made which included both propane and butane in the ship. Glencore international planned to deliver by arranging some other method. The delay took place because the cargo was delayed. Glencore UK Limited provided a fax which stated that propane and butane was intended to be sending in ‘Sunway’. Even without further clarification it can be stated that the issue in this case was miscommunication which is a common problem in the trading community. So it can be stated that Glencore international entered the contract with the full knowledge that there was a violation of the contract terms. The issue became open because of the technical problems which resulted in the delay from the stipulated time that is 10^th June. So even in case the delivery was made on time the knowledge of the process could have raised serious questions regarding the trade practices of Glencore International. The contract documents have detailed stating of the steps and the time in which the deliveries are to be made. All the steps of the contract document are violated in this case apart from the quantity and delivery date in general (Saidov, 2019). However, this case became an open issue because of the violation of one of the key contract term that is the date of the delivery.

Solution offered by the use of Block chain technology: This type of disputes of documentations can be avoided by the use of block chain technology along with other technologies like the Internet of Things (IoT). The formation of smart contract offered by block chain technology would have helped in real time data transmission of the very first contract of Glencore and Contigroup. The proper information of the vessels and their location could have been tracked by the customer as well. So Petrochina would have had the option of avoiding the situation that rose in this case. The available technology like the internet has provided several of these functions available already. However in transactions in which goods are to be exchanged more than one time by the method of selling and reselling of goods the transparency can be created by the block chain technology. In cases where there is profit making involved it is only expected in the age of technology that regular contracts or word of mouth won’t suffice. The amount of the product shipped and the tracking of the vehicles all of these facilities are being provided by the block chain technology. With the use of block chain technology the specific changes that would have appeared in the contract involves formation of a smart contract with both the products and the delivery of both of them in two lots. All the parties that are involved in the transaction like the authorities, banks, shipping companies are all grouped within the smart contract. Information is provided as the Smart Contract provides a right to information. In case a requirement is changed this can be updated in the register of the Smart Contract, this is a facility that is made available by block chain technology. After the reselling of the contract to the associate of Glencore that is Glencore international the Block chain is likely to show Glencore in place Glencore International as buyer. So a new contract would be formed between Glencore International and Petrochina. The block chain technology would provide Petrochina with the information regarding the location and the content of the cargo so Petrochina would immediately know if the required specification has not been met by the vehicle. So in such situation there would be an option for the Petrochina to either form a new contract post knowing that the specification of goods are different in the ship (Collet, 2018). Another option for Petrochina is that it can revoke the contract and find new supplier whereas Glencore International can find a new buyer for the delivery of its products.

Case Study 2: Wanxiang vs. Impala 

 Case Brief: In the year 2015 the case between Wanxing Resources PTE Ltd came up against Impala Warehousing and Logistics Co Ltd that is situated in Shanghai. The case was regarding a shipment of aluminium ingots. The Wanxiang was the company that brought the case against Impala. There was a contract that was formed between two trading companies Wanxiang and Decheng for the purchase of 5004.34 MT of aluminium ingots. The commodity was brought from Russia and stored in Qingdao Port Co. Ltd. with a collaboration with Impala logistic and Warehousing (Collet, 2018).

Chief Issue: The issue in this case was in the fact that Decheng formed several contracts by using the same cargo. So there were several parties that held a documented proof of the same product being purchased by them. The details of the clauses of the agreements that were formed would not have been brought to question if this fraud was not committed by Decheng. Impala was negligent about making any verification before issuing of the warehouse certificate. So once the warehouse certificate is issued by Impala it becomes its responsibility to deliver the goods. Impala was not directly responsible for the running of the warehouse and at the same time didn’t even conduct the stock accounting in the warehouse. The mitigation of risk was not possible on the part of Impala because it was not involved in the controlling of the warehouse. This suggests the key learning from such kind of issue that unless there is a transparent vision of the events within the warehouse there remains the possibility of fraud (Crosby et al. 2016). The collateral management especially in case of commodity trading is a complicated issue and hence problems arising from certificates that are issued cannot be mitigated if the information within the warehouse is not available.

