| Popis: |
Today, the commodity trading industry, and specifically the trade finance sector, suffers from inefficient and costly processes. In this Bachelor thesis, we will study the commodity trade finance world, identify its weaknesses and try to strengthen them with a new technology: The Blockchain. We will explore the different theoretical aspects related to the Blockchain, but also to the Smart Contracts, and the trade finance generally. We will discuss all the participants, the processes and what is required by the industry in general, and situate Geneva’s position in the equation. Further, we will compare the different business processes in order to point out the weaknesses mentioned above, and see how they could be improved using Blockchain technology. From theoretical conceptions, passing by observation and study of business processes, to practical explorations like the creation of a Smart Contract and the analysis of real case studies and by complementing them with the Blockchain and Smart Contracts technologies, our journey will be long and well fulfilled. Finally, we will discuss some of the issues and opportunities that could face the trade finance industry regarding the business processes with a potential implementation of the Blockchain. Would it be efficient? Can we trust this technology? What would be the impediments to its adoption? How would the parties involved in trade finance react to these technology? How can we see the future for an entire industry, which is one on the most significant part of Geneva? We will try to answer all those questions. It has been demonstrated and substantially discussed that Blockchain could and would be a revolution in trade finance. Due to large amount advantages could bring in the industry in addition to resolve some of the issues of the “old business world”. Finally, we will propose a potential solution that could fix everyone’s problems regarding for the commodity trading market. The creation of a unique platform, based on Blockchain technology and centralizing all the participant at the same place and allowing the creation of Smart Contracts between each other. This would permit an easier way to establish new regulations for the entire business regarding Blockchain and make it binding to everyone, all by being able to monitor more easily potential issues that could occur during the implementation process. |
