Use of BlockchainTechnology in Supply Chain Finance and

Trade Finance
 Table of Contents
CHAPTER1: INTRODUCTION.....................................................................................................4

1.1 Introduction.......................................................................................................................4

1.2 Background of the study........................................................................................................4

1.2 Problem statement.............................................................................................................5

1.4 Significance of the research...................................................................................................5

1.5 Research rationale..................................................................................................................6

1.6 Research aims and objectives................................................................................................6

1.7 Research questions.................................................................................................................6

1.8 Limitations.............................................................................................................................7

1.9 Structure of Research.............................................................................................................7

1.10 Summary..............................................................................................................................8

CHAPTER 2: LITERATURE REVIEW.........................................................................................9

2.1 Introduction............................................................................................................................9

2.2 Supply Chain Finance............................................................................................................9

2.3 Trade Finance......................................................................................................................10

2.4 Marco Polo Decentralized Network....................................................................................11

2.5 Block chain and the Distributed Ledger Technology..........................................................12

2.6 Role of Block chain Technology.........................................................................................13

2.7 Properties of the Distributed Ledger Technology...............................................................14

2.8 Advantages of Blockchain technology in trade finance......................................................16

2.8 Risks of increasing use of Blockchain technologies............................................................17

2.9 The ways to address the adoption risks of Blockchain........................................................19

2.9 Literature Gap......................................................................................................................20

2.10 Summary............................................................................................................................20
CHAPTER 3: METHODOLOGY.................................................................................................22

3.1 Introduction..........................................................................................................................22

3.2 Research Philosophy............................................................................................................22

3.3 Research Approach..............................................................................................................23

3.4 Research Design..................................................................................................................23

3.5 Research Strategy................................................................................................................24

3.6 Data Collection Method.......................................................................................................24

3.7 Data analysis........................................................................................................................25

3.8 Ethical Consideration...........................................................................................................25

3.9 Timeline...............................................................................................................................26

3.10 Summary............................................................................................................................26

CHAPTER 4: DATA ANALYSIS/FINDINGS/DISCUSSION....................................................27

4.1 Introduction..........................................................................................................................27

4.2 Thematic analysis................................................................................................................27

CHAPTER 5: DISCUSSION........................................................................................................34

CHAPTER 6: CONCLUSION AND RECOMMENDATIONS...................................................39

6.1 Conclusion...........................................................................................................................39

6.2 Recommendations................................................................................................................41

References......................................................................................................................................43
CHAPTER1: INTRODUCTION

1.1 Introduction
Supply chain finance (hereafter, SCF) has been facing implementing issues in purchase orders,
inventory, and automation financing for data validation and transaction (Rijanto, 2021). The
trade finance wants to explore the new markets by streamlining cross-border trade in new
countries and without risks. The present study purposely explores the adoption of blockchain
technology to solve these multiple issues in SCF and trade finance. The designed blockchain-
based trade network has been improving the lending process of trade finance and SCF activities.

1.2 Background of the study

“Supply chain finance (SCF)”is the financial administration solution which benefits the buyers
and suppliers both to observe the working capital; hence the businesses are increasingly
considering SCF as an advantage for their processes. The primary agenda of SCF is to offer
working capital and financial liquidity to the suppliers for running their business smoothly and
the buyers get the benefit from the backward payments continuously (Chang et al., 2020). Today,
the data transparency, security, speed, and validity associated activities in SCF carried out by the
buyers and sellers are the primary obstacles. Trade finance is the pillar of global trade that
accounted for $44,098 million by initiating the transactions between sellers and buyers
worldwide (Halilbegovic et al., 2019). It offers a payment guarantee, credit, and insurance to
facilitate” transactions on terms” to satisfy both parties. Now the traditional trade finance and
supply chain finance mechanism need “a letter of credit” and another factoring in the paper. The
European jurisdictions are turning the trade finance to “open account trading” where the
exporters are selling on consignment to the importers. It will help to eliminate the intermediaries
among the parties but put the entire risk on sellers(Hofmann et al., 2017).International trade will
be on a halt without trade insurance and finance.

Blockchain technology has the potential to offer breakthroughsolutionsto these issues. The
distributed ledgers concept from blockchain technology can offer a unique capability and
innovation to ensure automatic data verification, transparency,efficiency,traceability, security,
and speed(Akram et al., 2020). Blockchain technology with IoT, smart contracts, big data, and
artificial intelligence can disrupt global supply chain finance. Blockchain technology is the
eternal data store for SCF, IoT offer distributed sensor or input for collecting real-timedata. The
trade finance industry believes that a blockchain is a convenient tool for enhancing privacy and
security in digital transactions and documentation.

1.2 Problem statement

The conventional trade finance has multiple trading parties which relies on the paper-based
business operations completely. The centralized operating mechanism of International Trade
finance using the letter of credit payment system has created multiple vulnerability, trust issues
and inefficiency in their overall performance(Mckinsey.com. 2022). The current business
environment demand for sustainability in the mean of corporate social responsibilities,
sustainable finance, and performance.The supply chain money market is currently confronting
multiple scams, and transparency issues. The sudden digital finance boom has promoted
manifold difficulties in the traditional monetary framework of the supply chain. The supply chain
finance sector is competitive and complex(Oecd.org. 2022). It is essential to meet the demand of
customers with collateral free financing and transparency by embracing technology. However,
the adoption of technology in the trade finance and supply chain finance is in infant level due to
the rigidity in the traditional infrastructure.

1.4 Significance of the research

Multiple case analyses and literature studies have premeditated blockchain technology’s impacts
on business transactions and SCM which offers preliminary evidence of using blockchain
technology in trade finance and SCF activities (Jay, 2020). It is evident that it can increase
accountability, transparency, and resilience to achieve the global supply chain objectives
crossway the national trade boundaries. According to the Deloitte data, the blockchain
technology potentially offers real-time review, disintermediation, transparent factoring,
decentralized contract execution, eliminated counterparty risk, regulatory transparency, proof of
ownership, and automated transaction and settlement in trade finance (Bhogaland Trivedi,2019).
Blockchain technology has the capacity as an electronic commerce driver to apply in logistics
and systematically integrate. However, the blockchain technology adoption in trade finance and
SCF has doubts about investment cost, technology, and complexity of application due to novelty.
The present research will do the needful to offer the appropriate knowledge of adopting
blockchain technology in SCF and trade finance to grow the awareness about it.

1.5 Research rationale

The issue is that the awareness about the application of blockchain technologies in logistics
finance and trade finance is still restricted and limited.

This is an issue since the people who work in trade finance and SCF are reducing paperwork in
the forthcoming days. Trade finance is opting for a completely digitized solution for transactions.
The digitizedtechnologies offer more accuracy, transparency, and security in transactions for
both suppliers and buyers (Zhouand Li, 2016).

This is now an issue the institutions and businesses involved in SCF and trade finance need to
develop their knowledge about the claims, advantages, and challenges of implementing
blockchain technology in the system before execution (Du et al., 2020).

The present research will shed light on the application, advantages, and issues of blockchain
technology in trade finance and SCF for businesses, suppliers, and buyers.

1.6 Research aims and objectives

Aim: The aim of the study is to assess the adoption and the usage of the Blockchain in supply
chain finance and trade finance.

Objectives

 To develop an idea as to the concepts of the SCF and trade finance.

 To examine the various advantages that are obtained from the usage of blockchain
technology in the case of trade finance.
 To investigate the numerous risks associated with the increasing use of Blockchain
technologies.
 To recommend the ways in which the advantages obtained from these can be maximized.

1.7 Research questions

Q1. What are the concepts of the SCF and trade finance?
Q2. What are the various advantages obtained from the usage of Blockchain technology in trade
finance?