Solution offered by the use of Block chain technology: The Block chain technology tends to provide solution to this kind of problems as well. The block chain technology along with the IoT can provide solution to the problem that is presented in this case. The block chain technology provides solution to parties that are not directly involved in the administration of the warehouse but have a right on the goods within the warehouse. The technology that is used by block chain in this case is a bar code scanner. The bar code scanner provides detailed information of all the goods and their origin in the digital space which can be checked by a stakeholder from their own system without actually being present at the scene. The block chain technology uses the bar codes on each of their products each time a product goes in or out of the warehouse. The bar codes contain details of the information of the products. The product quality, product ownership is all of the information that is available by the scanning of the bar code. So the issue of the switching of product in the warehouse can be dealt by the use of this technology (Yli-Huumo et al. 2016). Apart from that there are other facilities that are also made available by the block chain technology that is in case the products that are saved in the warehouse can only be accessed by the rightful owner of the product as there are security details that has to be provided to access to those products. Again for providing proofs regarding the ownership of the product there is no need for the owner to be physically present in the situation. The online method can be used for the purpose of providing ownership proves. The certificates can be presented online by electronic methods. There are specific codes that are provided to the owner which can be used for the purpose of accessing the products. Once a good arrives the code of the smart contract is provided to the owner. The owner than validates it. The storage is only opened once the owner validates it. The goods are stored in the warehouse and closed. In case the owner needs a part or whole of the product. The owner provides a code with the specific data. The storage can be accessed by the use of the data and the goods are given the clearance to leave the place. The block chain technology also ensures that surveillance camera is used for ensuring all the steps. Thus ensuring that the entire process is being followed along with the fact that there is a surveillance camera that is put in place for ensuring that the entire process is being monitored can ensure that a significant amount of fraudulent activity is reduced. Thus it can be stated that the kind of fraud that has been done in this particular case would not have been possible in case the actual scenario was reflected in the documentation. In general the document is just a piece of paper which can contain information that is not actually reflected in the physical situation. The use of block chain technology ensures that the nature of the contract is more in sync with the actual situation. So the content of the contract in case of smart contract tend to ensure that the document is more relevant than a piece of paper. The smart contract reflects the actual scenario. There is technological advancement that ensures that the documentation doesn’t become a tool that is used for hiding the actual scenario and facilitate corruption. Rather it is used for ensuring that information in contract matches actual scenario (Collet, 2018). This reduced the chance of corruption.

Qualitative Data Analysis

1. What is the essentiality and need for smart contracts in the modern day business?

The response obtained from the managers of Hashcash Consultants indicated that smart contracts have become a modern day necessity for today’s business establishments as it provides them with greater flexibility and autonomy in the manner in which they seek to carry out their market operations. According to the managers, the most important benefit and utility of blockchain technology is the fact that it facilitates the implementation of smart contracts. There is a lot of confusion and misunderstanding among the common layman regarding the term smart contracts but the reality is that smart contracts are not smart and there are no intelligence and cognitive aspects associated with them. The only characteristic aspect that differentiates them from the normal contracts is the automatic execution of a certain pre-defined task when certain inherent factors or conditions are achieved. The smart contracts could be categorised under advanced computer programs and algorithms that have the tendency to self-execute without any third party intervention only when certain conditions for their normal execution are satisfied. In legal terms, the smart contracts are not categorised as formal contracts as they have no legal recognition. The smart contracts are playing a major role in contributing towards greater optimisation of daily business functionalities.  This is invariably helping modern day businesses to improve their daily performance and productivity in the market. The smart contracts have their own in-built logic which makes them function in an effective manner. For example if the goods sold by a supplier to a business entity are shipped, the funds are automatically transferred to the bank account of the suppliers. This helps in further streamlining the business operations of an organisation and allows an organisation to conduct their business operations in a more structured and organised manner. Business establishments are able to align their business processes and activities with their long term organisational goals and objectives and this allows them to ensure the future growth and sustainability of their business. The main advantage of smart contracts that makes them a vital aspect of modern day business is the fact that smart contracts could accept information as an input and process that information based on the underlying factors and conditions that has been mentioned in a contract and that allows businesses to take pre-emptive actions in order to satisfy their business interests in the market.

