International Trade Revolution with Smart Contracts

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dc.catalogadorgrr
dc.contributor.authorAranguiz Villagran, Matías Andres
dc.contributor.authorMargheri, Andrea
dc.contributor.authorXu, Duoqi
dc.contributor.authorTran, Bill
dc.date.accessioned2023-12-21T19:58:15Z
dc.date.available2023-12-21T19:58:15Z
dc.date.issued2021
dc.description.abstractSmart contracts are challenging the traditional business structure by offering a trustworthy decentralized platform where business transactions can be conducted with accountability, transparency, and traceability guarantees. Smart contracts, enabled by the distributed ledger technology, can be employed in many business sectors to reduce transaction time and cost and improve identity verification and proof of ownership, just to mention a few. International trade is one of these sectors with an urgent need for improvement: a market of trillions of dollars still based on traditional paper-based transactions. The shipping industry carries 90% of the goods of the global trade market, whose costs for processing trade documents and information have nowadays doubled those for the transport itself. The need for a digital transformation is urgent for the development of and access to new markets. Insurance, letter of credit, bill of lading, factoring, etc. could obtain substantial benefit from the use of smart contracts. The possibility to transparently track and seamlessly validate the integrity of trading activities via an immutable ledger will permit reducing intermediation risks, automating contract settlement, and dispute resolution. These efficiencies will have (i) micro effect in the transferred efficiencies to consumers and small business parties and (ii) macro effect in the trade benefits for countries and industries. This chapter will explore and explain the distinguishing features of smart contracts, the functionalities that will enable trade finance, and the benefits that their application will bring to the parties of the process.
dc.fechaingreso.objetodigital2023-12-21
dc.fuente.origenSIPA
dc.identifier.doi10.1002/9781119646495.ch12
dc.identifier.isbn978-1119646396
dc.identifier.urihttps://repositorio.uc.cl/handle/11534/75559
dc.identifier.urihttps://doi.org/10.1002/9781119646495.ch12
dc.information.autorucFacultad de Derecho; Aranguiz Villagran, Matías Andres; S/I; 150172
dc.language.isoen
dc.nota.accesoContenido parcial
dc.pagina.final184
dc.pagina.inicio169
dc.publisherWiley Online Library
dc.relation.ispartofThe Digital Transformation of Logistics: Demystifying Impacts of the Fourth Industrial Revolution, Hoboken, New Jersey: Wiley Online Library, 2021,
dc.rightsacceso restringido
dc.subjectBlockchain
dc.subjectInternational trade
dc.subjectSmart Contracts
dc.subjectInfrastructure
dc.subject.ddc340
dc.subject.deweyDerechoes_ES
dc.titleInternational Trade Revolution with Smart Contracts
dc.typecapítulo de libro
sipa.codpersvinculados150172
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