Q3. What are the risks associated with the increasing use of Blockchain technologies?
Q4. What are the ways in which the advantages of Blockchain can be maximized?

1.8 Limitations

The present study is based on the application and adoption of blockchain technology in SCF and
trade finance. Blockchain technology usage is a vast concept in supply chain and trade finance. It
has multiple technologies attached to it and its applications. The present study has no scope to
investigate these applications in-depth due to lack of time. The available sources are huge,
therefore for the given time, it is impossible for the researcher to study them and configure the
utility in the project.

1.9 Structure of Research

Figure: Structure of the research

(Source: author)
1.10 Summary

It is the first chapter of the present dissertation where the researcher has significantly offered the
background concept of the entire research by offering the initial knowledge about supply chain
finance, trade finance, and blockchain technology. It has clearly mentioned the research aims and
objectives. The research questions stated here will be assessed throughout the paper. The
significance and rationale of the research have potentially offered the reason for conducting this
study. The structure has given the flow of upcoming chapters for the readers.
CHAPTER 2: LITERATURE REVIEW

2.1 Introduction

Supply chain finance (SCF) has been dealing with implementation challenges in purchase orders,
inventories, and automation financing for data validation and transaction processing (Rijanto,
2021). The trade finance industry wishes to expand into new markets by facilitating cross-border
trading in new nations while minimizing risks. The current study investigates the use of block
chain technology to address these many difficulties in SCF and trade financing. The block chain-
based trade network that was created has improved the lending process of trade finance and SCF
operations.It provides a payment guarantee, credit, and insurance in order to conduct "terms
transactions" that satisfy both parties. The traditional trade finance and supply chain financing
mechanisms now need "a letter of credit" and additional paper factoring. European countries are
shifting trade finance to "open account trading," in which exporters sell on consignment to
importers. It will assist to eliminate the need for intermediaries between the parties, but it will
place the full risk on the sellers (Hofmann et al., 2017). Without trade insurance and financing,
international trade will come to a standstill. Block chain technology has the potential to provide
game-changing answers to these problems.

2.2Supply Chain Finance

The Supply Chain Finance, or SCF, idea has grown in prominence in recent years. According to
Gelsominoet al. (2016), SCF are instances of well-designed supply chain solutions that aid in
increasing corporate efficiency. In the case of financial systems, these are instances of firms who
pay on behalf of clients and serve as third parties throughout the process. One of the key benefits
of these is that, while the suppliers receive the funds promptly, the consumers have a long period
of time (about 6-12 months) to repay the loans. The resulting product is sometimes referred to as
reverse factoring.One of the key benefits of this for the buyer is that it aids in the creation of
successful supplier-buyer relationships, which in turn leads to the development of a reliable
supply chain. According to Camerinelli (2019), it also contributes to the overall liquidity of the
firm. In the case of the supplier, it aids in increasing company efficiency. At the same time, it
aids in the control of the business's cash flow and improves the overall credit rating of the
company. It significantly improves the overall flexibility of the firm.However, it should be noted
in this situation that the use of these also raises the total cost as well as the complexity of the
solution.

In most situations, it has been determined that the SCF is confronted with the difficult challenges
of controlling inventory as well as various kinds of purchase order. The SCF's overarching ideas
operate with the assistance of automated transactions as well as process that aid in the approval
and payment of bills.“Supply chain finance (SCF)”is the financial administration solution which
aids the buyers and suppliers both to watch the working capital; consequently the businesses are
progressively viewing SCF as an advantage for their processes. The basic goal of SCF is to
provide working capital and financial liquidity to suppliers in order for them to run their
businesses efficiently, while buyers benefit from backward payments on a continual basis
(Chang et al., 2020). The key challenges in SCF today are data openness, security, timeliness,
and validity related operations carried out by buyers and sellers. Trade finance is a cornerstone of
global trade that accounts for $44,098 million in revenue by initiating transactions between
sellers and purchasers all over the world (Halilbegovicet al., 2019).

2.3Trade Finance

Under the SCF, the idea of trade finance is an umbrella word for banking finance to make
transactions more practicable. Trade finance ideas identify the general financial tools as well as
the goods that companies utilize to facilitate the notions of international trade and commerce. It
is never incorrect to state that trade finance ideas always make it simpler for exporters and
importers to transact business efficiently with the aid of trading concepts. In this regard, it should
be noted that the successful implications of trade finance in most situations are dependent on
software upgrades as well as the adoption of effective block chain solutions.According to
Schmidt (2018) believes that this is one of the simplest and most significant strategies for
increasing a company's working capital. In the case of trade finance, the application and
ramifications of a variety of innovations can play a critical role in resolving overall economic
situations.The applicability of block chain technology in logistics finance and trade finance is
currently underutilized and underappreciated. People working in trade finance and SCF will be
decreasing paperwork in the coming days. Trade finance is moving toward a fully computerized
transaction solution. Digitized technologies improve transaction accuracy, transparency, and
security for both suppliers and buyers (Zhouand Li, 2016). Before using block chain technology
in the system, organizations and enterprises participating in SCF and trade finance must have a
better understanding of the claims, benefits, and obstacles of doing so (Du et al., 2020).

Trade finance can be considered as the financial assistance in the context of international
commerce and trade along with the application of financial product. Abundance of financial
products can help to conduct the international business along with the between the exporters and
importers of the company. There are several types of trade finance that can help in the
development of the supply chain for the products and services.

Term loans:It can be illustrated as one of the type that involves the amount borrowed for the
rapid installment over a specific period of time. These funds involve the specific rate of interest
based upon the financer with a particular time line. This type is mostly applied in a long term of
project to obtain a particular amount of return with a particular amount of time.

Overdraft or cash credit: Various kinds of credit involve foreign trade and financing that may
assist both the exporters and importers of the company. This form of credit can be considered as
another line of borrowing that involves the short term of borrowing based upon the timeline of
utilization.

2.4Marco Polo Decentralized Network

The Marco polo decentralized network (also known as Trade IX) has been identified as one of
the world's largest and fastest-growing working capital and trade networks. The platforms are
operated on a dispersed network, with each platform connected to a single user. These contribute
to more effective trade financing solutions for both financial institutions and enterprises. This is
an open enterprise platform that allows a variety of financial institutions to simplify, secure, and
automate their working capital and global trade finance operations (marcopolonetwork.com,
2022).The "Marco Polo platform" has created ground-breaking innovation in trade finance by
utilizing enterprise Block chain technology to commence the scalable transition from paper-
based trade to digitized process. The SMBC Company successfully launched real transactions
with Japanese exporters on the Marco Polo platform.

Multiple case studies and literature studies have examined the implications of blockchain
technology on business transactions and SCM, providing early proof of the use of blockchain
technology in trade finance and SCF operations (Jay, 2020). It is clear that it can improve
accountability, openness, and resilience in order to fulfil global supply chain objectives across
national trade borders. According to Deloitte data, blockchain technology has the potential to
provide real-time review, disintermediation, transparent factoring, decentralised contract
execution, counterparty risk elimination, regulatory transparency, proof of ownership, and
automated transaction and settlement in trade finance (Bhogaland Trivedi,2019).Blockchain
technology has the potential to be used as a logistics and e-commerce driver. However, because
to the novelty of blockchain technology, there are concerns regarding investment costs,
technology, and application complexity. The current study will provide the necessary
understanding of implementing blockchain technology in SCF and trade finance in order to raise
awareness.

