Blockchain Technology and the Transformation of Foreign Trade Payment Methods
Yıl 2024,
Cilt: 7 Sayı: 2, 88 - 105, 31.12.2024
Vasfi Akdeniz
Öz
The purpose of this study is to examine the impact of blockchain technology on trade transformation in the context of supply chain management, foreign trade and international trade payment methods. As a methodology, first, a literature review on the interaction between blockchain technology and foreign trade is conducted, followed by a case study of various foreign trade payment methods that have been previously experienced. The study first emphasizes that the integration of blockchain technology into supply chain management provides significant benefits in terms of transparency, transaction speed and reliability, but that inter-stakeholder cooperation and legal regulations need to be improved in order to fully realize these benefits. Secondly, the contribution of blockchain to the digitalization of foreign trade is discussed, with particular attention drawn to paperless processes in customs procedures and the reduction of operational risks. Finally, applications where blockchain is used as a foreign trade payment method are discussed and the technological contributions of blockchain-based letters of credit are revealed.
Kaynakça
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Blok Zincir Teknolojisi ve Dış Ticaret Ödeme Yöntemlerinin Dönüşümü
Yıl 2024,
Cilt: 7 Sayı: 2, 88 - 105, 31.12.2024
Vasfi Akdeniz
Öz
Bu çalışmanın amacı, blok zinciri teknolojisinin ticaretin dönüşümü üzerindeki etkilerini tedarik zinciri yönetimi, dış ticaret ve dış ticaret ödeme yöntemleri bağlamında incelemektir. Yöntem olarak, öncelikle blok zinciri teknolojisi ile dış ticaret arasındaki etkileşimi inceleyen literatür taraması yapılmıştır ve ardından daha önce tecrübe edinilmiş çeşitli dış ticaret ödeme yöntemlerinin vaka analizi yapılmıştır. Çalışma, öncelikle blok zinciri teknolojisinin tedarik zinciri yönetimine entegrasyonunun şeffaflık, işlem hızı ve güvenilirlik açısından önemli faydalar sağladığını, ancak bu faydaların tam olarak elde edilebilmesi için paydaşlar arası iş birliği ve hukuki düzenlemelerin geliştirilmesi gerektiğini vurgulamaktadır. İkinci olarak, blok zincirin dış ticaretin dijitalleşmesine katkısı ele alınmış, özellikle gümrük işlemlerinde kağıtsız süreçlere ve operasyonel risklerin azaltılmasına dikkat çekilmiştir. Son olarak, blok zincirin dış ticaret ödeme yöntemi olarak kullanıldığı uygulamalara değinilmiş ve blok zinciri tabanlı akreditiflerin teknolojik katkıları ortaya konmuştur.
Etik Beyan
Çalışmanın tüm süreçlerinin araştırma ve yayın etiğine uygun olduğunu, etik kurallara ve bilimsel atıf gösterme ilkelerine uyduğumu beyan ederim.
Destekleyen Kurum
İstanbul Üniversitesi, Sosyal Bilimler Enstitüsü, İslam İktisadı ve Finansı Anabilim Dalı
Teşekkür
Çalışmanın ortaya çıkmasında emeği olan tez danışmanım İstanbul Üniversitesi Siyasal Bilgiler Fakültesi Dekanı Prof. Dr. Adem Esen'e, tez izleme komitemde olan İstanbul Üniversitesi Blok Zincir Teknolojileri ve İnovasyon Merkezi Başkanı Doç. Dr. Emre Akadal'a katkılarından dolayı teşekkür ederim.
