Tilburg law school enhancing letters of credit with blockchain and smart contracts
Başlık çevirisi mevcut değil.
- Tez No: 842666
- Danışmanlar: Belirtilmemiş.
- Tez Türü: Yüksek Lisans
- Konular: Hukuk, İşletme, Law, Business Administration
- Anahtar Kelimeler: letter of credit, blockchain, UCP, bill of lading, smart contracts
- Yıl: 2019
- Dil: İngilizce
- Üniversite: Tilburg University
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 55
Özet
Letters of credit are one of the most important instruments used in international trade for many years. However, the parties of it still have to undertake a considerable amount of risk. Also, its paperdependent nature makes it slow, costly and vulnerable to fraudulent actions. Today, Uniform Customs and Practice for Documentary Credits (UCP), which are published by ICC, are applied nearly to all of the letter of credit transactions. The blockchain and smart contract technologies are becoming widespread, and financial institutions are seeking ways to implement these technologies to their services. One of the promising usage areas of these technologies are letters of credit. The documents stored, generated and transmitted through blockchain are immutable and resistant to corruption. Therefore blockchain technology can reduce the risks the parties undertake in a letter of credit transaction while making the process faster and cheaper. Also, the codes stored in a blockchain that executes itself, called smart contracts, can arguably automate the execution process of the letter of credit. In this paper, we will explore the ways to implement these technologies into an instrument that is in use for centuries. Also, we will address the legal consequences of doing so and examine the current legislation to determine if the legal environment supports implementations of these technologies. By doing so, we will examine the UCP rules and its compatibility with the emerging technologies.
Özet (Çeviri)
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