2.5Block chain and the Distributed Ledger Technology

When discussing these topics, the ideas of block chain and associated technologies should be
mentioned specifically. According to Ahnetet al. (2021), the Blockchain notion may be
characterised as a collection of transactions that are tracked and stored in the form of a
decentralised network. This is an example of a distributed ledger that detects the lack of a
legitimate central authority — as a result, the risks of corruption and control are much lower in
this situation.Distributed ledger technology concepts, on the other hand, are fairly different.
According to Jessel and Dicaprio (2018), Distributed Ledger Technology (DLT) refers to the
construction and maintenance of technical infrastructure as well as protocols that aid in the
simultaneous access, validation, and recording of data that is dispersed among numerous
organisations throughout the world. In this regard, it should be noted that Blockchain is merely a
sort of distributed ledger. While DLT is a decentralised database controlled by several parties,
Blockchain refers to a version of DLT in which the transaction is stored in a cryptographic
signature, also known as a hash (Chang et al.,2020).The distributed ledger idea from blockchain
technology has the potential to provide a one-of-a-kind capacity and innovation in terms of
automatic data verification, transparency, efficiency, traceability, security, and speed (Akram et
al., 2020). Blockchain technology, in conjunction with IoT, smart contracts, big data, and
artificial intelligence, has the potential to disrupt global supply chain financing. Blockchain
technology serves as an immortal data repository for SCF, while IoT provides distributed sensors
or input for real-time data collection. The trade finance sector considers block chain to be a
useful solution for improving privacy and security in digital transactions and documentation.

2.6 Role of Block chain Technology

The concepts of blockchain technology have gained relative importance in the past years owing
to a range of advantages as well as the benefits that are obtained from this. However, before
discussing the advantages of the blockchain and the related concepts, it is essential to develop an
idea as to what is blockchain and what are the various concepts related to it. In the words of
Zubaydi et al. (2019), blockchain identifies the systems that are adopted for the recording of
information with the help of a method that makes it quite impossible to change or hack the
system. It will never be quite wrong to mention that blockchain is one of the digital ledgers of
transactions that enhances the security as well as the usability of the entire system.

The blockchain as the name suggests comprises a range of blocks where each of the blocks refer
to a proper digital ledger of transactions. Whenever any of the new transactions occur in the
blockchain each of the new transactions is added to the ledger of the participant. This leads to the
development of a proper decentralised database which also aids the development of an effective
Distributed Ledger Technology.

The Blockchain comprises a range of chains. Each of the chains comprises a range of blocks.
The blocks have three of the basic elements and these are the data in the block, a nonce and a
hash. The nonce identifies a 32-bit whole number while the hash on the other hand identifies a
proper 256-bit number that has been wedded into the nonce. Whenever the first block of the
chain is created the nonce generates the crypto-currency known as the hash. The data that is
present in the block is considered assigned and also forever connected to the nonce.

The next topic of interest that may arise in this regard is how the concepts of the Block-chain are
used in trade finance or rather what exact role it plays in enhancing the concepts of trade finance.
In the words of Kalla et al. (2020), it will never be quite wrong to mention that blockchain is
indeed the future of digital currency- the whole concept around which the concepts of Trade
Finance revolves. The concept of the block-chain and the related technologies help in spreading
operations around the network of computers, helps the related crypto-currencies to operate
without the help of any of the central authority of systems.
As put forward by Ahmad et al. (2021), the banking industry has been identified as the most
significant of the industries that have been benefitted from the applications of Blockchain and the
related technologies. If the overall schedule of the banking operations are designed in a manner
that these financial organisations operate during the business hours which accounts for about 5
days a week for only the business hours. Any of the customers or even the bankers need to wait
till Monday to make the work done. This often creates issues and complications and at the same
time also slows down the entire work scheme.

The incorporation of the block-chain into these banking systems help in overcoming these. The
incorporation of the block-chain technologies help the consumers and the bankers to be
connected throughout the day even after office hours. These help in creating a clear and concise
relationship among the customers and the bankers which are of great use in enhancing the overall
trading and the financial services. In the words of Hewa et al. (2020), the implementation of
blockchain technologies also plays a major role in providing enough opportunity for exchanging
funds among the institutions securely and quickly. These also enable the user from both sides to
ensure seamless banking services, one that is needed greatly in contemporary times.

It is never quite wrong to mention at this point that Blockchain is true quite a revolutionary
technology as it helps in reducing the risks. It also stamps out the fraud and helps in bringing
transparency in an effective way for the myriad users all over the world.

2.7 Properties of the Distributed Ledger Technology

“Distributed Ledger Technology” refers to a technological structure as well as protocol which is

said to provide various users regarding the access in updating records as well as validate records.
With the help of this technology, through “crptography”, “cryptography signatures” as well as
keys, data are seen to be stored with a more secured way. Hence, it seen to secure the platforms
from those visitors who are unwanted. In the words of Dey, Ghosh and Chakrabarti (2021), there
are seven properties associated with “Distributed Ledger Technology”. They are:
“Programmable, secure, anonymous, unanimous, time-stammed, immutable as well as
distributed”. It can be said that the concept regarding “Distributed Ledger Technology” is not
much considered as the new concept. The technology has the power of improving the quality
regarding the lives. However, the applications of this technology needs to be more focused on.
It has been supported by the study conducted by Kuhn, Yaga and Voas, (2019), stating that one
of the important property regarding this system is immutable. In other words, it means that when
the data gets stored, the information regarding the data have no power to get manipulated or
deleted. The recorded data will be permanently available for the users to view. It can be said that
the data remains recorded in the history. This was backed by Singh and Vardhan(2019), by
stating another property that with the help of this technology, a record of multiple transactions
can be kept.

Figure 2.1: “Properties of Distributed Ledger Technology (DLT)”

Source:(Dey, Ghosh and Chakrabarti, 2021)

It has been seen that one of the interesting property of this technology is that it considers to be
independent as well as automatic. It means that no hiring of agents are needed for handling the
verification actions along with confirmation as well as validation (Zhu et al., 2019). Hence, it
generally makes the process more time effective as well as cost effective. It has been seen that in
the recent times, considering cryptocurrency within a blockchain remains deposited in different
accounts online regarding trade or payment. As already mentioned earlier that this system keeps
the data secured. It means in other words, that it provides anonymity for their consumers as well
as also offers confidentiality (Dey, Ghosh and Chakrabarti., 2021). It therefore means, that the
computers also do not have the power in decoding the data as well as individuals also do not
have the ability in reading it. This is considered to be another property named as encrypted.
However, anonymity or the confidential can only be revealed at the time when the user wants to
do so. This considers to a significant decisions which the companies make by allowing investors
to keep a track of their expenses.

Another important property considers to be “distributed”, which means that a ledger is referred
as the record related to everything which considers to happen inside the said system. It means it
generally includes history regarding the previous owners, contents regarding current owners as
well as actions (Kannengießer et al., 2020). The information does not set to belong for any
individual entity. However, it has the power in sharing various servers.

2.8 Advantages of Blockchain technology in trade finance

The said technology is seen to provide more openness as well as provide security to the business
networks. It helps in reducing costs as well as provide services not only in the case of banking
but also in the case of finance (Chang, Luo and Chen, 2019). It has been seen that it provides
some of the benefits to the trade finance such trust, security, high-performance, transparency and
many more. The digitalisation related to the financial instruments seems to positively impact the
trade finance. It has been seen that with the help of the technologies or more precisely with the
help of the digital securities, greater customisation has been allowed in comparison to the
standardised securities.