Kaynakça
- Añón Higón, D., & Bonvin, D. (2023). Digitalization and trade participation of SMEs. Small Business Economics. https://doi.org/10.1007/s11187-023-00799-7
- Attaran, M. (2020). Digital technology enablers and their implications for supply chain management. Supply Chain Forum: An International Journal, 21(3), 158–172. https://doi.org/10.1080/16258312.2020.1751568
- Bhatia, M. S., Chaudhuri, A., Kayikci, Y., & Treiblmaier, H. (2023). Implementation of blockchain-enabled supply chain finance solutions in the agricultural commodity supply chain: a transaction cost economics perspective. Production Planning and Control, 0(0), 1–15. https://doi.org/10.1080/09537287.2023.2180685
- Bogucharskov, A. V., Pokamestov, I. E., Adamova, K. R., & Tropina, Z. N. (2018). Adoption of blockchain technology in trade finance process. Journal of Reviews on Global Economics, 7(Special Issue), 510–515. https://doi.org/10.6000/1929-7092.2018.07.47
- Burri, M. (2011). Reconciling Trade and Culture: A Global Law Perspective. The Journal of Arts Management, Law, and Society, 41(2), 138–158. https://doi.org/10.1080/10632921.2011.573447
- Catalini, C., & Gans, J. S. (2016). Some Simple Economics of the Blockchain. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2874598
- Chang, S. E., Luo, H. L., & Chen, Y. (2020). Blockchain-enabled trade finance innovation: A potential paradigm shift on using letter of credit. Sustainability (Switzerland), 12(1). https://doi.org/10.3390/su12010188
- Chauffour, J.-P., & Malouche, M. (Eds.). (2011). Trade Finance during the Great Trade Collapse. The World Bank. https://doi.org/10.1596/978-0-8213-8748-1
- Citibank. (2023). Citi India completes first Blockchain Enabled Letter of Credit Transaction on Contour. https://www.citigroup.com/global/news/press-release/2023/citi-india-completes-first-blockchain-enabled-letter-of-credit-transaction-on-contour
- CNBC. (2017). BM has a new blockchain for banks to speed up cross-border payments. https://www.cnbc.com/2017/10/16/ibm-has-a-new-blockchain-for-banks-to-speed-up-cross-border-payments.html
- Eisenhardt, K. M., & Graebner, M. E. (2007). Theory Building From Cases: Opportunities And Challenges. Academy of Management Journal, 50(1), 25–32. https://doi.org/10.5465/amj.2007.24160888
- Fintech News Hong Kong. (2018). Hong Kong Monetary Authority Unveils Blockchain Trade Finance Platform. Fintech News Hong Kong. https://fintechnews.hk/5926/blockchain/hong-kong-monetary-authority-unveils-blockchain-trade-finance-platform/
- Forbes. (2017). IBM And Maersk Apply Blockchain To Container Shipping. https://www.forbes.com/sites/tomgroenfeldt/2017/03/05/ibm-and-maersk-apply-blockchain-to-container-shipping/?sh=577dfc2e3f05
- Galvez, J. F., Mejuto, J. C., & Simal-Gandara, J. (2018). Future challenges on the use of blockchain for food traceability analysis. TrAC Trends in Analytical Chemistry, 107, 222–232. https://doi.org/10.1016/j.trac.2018.08.011
- Ganne, E. (2018). Can Blockchain Revolutionize International Trade? In Can Blockchain Revolutionize International Trade? WTO Publications. https://doi.org/10.30875/7c7e7202-en
- Grieco, J. M. (1990). Cooperation among Nations: Europe, America, and Non-Tariff Barriers to Trade. Cornell University. Cornell University Press.
- Gunasekaran, A., Marri, H. B., McGaughey, R. E., & Nebhwani, M. D. (2002). E-commerce and its impact on operations management. International Journal of Production Economics, 75(1–2), 185–197. https://doi.org/10.1016/S0925-5273(01)00191-8
- Gürcan, B. (2022). Application of Blockchain Technology to the International Trade and Customs Regulation. Central and Eastern European EDem and EGov Days, 341, 409–417. https://doi.org/10.24989/ocg.v341.30
- Hald, K. S., & Kinra, A. (2019). How the blockchain enables and constrains supply chain performance. International Journal of Physical Distribution & Logistics Management, 49(4), 376–397. https://doi.org/10.1108/IJPDLM-02-2019-0063
- Halilbegovic, S., Arapovic, A., Celebic, N., & Atovic, T. (2019). Exploratory Analysis of Blockchain Application in Trade Finance. European Journal of Economic Studies, 8(2). https://doi.org/10.13187/es.2019.2.110
- Hasan, H., AlHadhrami, E., AlDhaheri, A., Salah, K., & Jayaraman, R. (2019). Smart contract-based approach for efficient shipment management. Computers & Industrial Engineering, 136, 149–159. https://doi.org/10.1016/j.cie.2019.07.022
