Blockhain technologies using in international trade contractual relations

Issue: № 6/1, 2020

Doi: https://doi.org/10.37634/efp.2020.6(1).3

The article shows the features of innovative technologies in the development of document management of international trade. Blockchain is defined as the most stable, transparent and secure system. It allows businesses to accelerate the workflow and business operations associated with signing a contract, making payments and transferring information about the supply of goods or services to logistics services. We suggest using a smart contract as the main technology that can improve the system of building contractual relations between the parties to international trade. The article identifies the main problems on the way to using technology, as well as the benefits of using smart contracts. The study shows the ways of implementing technology in a business. The smart contact technology allows you to simplify the process of using a letter of credit as the main method of payment in international trade, as well as monitor cash flow, the circulation of documents and goods.

Keywords : blockchain, innovation, contractual relations, letter of credit, smart contract, international trade

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