Additionally, it has also been seen that it also helped in improving incentive alignment that exists
between the stakeholders as well as also decreased the risks regarding the counterparty. Other
than that, in the words of Kesharwani, Sarkar and Oberoi(2019), it has been seen that it is said in
eliminating the use regarding the paper works, decreases processing timing as well as helps in
saving money. The technology is seen to make the process regarding trade finance more
efficient. It is because it helps in finishing the transactions more directly as well as swiftly
considering the relevant parties. No other intermediary parties are involved between them.
Therefore, this allows in dramatically cutting the involved costs as well as raises the speed of
transaction.
With the help of the blockchain technology, in the words of McDaniel and Norberg(2019), has
been noted that both the “exporters as well as the importers” have the power in tracking the
goods as well as the assets. This helps them in allowing more financing opportunities as well as
it also enhances the perfection regarding the interest in term of the trade of the commodities.
This is therefore, referred as the significant advantage that the blockchain technology considers
in terms of trade finance.

As already mentioned above that DLT has the power of keeping track of multiple information
regarding the transactions that happens against commercial agreements (Dey, Ghosh and
Chakrabarti, 2021). Along with that, it also has the power in distributing the data in a more
systematic way for improving trust. Therefore, leads in lowering the risk regarding the altering
the records as well as offers a lot of options regarding financing trade. In other words, it can be
said that with the help of this technology, each of the transaction related to the trade finance can
be recorded in a more sequential way (Kowalski, Lee and Chan, 2021). This happens to create a
good verifications of the authenticity of the assets.

However, to summarise, it can be said that trade network that is “blockchain based, are normally
designed in such a way that it enhances the lending processes related to the trade finance. It also
helps the banks to access regarding new markets with various new products by reducing the risks
as well as rationalisation trade related to cross-border for sellers as well as the buyers. This helps
them to enhance their business and also helps them in expanding themselves in various countries.
Therefore, it can be drawn from the studies that there exists a positive relation between the
blockchain technology as well as trade finance. In other words, it means that the players from
international trade gets benefit using this technology.

2.8 Risks of increasing use of Blockchain technologies

The promise blockchain technology has made by its offers can be diminished by the attendant of
dangerous and risk associated with its adoption. The blockchain assets and bitcoin are the
valuable assets which can be destroyed, damaged, or stolen(Makridakis et al., 2019). Relying on
the blockchain technology entirely will be wrong accordingly to multiple studies.The primary
risks aroused from multiple literature sources are-

The majority manipulation of the consensus

The blockchain Technologies come with potential security issues. There is always a possibility
of 50% of attacks where one mining company can capture the control of double spend and
blockchain previously transacted Bitcoins into their own account. Centralisation tendency issues
in the mining to record the new transaction blocks for the blockchain has market competition.
The large mining pools try to control the transaction recording majorly(Casey et al., 2018). For
example, the spoofing users try to resend the transactions where they can allow the malicious
coders for double spend coins. The distributed Daniel of service attack is another issue in the
blockchain which can potentially constraint the mining poles opportunities not aligned with
companies in the game system. In the international trade finance, where the government have
incentive to manipulate the transactions, especially in the underdeveloped countries. The
government can initiate transaction delays in validation state to manipulate the consensus rule
with DDoS attacks if only the government allow the semi-private or private blockchains
implementation by limiting the blockchain transparency.

Taxation issues

The adjustment of taxation functions to encompass International financial transaction is another

issue that occurs due to blockchain. The developed nation field challenges to track the financial
transaction done between the tax authorities and pseudo anonymous uses in the tax companies to
share the economy like Uber and Airbnb to their users(Harris, 2018). The income-based taxation
to create consumption-based taxation needs high overhaul of present taxation system. Hence, the
all countries do not have the same rule of taxation, the legislation for anti-money laundering,
know your customers, accounting obligations to focused on. It can benefit the businesses from
the technology with legal complaint. A new “US internal revenue service” report has concluded
that underdeveloped nations face the challenges mostly due to the taxation laws to adopt and
apply the blockchain-based technologies.

Limiting the miner access

The verification process of transaction is managed by the miners in only one way. It makes the
transaction verification process less appealing. The miners use the computing or specially design
device power to solve the computational equation. These users can earn the reward like Bitcoins
or another cryptocurrency(Panda et al., 2021). The amount is identified as the advance payment.
By limiting the miners access to estimate the mathematical equation, the governments can verify
the transactions which is less appealing. The miners need potential resources, especially the
electricity for solving the equations. The efforts draw the attention of government very quickly.

Anonymity, privacy, and pseudo-anonymity

Privacy is a big concern for adopting blocks in technology. The blockchain technology captures
the data but it must not show them in public ledger. Even with the strong legal enforcement in
developed countries, the companies involved in the trade finance may want to know all the
detailed information quickly then their investors or competitors in the daily transaction(Beck et
al., 2017). If the government transaction is also involved, then it can create an acute issue where
the government is not transparent. Even though, the private blockchain has be ability to improve
the transaction privacy issues among the stakeholders in public and semi-private blockchains are
not anonymous and pseudo- anonymous. The pseudo-anonymous users with adequate data can
be detected, and the government organisation will be concerned about the external inference that
occurs in developing countries.

2.9 The ways to address the adoption risks of Blockchain

To achieve the complete potential of adopting blockchain technology and to deal with the
succedent risks, the trading companies must understand that blockchain is designed for the trust
consensus and immutable record keeping, it is not the database management system. It only
performs the data intensive and critical operations which is the lifeblood of supply chain finance
and trade finance for real-time applications(Ganne, 2018). However, the data integration,
operational data triage, and advanced search needs proper management for success. Hence, the
trading organisations need to implement a proper architecture for establishing the private
blockchain that can leverage on the public blockchain for understanding the best platform for the
deployment.

The blockchain technology has few inherent qualities to offer security but the vulnerability can
be easily manipulated. The previous exploits due to blockchain are the result of complementary
technology used, the poor thought out data architecture. The institutions adopting the blockchain
in architecture need to use the integrated security infrastructure as well. The restriction of data
accessibility is another important method for addressing the blockchain risks(Ibrahim et al.,
2021). The trading companies must not upload some private information in public blockchain
like electronic medical record information, private transaction records, and the social security
numbers. The security features in the private blockchain need to be strong for preventing any
external access to the sensitive information.

The companies need to redact the sensitive data like personal identifiable information (PII). It
can offer the ability to share the right viewpoints safely through their data by removing or
replacing any sensitive information for preventing the breach or violation(Civelekand Özalp,
2018). The element level security in the trading companies allowed them to hide specific
document parts from the particular users. The complete encryption of the sensitive data can
finally ensure that the unauthorised parties cannot get access to transmit data flowing through the
untrusted networks.

It is the responsibility of organisation to validate the quality of data before entering into
blockchain. The blockchain technology only take the responsibilities for the quality and accuracy
of data if it is inputted in the system. The existing data sourcing system need to be authentic and
qualified according to the “Deloitte report of Cyber risk”. The adversary managing director,
Prakash Sanathana has mentioned that the potential vulnerability of the blockchain frameworks
occurs due to the external framework in the trusted oracles(Data Center Knowledge. 2022). Any
corrupted oracle can cause the domino effect potentially in the entire network. The organisation
needs to provide efficient data governance policies as well before implementing the blockchain
technologies.