2) How blockchain technology is helping to contribute towards facilitating inter-entity data/document reconciliation during international financial transactions?

The response obtained from the mangers of Hashcash Consultants signified that the blockchain technology has the potential to transform the business functionalities of modern day organisations. The block chain technology facilitates the creation of smart contracts which has the capacity to self-verify and self-execute thereby helping to make the business operations more streamlined and automated in nature. With the help of the blockchain technology, all the contractual obligations pertaining to all the involved parties could be validated with greater ease and efficiency in a faster manner. The smart contract is tamper proof and so once it has been coded by an organisation and implemented within their business functionality there are no chances that it could be changed or modified by any of the involved parties in the contract. This helps in making the contract legally binding to all the involved parties. With the help of the blockchain technology, modern day businesses are able to ensure a faster review of their contract at cheaper costs. There are different types of blockchain technologies that provide different levels of utility and convenience to the business establishments. There are public blockchain, private blockchain and consortium blockchain and these provide different levels of security and privacy to different business establishments. In the public blockchain, there is no specific entity that is responsible for managing the platform and so individual users could maintain anonymity irrespective of the fact that their transactions are public. The public blockchains do not trust any single entity and so it does not provide authorisation to an entity to validate the transactions. The process of validation takes place with the help of nodes that have to arrive at a mutual consensus before any data or information is stored on to the ledger. Private blockchain technologies enable business establishments to ensure that the permission to validate and authenticate the data and information are rested on an entity who have been able to gain the trust and confidence of all the users and this enables the modern day organisations to ensure the privacy and confidentiality of all their sensitive business data and information. The process of verification of transaction is undertaken by only a limited amount of nodes and this helps in facilitating greater efficiency in the transaction process and increasing the overall frequency of transactions as compared to the public blockchain. The consortium blockchains is a more modified version of the private blockchain that is operated by a group of individuals as opposed to a single entity. This is considered to be a partially decentralised platform wherein a few selected nodes are pre-determined for carrying out the transaction process. These nodes are tasked with the process of generating consensus and these nodes eventually determine whether to data is to be read or written while at the same time selecting the individual that would have access to the blockchain ledger. Both the private and the consortium blockchains are contributing immensely towards the success of international business by ensuring greater accuracy and accountability during the process of inter-entity data/document reconciliation and this is helping business establishments to ensure their smooth business operations in the market. The fact that these blockchains comes with special privileges and permissions, the business establishments implementing these block chain technologies would be able to ensure greater level of privacy and control in the inter-entity data/document reconciliation by ensuring that only few chosen individuals would have access to the blockchain platform.

3) How do you think that the blockchain would prove instrumental in transforming the global business sector in the coming years?

The response obtained from the managers of indicated that Hashcash Consultants indicated that the blockchain technologies have huge potential applications in future global trade and finance. Blockchain would have the same impact on the global financial sector as internet has had on the marketing and media sector. Blockchain has really proved to be a disruptive technology which has had a significant impact on diverse industry sectors. There are various features and utilities of blockchain technology that makes it extremely suitable and attractive for modern day business to integrate the blockchain technology in their business operations. Blockchain offers numerous features such as immutability, decentralisation and transparency which would provide numerous benefits and advantages to the modern day businesses in particularly the banking and finance sector. Blockchain is a relatively new technology which is gaining prominence with each passing day and as data security and data privacy become a major challenge and issue in the coming years, there would be increased utilisation of blockchain technology in the banking and financial sectors. There are hundreds and thousands of financial transactions taking place on a daily basis throughout the world and implementation of blockchain technology would help in eliminating and reducing the scope of fraudulent financial transactions. Blockchain technologies provide the highest levels of security and safety in the process of financial transaction or sharing of sensitive data and information. Additionally, the blockchain technology provides a transparent network infrastructure that brings down the overall operational costs by facilitating a decentralised infrastructure. This would provide greater flexibility in the process of business transactions and would contribute significantly towards optimising the business performance and productivity of modern day banking and financial sector.

