Three Seas Economic Journal (Apr 2021)
BLOCKCHAIN TECHNOLOGY INTO STEEL INDUSTRY CURRENT STATE OF FOREIGN PAYMENT ACTIVITY
Abstract
The purpose of the article is to analyze the current state of foreign trade in the industrial blockchain of the steel industry, the existing digital platform has gradually formed a large-scale heterogeneous distributed environment. The problems of further development of the metallurgical complex of Ukraine in the world electronic system of international cooperation are determined. Methodology. The survey is based on a blockchain technology is an interlinked systematic chain of blocks that contains transaction history and other user data. It works under the principle of decentralized distributed digital ledger. Results. Experimental tests prove that production companies, logistics, international payments and consumers can participate in the information certification of steel products via the modern information system. Consumers can understand the real product manufacturing process, effectively avoiding of the incomplete information and low transparency in the traditional information traceability process, and effectively trace the quality of steel products. The system provides an effective payments scheme for promoting the transformation and upgrading of the modern technology steel industry. Practical implications. In view of the low transparency of information traceability of current steel products and the defects of information islands, in this article the blockchain-based steel smart contract payment technology quality traceability system is developed and adopted the alliance chain mode and the new digital blockchain platform. The article describes the use of smart payment technology in a full-fledged financial transaction as a transfer funds in cryptocurrency to electronic bank accounts, as well as the transfer of commercial information, including contracts. To do this, the assets and terms of the contract are encoded and placed in the block chain, then the contract is distributed is saved on a set of network nodes and is executed after the condition is triggered. The fulfillment of the obligations of the parties is checked automatically. It is worth noting that the fact that smart contracts only react to transactions. If the asset or the currency is transferred to the program, it starts monitor compliance with the terms of the contract. How as soon as they are fulfilled, the seller receives money, and the buyer is a shipment goods. Value/originality. Blockchain technologies enable the use of business information systems that are highly resistant to technical failures and malicious attacks. Costs and time of carrying out business operations are significant.
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