Use Blockchain technology to facilitate your trade

Blockchain technology helps businesses, those interact to get a job done, by creating a single point of truth and trust between the parties.

Blockchain is a technology using a distributed ledger. This means the participants of the blockchain network are using the very same ledger, replicated simultaneously on their own peers. This enables the very necessary aspect of having a single point of truth between the parties.

The rules between the parties are defined through smart contracts. These are also referred as chain codes. Once a chain code is deployed on a part of the network, it is also deployed for all other parties in the same network, so that every participant sees and knows what business logic is enforced through smart contracts.

By using the same database, which is also known as a ledger, and same business rules, which are also known as smart contracts, all parties of the business network can enforce and act within the agreed roles and responsibilities of the business relationship. This prevents non-allowed actions to be mistakenly or deliberately taken by any party and also gives full transparency on the events and actions, conducted for the business services to run.

BTP is using IBM Blockchain Platform, running on open source Hyperledger Fabric. IBM significantly contributed on Hyperledger Fabric’s development, giving the platform an ability to connect through remote peers amongst many other advantages. The flexibility of the Hyperledger Fabric infrastructure provides better solution development on business networks.

  • Hyperledger Fabric has the option to run a network, allowing individuals and organizations to control access over their data and resources.
  • It also makes users accountable for their actions on the blockchain network
  • Hyperledger Fabric allows only authorized parties to connect to and use any part of a Hyperledger network through its permissioned structure.
  • The users can also store and use private data in their transactions.
  • Every part of the network is configurable including; members, roles, chain codes, permissions, memberships and data storage to fit the needs of the participants in the blockchain network.

BTP, aims to use the data model, introduced by World Customs Organisation and developed in accordance with the needs of the EU. The new data model, EUCDM is the standard data exchange model of the BTP while any other digital data can be received, processed and sent back to the parties.

The events, those happen on international supply chain, are recorded on blockchain along with the data elements of the digital documents. This enables full visibility through given permissions to the business and government parties in the network. The need of traditional document circulation between parties is eliminated while giving full authenticity to actions and documents through public and private keys, issued by certification authorities.

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