Chapter 6: Conclusion and Recommendations 

Conclusion

From the above discussion, it could be stated that blockchain technologies has huge future potential applications in inter-entity data/document reconciliation process. The fact that blockchain is a new technology makes it immune to the risks arising from modern day hackers. There are a lot of misconceptions pertaining to blockchain technology and this has largely prevented people from realising the true essence and benefits that blockchain technology brings to the table. Blockchain technology has played a vital role in enhancing the security and safety of the financial and data transactions that are taking place all over the world (Guo and Liang, 2016). This has really helped in optimising and enhancing the privacy of international financial transactions by eliminating the scope of illegal data access by hackers. The blockchain technology being decentralised in nature has played a vital role in ensuring better transparency in the process of financial transactions. The decentralised control in blockchain technology helps in ensuring that all entities in a block has equal access to the data and information that are being shared on a particular block and these are recorded with a timestamp which makes it impossible for anybody to change those data and information without the prior knowledge of the entities in a block (Ganne, 2018). This helps in ensuring greater accountability for all the financial data and information that are used for inter-entity data/document reconciliation process. Blockchain technology has really proved be a blessing for modern day businesses as it has provided them with greater flexibility and transparency in their business dealings. This has helped business establishments to further streamline their business transactions and dealing which has eventually enabled them to conduct their business operations in a socially responsible and ethical manner. This has allowed them to earn the trust and confidence of their stakeholders in the market and has allowed them to ensure the future growth and success of their business operations (Guo and Liang, 2016). With the implementation of the blockchain technology, business establishments have been able to incorporate smart contract in their business and this has provided them with a significant leverage in the market. The smart contracts have allowed the modern day businesses to incorporate sophisticated computer programs that could execute automatically without the interference of any individual or entity whenever certain conditions necessary for their execution are satisfied. This has helped in optimising the business operations by making it more automated and streamlined (Ganne, 2018). Business establishments on their part have been able to ensure greater flexibility in their business operations through the utilisation of the blockchain technologies. They have been able to rule out the possibility of human intervention in the inter-entity data/document reconciliation process and this has helped in ensuring more accurate data reconciliation process by minimising the scope of human errors (Catalini and Gans, 2016). This has really helped in ensuring greater accountability and integrity during the process of data/document reconciliation process thereby enabling business establishments to ensure their smooth business operations in the market. Lastly, the blockchain technology has also played a vital role in minimizing the time associated with the data/document reconciliation process. Thus, all in all it could be said without any doubt that the blockchain technology has indeed proved to be beneficial for the modern day business establishments and business establishments are slowing releasing and coming to terms with the huge future potential applications of the blockchain technology (Guo and Liang, 2016).

Recommendations

Business establishments on their part need to obtain a detailed understanding about the blockchain technology before deciding to implement the blockchain technology within their business. The business establishments need to ensure that they have the necessary organisational infrastructure along with the much-needed technical expertise to implement and adopt the block technology within their business functionalities (Ganne, 2018). This is extremely crucial for their business growth and success. In the absence of an effective organisational infrastructure, business establishments would not be able to derive the optimum benefits from the process of blockchain implementation. Again, ensuring the adequate technical knowhow and knowhow of blockchain technology is crucial for its successful utilisation within an organisation. Business establishments need to recruit professionals from the market who have adequate knowledge and expertise about blockchain technology and this would help them to ensure that they make the optimum usage of the blockchain technologies for ensuring their future business growth and success in the market (Pinna and Ruttenberg, 2016).

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