Erratum: Implementing A Letter Of Credit Style Business Process For Small-Scale Contracting Using Smart Contracts

Year 2025, Volume: 2 Issue: 2, 1 - 18, 22.07.2025

Mathew Fukuzawa , Michael Kay , Brandon Mcconnell , Kristin Thoney-barletta Donald Warsing

The original article was published on June 30, 2025. https://dergipark.org.tr/en/pub/tcsa/issue/92149/1653100

Erratum Note

This article has been revised in accordance with the authors’ requests and editorial review. The following corrections have been made to the original version: General Corrections: -ORCID identifiers were previously listed under departmental affiliations. They have now been correctly associated with individual authors, who may hold multiple departmental affiliations. -The affiliation numbering contained a duplication of the letter "c." This has been corrected. -Donald P. Warsing is now correctly affiliated with the Department of Business Management and the Center for Additive Manufacturing and Logistics. The incorrect affiliation with Industrial & Systems Engineering has been removed. -Kristin Thoney-Barletta is now correctly affiliated with the Department of Textile and Apparel, Technology & Management. The previously included affiliation with the Department of Business Management has been removed. Article-Specific Corrections: -Affiliation for Mathew B. Fukuzawa has been updated to: Department of Mathematical Sciences, United States Military Academy, West Point, NY, USA. -Page 2, Section 2.1.2 (Enforcement), first paragraph, first sentence: Corrected “pro- visions” to “provisions.” -Page 4, Section 2.3 (Business Relationships), first paragraph, third sentence: relational contract is now italicized. -Page 4, Section 2.3 (Business Relationships), second paragraph, last sentence: consummate compliance is now italicized. -Page 4, Section 2.4 (Large Scale Projects), first sentence: Corrected “con- tracts” to “contracts.” -Page 6, Section 3.3.1: Title changed to 3.3.1 Scope of Work Contract (SoWC). -Page 6, Section 3.3.2 (Payment Contract), first paragraph: Second sentence: deposit italicized. Third sentence: deposit and payment italicized. Fifth sentence: Excessive spacing between “amount” and “is” corrected. -Figure 1 layout: Figures 1(a) and 1(b) along with the caption have been restructured for better visual coherence. -Page 9, first paragraph: A period has been added at the end of the final sentence (after the GPS coordinates). -Page 11, Section 4.2 (Payment Contract), second paragraph, left column: setJobDone and jobWdBool updated to blue coding font. “Subsec- tion 4.3” corrected to “Subsection 4.3.” -Page 11, Section 4.3 (Job Progress Contract), second paragraph, right column: jobDone and setJobDone updated to blue coding font. -Page 11, Section 4.3 header: “Jon” corrected to “Job.” -Page 13, Section 5: A period has been added at the end of the paragraph preceding Section 5.1. -Page 14, Section 5.3, first paragraph, second sentence: Excessive space between “is” and “to capture” corrected. Bibliographic Corrections: -Page 15, Abdul-Rahman reference: “Con- tracting” corrected to “Contracting.” -Page 16, Antia reference: Corrected entry to include “Relationships.” -Page 16, Belfo reference: Corrected entry to include “Incentive.” -Page 16, Brett (2000) reference: “Nnegotiation” corrected to “Negotiation.” -Page 16, Butler reference: Corrected entry to include “Effectiveness.” -Page 16, Cannon et al. reference: Corrected entry to include “Governance.” -Page 16, Chang et al. reference: Corrected entry to include “potential.” -Page 16, Clohessy & Acton reference: Corrected entry to include “adoption.” -Page 16, Fisher et al. reference: “Yyes” corrected to “Yes.” -Page 16, Heindel reference: Corrected entry to include “Management.” -Page 16, Springer reference: Removed as it was mistakenly formatted as a separate reference. -Page 16, IPFS (2023a) reference: URL integrity improved: https://docs.ipfs.tech/concepts/content-addressing/#cid-versions -Page 16, IPFS (2023b) reference: URL integrity improved: https://docs.ipfs.tech/concepts/ipfs-solves/#data-sovereignty -Page 17, Kaplan & Norton reference: Corrected to include “System.” URL indentation corrected: https://hbr.org/2007/07/using-the-balanced-scorecard-as-a-strategic-management-system -Page 17, Kowalski reference: URL indentation corrected: https://doi.org/10.1016/j.techfore.2021.120641 -Page 17, Kimani et al. reference: Corrected entry to include “Forecasting.” -Page 17, Li et al. reference: Corrected entry to include “industry.” -Page 17, Mayer et al. reference: Indentation for Academy of Management Review corrected. -Page 17, Mills reference: DOI URL indentation corrected. -Page 17, Pereira et al. reference: Fixed line break and indentation of DOI URL. -Page 18, U.S. Customs and Border Protection reference: URL integrity improved: https://help.cbp.gov/s/article/Article-758?language=en_US -Page 18, Wong reference: Corrected entry to include “Affect.” -Page 18, Wu & Wang reference: Corrected entry to include “competition.” -Page 18, Zimbeck reference: Corrected entry to include “bitcoin.”

Abstract

We demonstrate proof-of-concept for negotiating and executing a small-scale contracting job based on letter of credit within a blockchain network using smart contracts. Using Ethereum smart contracts, we model a small-scale general
contracting scenario under perfect conditions. Execution is demonstrated with the Remix Integrated Development Environment (IDE). We show the feasibility of conducting a small-scale contracting job using smart contracts.
The entire process, including job details, payment, and verification, can be conducted digitally. This research continues the efforts of previous research on letters of credit on blockchain but applies it to the general contracting scenario at small scale. Further work is required to investigate variations in the assumptions, such as dishonesty and incompetence. Also, full-scale decentralized application is not explored here. This process expands the scope of current practices and tools, such as Angi, in a decentralized manner with blockchain. Full-scale adoption at the small scale is likely difficult due to disbelief in technology, cost, and resistance to change.

Keywords

blockchain, letter of credit, smart contract

Ethical Statement

The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.

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