Blockchain Development with Hyperledger

Real-world processes

The intermediaries that facilitate payment are the respective banks of the exporter and the importer. In this case, the trade arrangement is fulfilled by the trusted relationships between a bank and its client, and between the two banks. Such banks typically have international connections and reputations to maintain. Therefore, a commitment (or promise) by the importer's bank to make a payment to the exporter's bank is sufficient to trigger the process. The goods are dispatched by the exporter through a reputed international carrier after obtaining regulatory clearances from the exporting country's government.

Proof of delivery to the carrier is sufficient to clear payment from the importer's bank to the exporter's bank, ...