2.9 Literature Gap

The extensive studies could not find the potential risks that are seen to be normally associated
regarding the rise in the use of the technologies related to the blockchain as well as the ways
which will prove to be advantages for the maximisation of the use of blockchain. It is because
less or no studies are being conducted regarding the topics. The literatures only dealt regarding
the concept of SCF as well as trade finance. Along with that the concept regarding the role of
blockchain and the properties related to “Distributed Ledger Technology”. Hence, this further
research will try to mitigate the gap by investigating those areas.
2.10 Summary

The current study looks on the usage of block chain technology to overcome the numerous
challenges in SCF and trade financing. The creation of a block chain-based trade network has
enhanced the financing process of trade finance and SCF operations. It offers a payment
guarantee, credit, and insurance in order to perform "terms transactions" that meet the needs of
both parties. Traditional trade finance and supply chain financing processes now require a "letter
of credit" as well as additional paper factoring. Europe's trade financing is changing to "open
account trading," in which exporters sell on consignment to importers. Trade finance may be
defined as financial aid in the context of international business and trade, as well as the use of
financial products.An abundance of financial products can aid in the conduct of international
business between the company's exporters and importers. There are several forms of trade
financing that can aid in the growth of the product and service supply chain. Other than that, the
chapter also provided the role that the “blockchain technology plays”. Along with that, the
properties that are associated with the “Distributed Ledger Technology” was also conveyed.
Along with that, the literature also provide the benefits that the blockchain technology brought to
the trade finance.
CHAPTER 3: METHODOLOGY

3.1 Introduction

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An essential part with which the research study remains incomplete is considered as the
methodology part. This part conveys the entire methods through which the current research will
be conducted. In other words, it means it provides a total outlook of the research through various
segments of the research onion.

3.2 Research Philosophy

The first segment in consideration to the research onion is research philosophy. In the words of
Žukauskas, Vveinhardtand Andriukaitienė (2018), research study remains unsuccessfully without
selecting a proper philosophy. “Positivism, Interpretivism and Realism” are the three
philosophies.

Figure 3.1: “Research Philosophies”

Source: (Inspired by Žukauskas, Vveinhardtand Andriukaitienė, 2018)

For the current study, interpretivism will be the best choice as it will help in doing an in-depth
study by taking into consideration the variable like blockchain technology as well as its use in
the context of trade finance. It will also help in elaborating the role of the blockchain technology
in the present times. Interpretivismphilosopy generally interprets the social world in a more
subjective way in comparison to the other two (Chowdhury, 2014).
3.3 Research Approach

Research approach in the words of Manning and Stage (2015), seems to provide a legitimacy to
the aims that is generally created for the research study. A brief description regarding steps of
assumptions is generally provided by the research approach through analysing different sets of
data. The two approaches namely are “inductive and deductive”.

The research approach that is considered for the present study is inductive approach as it aids the
investigator to search the pattern regarding the observations as well as will also help in
developing the explanation through various theories. This research is based on “secondary
qualitative method”, therefore this approach is more legitimate (McFarland et al., 2018).

3.4 Research Design

When the research each step is considered, then the term “research design” comes up. It
generally indicates a framework which is seen to help the researcher for finding the proper
process at the time of data selecting (Toledo-Pereyra, 2012). It is also seen that it provides the
researcher to choose appropriate techniques at the time of investigating those collected data for
achieving the outcomes. Under research design various designs are there (Abbott and McKinney,
2013). Here, in this flow chart some of them are mentioned.
 Figure 3.2: “Research Designs”

Source: (Inspired by Abbott and McKinney, 2013)

The acceptable design for the present case is “explanatory design”. It is because this particular
data will help the researcher to perform the analysis through secondary data that are considerably
difficult in collecting as well as the present topic is considerably new one. With the help of this
design, the researchers will be successful in providing functional explanation regarding the
reason behind the research solutions (Niehaves and Ortbach, 2016).

3.5 Research Strategy

“Qualitative, quantitative as well as mixed strategy” are referred as research strategy.

Considering the appropriate strategy, the researcher can achieve the research solution in a more
systematic way (Snyder, 2019). With the help of “non-statistical data”, qualitative strategy is
considered. On the other side of the coin, the “statistical or numerical data” is considered for
quantitative strategy. Now, when mixed strategy is considered, it involves the other two
strategies as well. Considering this study, it can be seen that the researcher chose “qualitative
researcher” as the topic is based on secondary data. This will contribute in validation of the
research.

3.6 Data Collection Method

If the researcher fails to collect data, then the research seems to be considered as incomplete.
With the help of collecting a wide range of appropriate data for the present study, will enhance
the legitimacy of the report. Considering the study conducted by Wilson and Fox (2013), the two
methods are named to be “qualitative as well as quantitative”. Along with that the data forms are
“secondary and primary”.

Investigator for the present research has considered “secondary qualitative method”, for
collecting information that will help the investigator for investigating the research objective such
as “different advantages that can be obtained from the usage of blockchain technology in the
case of trade finance”. Therefore, the data collection will help in depicting the association
between the two variables that are “blockchain technology” as well as “trade finance”. The “data
collection” will be from “peer-reviewed journals, published journals, authentic websites as well
as government websites”.

3.7 Data analysis

Data analysis is referred as the most noteworthy part of the research. Without properly analysing
the data, no outcome can be drawn, which will lead in incompletion of the study (Ott and
Longnecker, 2015). Various analysis method can be used while analysing the data namely
“thematic, statistical, regression” and many more.

Considering this case, thematic analysis considered as the research is based on secondary
sources. Hence, sampling technique is being rejected. With the help of analysing the data pattern
four to five themes are created. This will lead the researcher to draw the conclusion of the study.

3.8 Ethical Consideration

As per some ethical guidelines, the researchers while performing any type of research, follows
some ethics. If avoided then they might face problems. For this case also, the researcher has
considered “Equality Act 2010”. It indicates that the researcher will not be biased in choosing the
studies by the authors as per their “caste, creed, sex or colour”. The authors will also be
acknowledged in the study. Additionally, proper citation will be provided and the information
will be genuine. Copyright issues will be avoided by the investigator.
3.9 Timeline

3.10 Summary

A summarisation can be drawn from the entire section. The first section talk about the
consideration of interpretivism philosophy, following inductive approach. In each sections the
researcher provided justification for the reason selecting them. Other than that, the researcher
considered explanatory design. Secondary data with qualitative method will be the main motive
for the researcher in the context of data collection. The analysis portrayed that the researcher will
consider “thematic analysis”. “Ethical considerations” are also mentioned at the last which was
followed by an estimated timeline for conducting every step of the research.
CHAPTER 4: DATA ANALYSIS/FINDINGS/DISCUSSION

4.1 Introduction

The present section of the dissertation is continuing the aforementioned method of qualitative
data analysis, i.e., Thematic analysis. For the thematic analysis, the researcher has grouped and
encoded four themes which will be discussed and evaluated in the present section. The findings
of the analysis will be linked with the research objectives. The discussion part will discuss the
results of the present data analysis and its ability to serve the aim of the paper.

4.2 Thematic analysis

Theme 1: Effectiveness Trade finance and Supply chain finance

International trade finance market is considered as well-functioned and liquid from traditional
times but did not entice the policymakers much. After the 2011 Lehman bankruptcy, the trade
finance sector has gone through a stress period notably when the funding strains has reached the
possible disruption concern at European banks(Auboin,2007).The effectiveness in the trade
finance in the recent developed local and global trade finance market is considered to be resilient
if any adverse or severe shocks that impacts the accessibility to the foreign currency funding or
the creditworthy is in the majority of active banks of the markets. In the previous debt crises, the
trade finance was received a special treatment for the concerted restructuring as a way of
conserving the import and export capacity. Access to the trade finance can facilitate the
engagement of small-scale organizations in the foreign trade.
 Figure: Traditional letter of credit in Trade finance

(Source: Deloitte.com. 2022)

