The rise of digitalization in international trade: Blockchain technology and smart contracts

Abstract

This study aims to examine the current and potential effects of blockchain technology and smart contracts on international trade and to reveal their possible areas of use in trade finance. Dependency on hard copies and complexity often hinder traditional trade processes, increasing costs and reducing efficiency. Using blockchain technology and smart contracts in complex and often labor-intensive trade finance processes involving high commission fees can eliminate the need for third parties, reduce inefficient bureaucratic transactions, speed up the process, and reduce costs. However, the adoption of blockchain solutions requires a high level of standardization and the establishment of regulatory frameworks. In this study, the advantages of blockchain and smart contracts in trading processes were evaluated. Specifically, drawing on existing research, their potential to enhance security, transparency, and efficiency was investigated. Additionally, the developmental aspects of the relevant technology were discussed, and potential solutions within this framework were proposed. The study aims to compile existing findings on the use of blockchain technology and smart contracts in trade finance, with the goal of creating a resource that could serve as a guide for future research in this area.

Keywords

• Blockchain
• Smart contracts
• Trade finance
• Letter of credit

Uluslararası ticarette dijitalleşmenin yükselişi: Blok zinciri teknolojisi ve akıllı sözleşmeler

Abstract

Bu çalışmanın amacı, blok zinciri teknolojisi ve akıllı sözleşmelerin uluslararası ticaret bağlamında mevcut ve potansiyel etkilerini incelemek, ayrıca ilgili teknolojinin dış ticaretin finansmanında potansiyel kullanım alanlarını ortaya koymaktır. Kâğıt belgelere olan bağımlılık ve karmaşıklık, geleneksel ticaret süreçlerini engelleyerek maliyetlerin artmasına ve verimliliğin azalmasına neden olabilmektedir. Yüksek komisyon ücretleri ve çoğunlukla emek yoğun süreçleri içeren ticaret finansmanında blok zinciri teknolojisi ve akıllı sözleşmelerin kullanılması; üçüncü taraflara olan ihtiyacı ortadan kaldırarak, verimsiz bürokratik işlemleri azaltılmasını, sürecin hızlanmasını ve maliyetlerin düşürülmesini mümkün kılabilmektedir. Bununla birlikte, blok zinciri çözümlerinin benimsenmesi, yüksek düzeyde standardizasyon ve düzenleyici çerçevelerin oluşturulmasını gerektirmektedir. Blok zinciri teknolojisi ve ticaretin finansmanında kullanımını konu alan güncel çalışmalardan hareketle; blok zinciri ve akıllı sözleşmelerin ticaret süreçlerine sağladığı avantajlar, güvenlik, şeffaflık ve verimlilik açısından değerlendirilmiş ve ilgili teknolojinin gelişime açık yönleri ve çözüm önerileri aktarılmıştır. Bu çalışmanın, blok zinciri teknolojisi ve akıllı sözleşmelerin dış ticaret finansmanında kullanımına ilişkin mevcut bulguların derlenmesi yoluyla, bu alanda yapılacak gelecekteki araştırmalara rehberlik edecek bir kaynak oluşturması amaçlanmaktadır.

Keywords

• Blok zinciri
• Akıllı sözleşmeler
• Ticaret finansmanı
• Akreditif

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