- Hasan, Md. M., Yajuan, L., & Khan, S. (2022). Promoting China’s Inclusive Finance Through Digital Financial Services. Global Business Review, 23(4), 984–1006. https://doi.org/10.1177/0972150919895348
- Hellwig, D., & Huchzermeier, A. (2019). An Industry Study of Blockchain Technology’s Impact on Trade Finance. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3453767
- HSBC. (2018). HSBC Completes First Batch of Live Pilot Trade Finance Transactions on eTradeConnect Blockchain Platform. https://www.about.hsbc.com.hk/-/media/hong-kong/en/news-and-media/181031-hsbc-completes-first-batch-of-transactions-on-etradeconnect-eng.pdf
- HSBC. (2019). First live pilot Blockchain domestic Letter-of-credit transaction. https://www.business.hsbc.com.vn/en-gb/campaigns/innovation-digital-transformation/client-case
- HSBC. (2020). HSBC Vietnam and Vietcombank jointly implement the first live blockchain domestic Letter-of-Credit transaction in Vietnam. https://www.about.hsbc.com.vn/-/media/vietnam/en/news-and-media/201229-hsbc-vietnam-and-vietcombank-jointly-implement-the-first-domestic-blockchain-lc-en.pdf
- Imeri, A., & Khadraoui, D. (2018). The Security and Traceability of Shared Information in the Process of Transportation of Dangerous Goods. 2018 9th IFIP International Conference on New Technologies, Mobility and Security (NTMS), 1–5. https://doi.org/10.1109/NTMS.2018.8328751
- ING BANK. (2019). ING executes first commodity trade transaction on Komgo. https://www.ingwb.com/en/insights/distributed-ledger-technology/ing-executes-first-commodity-trade-transaction-on-komgo
- İş Bankası. (2020). First Turkish-German trade finance transaction on Marco Polo blockchain network with İşbank and Commerzbank. https://www.isbank.com.tr/en/about-us/first-turkish-german-trade-finance-transaction-on-marco-polo-blockchain-network-with-isbank-and-commerzbank
- Jain, N., & Sedamkar, R. R. (2020). A Blockchain Technology Approach for the Security and Trust in Trade Finance. Proceedings of the 2020 14th International Conference on Innovations in Information Technology, IIT 2020, 192–197. https://doi.org/10.1109/IIT50501.2020.9299060
- Kamath, R. (2018). Food Traceability on Blockchain: Walmart’s Pork and Mango Pilots with IBM. The Journal of the British Blockchain Association, 1(1), 1–12. https://doi.org/10.31585/jbba-1-1-(10)2018
- Kamble, S. S., Gunasekaran, A., & Gawankar, S. A. (2020). Achieving sustainable performance in a data-driven agriculture supply chain: A review for research and applications. International Journal of Production Economics, 219, 179–194. https://doi.org/10.1016/j.ijpe.2019.05.022
- Kim, K., Beck, S., Tayag, M. C., & Latoja, Ma. C. (2021). 2019 Trade Finance Gaps, Growth, and Jobs Survey. In Adb Briefs (Vol. 4, Issue 113). https://doi.org/10.22617/BRF190389-2
- Li, Z., Wu, H., King, B., Ben Miled, Z., Wassick, J., & Tazelaar, J. (2017). On the Integration of Event-Based and Transaction-Based Architectures for Supply Chains. 2017 IEEE 37th International Conference on Distributed Computing Systems Workshops (ICDCSW), 376–382. https://doi.org/10.1109/ICDCSW.2017.51
- Liu, Li, & Qi. (2019). Research on Risk Avoidance and Coordination of Supply Chain Subject Based on Blockchain Technology. Sustainability, 11(7), 2182. https://doi.org/10.3390/su11072182
- Longo, F., Nicoletti, L., Padovano, A., D’Atri, G., & Forte, M. (2019). Blockchain-enabled supply chain: An experimental study. Computers & Industrial Engineering, 136, 57–69. https://doi.org/10.1016/j.cie.2019.07.026
- MAERSK. (2022). A.P. Moller - Maersk and IBM to discontinue TradeLens, a blockchain-enabled global trade platform. https://www.maersk.com/news/articles/2022/11/29/maersk-and-ibm-to-discontinue-tradelens
- McDaniel, C. A., & Norberg, H. C. (2019). Can Blockchain Technology Facilitate International Trade? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3377708
- McKinsey. (2021). Reconceiving the global trade finance ecosystem (Issue November).
- Padia, K., Shah, V., Desai, D., & Kubde, P. (2020). Trade Finance Using Blockchain. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3565328
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