According toXu et al., 2018, the bank-intermediate trade finance performs the vital role to
provide means to diminish the payment risk and also the working capital tied to support the
foreign trade transactions. It is estimated that one third of the international trade is supported by
the trade finance directly. The letter of credit covers the 1/6th part of the total international
trade.The effectiveness of the trade finance generally comes with the reserved bank products
which are particularly associated to the underline foreign trade transactionsas per Auboin (2009).
The working capital loan is not tied to the trade specifically but typically the trade finance
products carry out the short-term maturity is by the long-term credits. The short-term trade
finance is much more effective as the capital funds can cover wider trade volume and the
interactions with the bank funding conditions. The most conventional standardized in basic
forms of the trade finance is the letter of credit. It reduces the risk of payment by offering the
model where the bank can guarantee a payment on behalf of the importer to the exporter after
delivery of products and services and confirm through proper documents.
It is evident from the previous studies that supply chain finance can manage the financial flow
more effectively and intelligently in the trade relationship at a very low cost of capital as per
Beyerand Herzog (2021). The supply chain finance has win-win situation for two parties only if
the bank loan of marginal debt financing implies to low financial flexibility and high interest
burden. The supply chain finance impex the financials in a nonlinear and dynamic manner.The
supply chain finance literature has been focused on many working capital optimizations by
considering the differentiating progressive alternative and traditional supply chain approaches to
review the trade credit. The growing Global trade has been managed with the open account
transaction in the recent times which typically boost the supply chain finance solutions(Xu et al.,
2022). The Global supply chain finance forum has suggested that the use of supply chain and its
risk mitigation techniques and practices can manage the liquidity and working capital invested in
the supply chain transaction and processes. In the domain of SCF, the number of places is still
limited according to ICC Global survey on the trade finance. It shows that only 15% of the banks
are involved in SCF.

Theme 2: Utility of Block chain in Trade finance

The traditional trade finance is heavily dependent on the paper-based operations with asset
transfers, information transmission, payment processes, and good hangovers. The traditional
practices were centralized with the letter of credit operating mechanism which has hindered the
overall performance of the system with vulnerabilities and low efficiency(Mishchenko et al.,
2021). The advent of the blockchain technologies with the decentralization of the operating
business network can improve the current issues in the trade finance like real time tracking,
transparency, and trustful transaction. The blockchain in the international trade serve as the
shared ledger which can boost the trade finance with distributed networks, conducts the critical
transparent records of the transactions between the trading stakeholders(Pal et al., 2021). The
potential capability of blockchain can enhance the supply chain traceability and transaction
transparency. Blockchain is an affiliated technology that can deploy to execute the event.

Blockchain functions act as the distributed database to create the cryptography time stamped
blocks. The Blockchaintechnologies will enable the Bitcoin of the digital transactions with its
unique mechanism like proof of work (POW). The technology has the effectiveness to offer
better immutability, audibility and transparency for the intrinsic distributed network which
maintenance the transaction records with huge security level. The paper of Guo and Liang
mentioned that the revolutionary blockchaintechnologies can formulate a less intermediate and
multicenter paradigm for the conventional banking operation and payment system which can
solve the logistic issues cited by Dahdal et al., (2020). With the smart contracts the deployment
of blockchain can offer the automatic and transparent transactional environment that facilities a
series of digital terms and conditions, with the contract participants. The smart contracts with a
programmable protocol will execute the process with automation.

Figure: Blockchain in Trade finance

(Source: deloitte.com. 2022)

The blockchain efficiency in the trade finance offer real time review of the financial documents
associated accessible with blockchain to get the approval in the real time, and initiate the
shipment process without delay(Deloitte.com. 2022).The invoices accessed in the blockchain can
offer transparent view and real time into the subsequent short financing. The trade finance banks
who are facility with the block chain requires the transparent and trustful intermediate for
eliminating the risks needed in the correspondent banks with disintermediation(Civelekand
Özalp, 2018). The blockchain of a title that offer location transparency and as well as ownership
of goods. The automatic settlement in the contractual terms can executed with the smart contract.
The agreement of sale can be initiated between the exporter and importer with the smart contract
of the importerbank. The importerbank will review the draft terms of credit and purchase
agreement in real-time to pay the export banks. The export bank will evaluate the offered
payment obligations to approve them. The blockchain with the smart contract will cover the
lock- in obligations and the terms(Halilbegovic et al., 2019). The exporter will sign the
blockchain letter of credit digitally after collecting the applications within smart contract. The
third parties and custom will inspect the goods in exporting countries. After the delivery, the
importer will acknowledge the delivery with payment digitally. Blockchain will initiate the
payment two exporter from the importer with smart contract.

Theme 3: Utility of Block chain in Supply chain finance

The supply chain finance is an advantage for corporate financial management solution which
benefits buyers and suppliers for increasing the working capital. The supply chain finance which
aims to optimize the financial flow among the business processes and financial institutions,
parties and technology providers(Lamoureux et al., 2011). The conventional supply chain
transaction process is relatively lengthy with weak taxes, contracts institutional administration. It
also impacts the interactions between the standard procedure and supply chain partners. The
different governance structures in different institutions make it inconsistent and in effective for
collecting information and take credit decisions with the historical data for credit risk. The
unique innovation capability of blockchain technology with the distributed ledger concept can
eliminate the contemporary issues related to validity data transparency security and speed of
supply chain transactions among the buyers and sellers(Chang et al., 2019).

The blockchain technology has the capacity to address these issues with break through solutions
which is also considerably inexpensive. The blockchain technology with the combination of IoT
strengths can present real time data on the product visibility for the transparency in the supply
chain finance like purchase order financing inventory financing financial institution connections.
The blockchain technology creates a suitable environment with high validation and verification
that also adopts the government regulations changes(Akram et al., 2020). The distributed ledger
is the for most advantages of blockchain technology where the encrypted transaction data can be
stored for the all-network members. It offers relative Technological benefits in terms of
durability, Data architecture, conservation, transparency, process integrity etc.

Figure: Blockchain in SCF

Source:

The blockchain technology try to record the encrypted transaction in the supply chain process in
its ledger. It is distributed to the members for a certain time period. The transaction records try to
enter into the data block which is linked with the old block system using hashing and encryption
functions(Rijanto, 2021). After verification of the data, it is conducted through the consensus
governance and automation protocols. All members of this blockchain network carry out the
verification since all recorded transactions of the ledger is distributed. The data history is
considered as valid if the majority of the network members positive degree on
consensus(Beyerand Herzog, 2021).

The two types of blockchain method have the access of data control mechanism, the public
blockchain for public accessibility and permitted blockchain where the permission is required for
joining the consensus. In supply chain financing the blockchain offer a secure and decentralized
database, inexpensive and anonymous transaction, product traceability and smart contracts to
drive the blockchain adoption(Kabirand Islam, 2021). However, the blockchain adoption in the
supply chain financing is yet limited. The architecture of blockchain technology carry out the
supply chain data storage with irreversible secure and transparent process as the database of
different parties are decentralized so the authenticity is consistent. No party can claim for the
supply chain data ownership as a data is decentralized.

Theme 4: Risks of Blockchain in the Trade finance and SCF

The European banking authority (EBA) has released a report about the prudential risk of using
blockchain in the trade finance. One of the risks raised by EBA jurisdiction that the different
nodes of the blockchain have accessibility in different locations. The two-location legislation can
conflict with each other. The digital signed contract may not be enforceable for any of the
location. The report also claimed that there is a lack of central parties to offer appropriate
liability and governance(Eublockchainforum.eu. 2022). There is no listed guidance for the role
of participants, the way to resolve when issue if somebody loose the private key. It is an issue of
the public blockchain. The report has assessed that interviewed participants has pointed out this
as a main issue for the jointly own institutions in the trade finance.

The report has also expressed their concern on “Anti-money laundering (AML) compliance”
since the blockchain does not allow the physical investigation of documents much. It can create a
reputational and large damage on the potential holders. The banks in the trade finance are
targeted by the fraudsters, the blockchain which carries and stores huge encrypted data will be
targeted by the external fraud(Collomb et al., 2019). The private permitted blockchain can be
encountered with Equifax hacks.Besides the multiple advantages of blockchain in the supply
chain finance, the adoption of blocks in technology can create issues like integration with the
available IT system, the validation of the successful adoption of the technology, lack of
computational power, scalability, and the legal regulatory governance(Ledger Insights. 2022).
The scalability is and primary issue as the blockchain is destructible. It creates complexity for the
supply chain finance.
CHAPTER 5: DISCUSSION

The research is based on the adaption and use of Blockchain technology for trade finance and
finance (with the alignment of supply chain). The research evaluates the concepts of trade
finance and SCF (supply chain finance). The study has helped in evaluating the various
advantages that are obtained using Blockchain technology. There are numerous risks that are
associated with the increment of Blockchain technologies (Wang, 2021). The present study has
helped in keeping multiple technologies as it can ensure with the application for available
alignment of utility of project. The research discussion is based on the introduction, literature
review, methodology, data analysis, findings, discussion, and developing final conclusion and
recommendations. The study enables for the identification of challenges for supporting
implementation of Blockchain technology. There are various challenges impacting purchases,
inventories, orders, and automation. The analysis persists with the specific evaluation of the
supply chain finance (SCF) and finance trades. SCF are the logical instances of designing
solutions for supply chain that can help the organizations for overcoming any major drawback
(Bal and Pawlicka, 2021). The analysis ensures with the instances for development of third
parties for the process. The situation is listed with the effective alignment of the overall credit
and cashflow analysis as per the speculation of complexity problems.

There are a few gamble factors that can affect the commitment of the difficulties of executing
Blockchain innovations. The investigation is utilized for keeping the consideration of the
potential security issues with the arrangement of the gamble factors (Wanget al., 2021). The
significant control is suggested for taking on and coordinating accomplishment with the proper
assessment and complete assessment advancement. The reception can empower with the control
and improvement factors for keeping different working arrangement according to the successful
various examinations. The larger part control is of agreement according to the potential security
issues checking with the successful job in the finish of the cycle for saving incorporated job and
advancement of explicit open doors for managing. The joining is recorded with the issues of
significant control of agreement, tax assessment issues, restricted excavator access, and issues of
secrecy, protection and pseudo namelessness. The advancement of legitimate implementation is
suggested for keeping outer derivation protection issues. The private Blockchain innovation is
applied for coordinating and overseeing explicit commitment of activities. The control
advancement is sent for reception of the dangers for innovation. The accomplishment of the
unchanging dangers can empower for lining up with the backbone investigation (Shibuya and
Babich, 2021). The legitimate design is lined up with the basic continuous utilization of
Blockchain innovation.

Trade finance is one of the simplest strategies to increase the working capital for the company
(Liu, Yan and Wang, 2021). The application includes the innovations for variety of options as
per the critical role evaluation as per the needs and structure of effective chain management
solutions. The applicability of Blockchain alignment is imperative for critically utilizing
transaction solutions. The deployment of fully functional solutions for the management of trade
operations are largely dependent on the effective inclination of the digital technology.
Blockchain technology is effective for keeping an integrated accuracy of transaction and security
integration. The financial assistance is applicable for keeping support of the application for
financial product. The abundance of financial products has a major role in the alignment of
conducting the operations between exporters and importers. There are some terms such as the
amount borrowed for the installment for specific alignment of the particular evaluation of work.
The credit evaluation has mend for the success to ensure with the form for the credit to consider
the borrowing as per the involving of the short term and timeline utilization (Wang and Wang,
2022). The analysis is completed with the inclusion of Marco Polo Decentralized Network,
which is also known as Trade IX.

Blockchain technology has responsible for the development and inclusion of the activities and
manage the successive inclusion of the security. The analysis can help in aligning disadvantages
for aligning specific related Blockchain technology for keeping improved activities and enable
for the completion management (Wang, 2021). The analysis shows the specific inclusion of the
comprehensive evaluation process. The technology innovation is implied with complete
controlled evaluation. The technology is applicable for the complete integration deployment. The
analysis for keeping introduction and managing the completion of the effective technology
management. The improved technology is formal completion and management of the
technology. The support of digital technology is helpful for enhancing the usability of the entire
system. The complete analysis is deployed with the effective use of the transactions for occurring
with the security alignment. The decentralized effective inclusion is added for ledger analysis as
per the needs for the participants for keeping integrated role. Blockchain technology has a major
role in improving the trade finance for keeping innovative role in forming exponential role
(Chenet al., 2021). The financial organization is listed with the imperative analysis of banking
system for inclusion management. Implementation of the block chain technology can help in
developing control analysis of effective risk management roles.

Blockchain technology has been applicable for the development of openness to develop business
networks and security completeness (Sternberg, Hofmann and Roeck, 2021). The banking
analysis is deployed for the benefits of trade and alignment management. The trade finances are
evaluated with the completion of the such trust and management. The security and high
performance is deployed for easing and forming the success of the controlled evaluation. The
financial analysis and treatment facilities are employed with the effective customization and
forming complete inclusion and development of the regarding process enabling. The technology
enables for keeping as a major for aligned with the continuous effective participation of the
finance decreasing and increasing alignment. The power of tracking and exporting the goods for
keeping financing opportunities and evaluating complete alignment. The development of
effective process for keeping integrated process management. The process enabled with the
processing of time for managing the finishing of the effective transactions is integrated for
keeping swiftly for easing the composition enabling (Merugulaet al., 2021). The information can
help in developing multiple information storage as the study has enabled for lifting with the
imperative evaluation of imperative processing management. The trade related for rationalization
for keeping imperative cross border seller and enhancing expansion for the positive relation
alignment.

There are several risk factors that can impact the contribution of the challenges of implementing
Blockchain technologies (Sternberg, Hofmann and Roeck, 2021). The analysis is employed for
keeping the inclusion of the potential security issues with the deployment of the risk factors. The
major manipulation is implied for adopting and integrating success with the formal evaluation
and complete evaluation development. The adoption can enable with the control and
development factors for keeping multiple working alignment as per the effective multiple
studies. The majority manipulation is of consensus as per the potential security issues marking
with the effective role in the completion of the process for keeping integrated role and
development of specific opportunities for dealing. The integration is listed with the issues of
major manipulation of consensus, taxation issues, limited miner access, and problems of
anonymity, privacy and pseudo anonymity. The development of legal enforcement is implied for
keeping external inference privacy issues. The private Blockchain technology is applied for
integrating and managing specific contribution of operations. The control development is
deployed for adoption of the risks for technology (Wang, 2021). The achievement of the
immutable risks can enable for aligning with the lifeblood analysis. The proper architecture is
aligned with the critical real time application of Blockchain technology.

The thematic analysis has been done for the identification of the themes as effectiveness trade
finance and supply chain finance, utility of block chain in trade finance, utility of block chain in
supply chain finance, and risks of Blockchain in the trade finance and SCF (Chenet al., 2021).
These thematic analysis is applicable for the effective inclusion of the international trade finance
and supply chain finance. The first analysis includes effectiveness for developing trade and
supply chain finance. The well functioned operations are endured with the comprehensive
management of the activities. The effectiveness of the trade finance and supply chain is aligned
with the composition of the stress period analysis. The completion of the Lehman Bankruptcy in
2011 marked the possible disruptions for the European banks concerns. The analysis is deployed
for the conceptual analysis of eased management. The contribution of the specific management is
implied for enduring with the controlled inclusion of the assignment (Wang and Wang, 2022).
The deployment of previous bank intermediate trade finance is applicable with the finance
performance and management. The bank products are aligned with the conceptual deployment of
the trade finance analysis.

The utility of the Blockchain is another central point setting for reliance on paper based tasks.
The conventional practices have obstructed the general execution of the framework with the
decentralization of the working industry organization (Liu, Yan and Wang, 2021). It records in
the exchange finance like continuous following, straightforwardness, and trustful exchange. The
exchange finance with dispersed networks, leads the basic straightforward records of the
exchanges and its expected capacity of Blockchain as an associated innovation. Blockchain
capacities go about as the conveyed information base to make the cryptography time stepped
blocks. The Blockchain innovations will empower the Bitcoin of the computerized exchanges
with its one of a kind system like evidence of work (POW). The innovation brings the adequacy
to the table better changelessness, perceptibility and straightforwardness for the natural
appropriated network which upkeep the exchange records with tremendous security level (Bal
and Pawlicka,2021). With the brilliant agreements the arrangement of Blockchain can offer the
programmed and straightforward value-based climate that offices a progression of computerized
agreements, with the agreement members. The savvy contracts with a programmable convention
will execute the cycle with robotization. The Blockchain of a title that offer area
straightforwardness and as well as responsibility for. The programmed settlement in the legally
binding terms can execute with the knowledge contract. The arrangement of offer can be started
between the exporter and shipper with the savvy agreement of the merchant bank (Merugulaet
al., 2021). The exporter will sign the Blockchain letter of credit carefully subsequent to gathering
the applications inside shrewd agreement. The outsiders and custom will review the products in
sending out nations. After the conveyance, the merchant will recognize the conveyance with
instalment carefully.
CHAPTER 6: CONCLUSION AND RECOMMENDATIONS

6.1 Conclusion

Hence, from the study it is evident that the Blockchain technology is effective with the
imperative evaluation of the technology benefits. The supplementary risk factors with the
implementation of technology for supply chain finance and trade finance is aligned for the
comprehensive deployment of the activities. The complete management of the speculation is
aligned with the comprehensive formation of the effective work alignment. The deployment is
marked with the overcoming of complexity, security concerns, and adaption issues. The
technology can help in easing with the continuous deployment of the smart technology
assessment. The examination depends on the adaption and utilization of Blockchain innovation
for exchange endlessly finance (with the arrangement of store network). The exploration assesses
the ideas of exchange finance and SCF (inventory network finance). The review has helped in
assessing the different benefits that are gotten utilizing Blockchain innovation. There are various
dangers that are related with the addition of Blockchain innovations. The current review has
helped in keeping numerous innovations as it can guarantee with the application for accessible
arrangement of utility of undertaking. The exploration conversation depends on the presentation,
writing survey, procedure, information examination, discoveries, conversation, and creating last
end and suggestions. The review empowers for the ID of difficulties for supporting execution of
Blockchain innovation. There are different difficulties affecting buys, inventories, requests, and
mechanization. The investigation endures with the particular assessment of the inventory
network finance (SCF) and finance exchanges. SCF are the legitimate occasions of planning
answers for store network that can help the associations for conquering any significant downside.
The examination guarantees with the occasions for advancement of outsiders for the interaction.
The circumstance is recorded with the successful arrangement of the general acknowledge and
capital examination according to the theory of intricacy issues.

Exchange finance is probably the least difficult technique to expand the turning out capital for
the organization. The application incorporates the developments for assortment of choices
according to the basic job assessment according to the requirements and construction of viable
chain the executives’ arrangements. The pertinence of Blockchain arrangement is basic for
basically using exchange arrangements. The organization of completely practical answers for the
administration of exchange tasks are to a great extent reliant upon the compelling tendency of the
advanced innovation. Blockchain innovation is powerful for keeping an incorporated exactness
of exchange and security reconciliation. The monetary help is pertinent for saving help of the
application for monetary item. The overflow of monetary items plays a significant part in the
arrangement of leading the tasks among exporters and merchants. There are a few terms, for
example, the sum acquired for the portion for explicit arrangement of the specific assessment of
work. The credit assessment has repair for the accomplishment to guarantee with the structure
for the credit to consider the getting according to the including of the present moment and
timetable use. The investigation is finished with the incorporation of Marco Polo Decentralized
Network, which is otherwise called Trade IX.Blockchain innovation has liable for the turn of
events and incorporation of the exercises and deal with the progressive consideration of the
security. The investigation can help in adjusting hindrances for adjusting explicit related
Blockchain innovation for keeping further developed exercises and empower for the finishing the
board. The investigation shows the particular consideration of the complete assessment process.
The innovation development is suggested with complete controlled assessment. The innovation
is material for the total mix sending. The investigation for keeping presentation and dealing with
the finishing of the successful innovation the executives. The superior innovation is formal
fulfillment and the board of the innovation. The help of advanced innovation is useful for
upgrading the ease of use of the whole framework. The total examination is conveyed with the
viable utilization of the exchanges for happening with the security arrangement. The
decentralized viable incorporation is added for record examination according to the requirements
for the members for keeping coordinated job. Blockchain innovation plays a significant part in
further developing the exchange finance for keeping creative job framing remarkable job. The
monetary association is recorded with the basic investigation of banking framework for
incorporation the board. Execution of the square chain innovation can help in creating control
examination of successful gamble the board jobs.

Blockchain innovation has been pertinent for the improvement of receptiveness to foster business
organizations and security culmination. The financial investigation is conveyed for the
advantages of exchange and arrangement the executives. The exchange funds are assessed with
the fulfillment of the such trust and the executives. The security and elite execution is conveyed
for facilitating and shaping the outcome of the controlled assessment. The monetary
investigation and treatment offices are utilized with the compelling customization and framing
total consideration and advancement of the in regards to process empowering. The innovation
empowers for keeping as a significant for lined up with the ceaseless successful investment of
the money diminishing and expanding arrangement. The force of following and trading the
products for continuing funding potential open doors and assessing total arrangement. The
advancement of compelling interaction for keeping incorporated process the executives. The
interaction empowered with the handling of time for dealing with the completing of the powerful
exchanges is incorporated for keeping quickly for facilitating the organization empowering. The
data can help in fostering numerous data stockpiling as the review has empowered for lifting
with the basic assessment of basic handling the executives. The exchange related for justification
for saving basic cross line vender and improving development for the positive connection
arrangement.

6.2 Recommendations

Some of the recommendations for the implication of the Blockchain technology in trade finance
and supply chain finance are,

The ordinary production network exchange process is generally extended with powerless duties,
contracts institutional organization. It likewise impacts the connections between the standard
methodology and store network accomplices. The Blockchain innovation with the blend of IoT
qualities can introduce constant information on the item deceivability for the straightforwardness
in the production network finance like buy request supporting stock funding monetary
organization associations.

It is disseminated to the individuals for a specific time frame period. The exchange records
attempt to go into the information block which is connected with the old square framework
utilizing hashing and encryption capacities. In inventory network supporting the Blockchain
offer a solid and decentralized data set, economical and mysterious exchange, item detectability
and brilliant agreements to drive the Blockchain reception.
The report additionally asserted that there is an absence of focal gatherings to offer suitable
responsibility and administration and it is an issue of the public Blockchain. The banks in the
exchange finance are focused on by the fraudsters, the Blockchain which conveys and stores
enormous scrambled information will be designated by the outside misrepresentation. The
inventory network information capacity with irreversible secure and straightforward interaction
as the data set of various gatherings are decentralized so the credibility is reliable. The two-area
regulation can struggle with one another. The advanced marked agreement may not be
enforceable for any of the area. Other than the various benefits of Blockchain in the inventory
network finance, the reception of squares in innovation can make issues like joining with the
accessible IT framework.
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