Abstract
Traditional commercial systems face many problems in terms of transportation, information latency, and reliability, thus affecting the whole process. Blockchain technology and smart contracts have been seen as a panacea for these problems. Specifically, all information about packages, orders, and ties between relevant parties (i.e., seller and buyer) is stored in a distributed ledger. Thereby, the seller and the buyer can access the necessary information about their package. However, the most significant difference between the international trading system and the rest is the need for an arbitrator/third party (i.e., a middleman) to judge when there is a conflict between the seller and the buyer (e.g., the bank provides the letter of credit). Setting up the rules/policies is essential during the order/package creation. It helps the middleman issue penalty fees if the stakeholders violate the constraints in the contract. Due to the above reasons, this paper introduces a system based on blockchain and smart contracts named Safe Seller Safe Buyer (SSSB) system as an approach to insurance for cross-border exchange. This article also implements SSSB on the three common platforms currently supporting Ethereum’s ERC20, including Ethereum, BNB Smart Chain, and Fantom. By evaluating the actual implementation of the Gas, SSSB has the cheapest fee when installed on the Fantom platform. We provide the implementation/deployment of smart contracts on the three platforms to encourage further research on this topic.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
Solidity is an object-oriented, high-level language for executing smart contracts. Smart contracts are programs that govern the behavior of accounts in the Ethereum state https://docs.soliditylang.org/en/v0.8.13/.
- 2.
Ethereum https://ethereum.org/en/whitepaper/.
- 3.
Binance Smart Chain https://github.com/bnb-chain/whitepaper/blob/master/WHITEPAPER.md.
- 4.
- 5.
The implementation/deployment of SSSB on: Fantom platform: https://testnet.ftmscan.com/address/0xF11Fde29e0EB94d977d44c2660F5e0227DC81462#code; Ethereum platform: https://kovan.etherscan.io/address/0xc3f2e07d850d9131123513e3a106c2ce02b8fa21#writeContract; Binance Smart Chain platform: https://testnet.bscscan.com/tx/0x236fd512f44fa21148e0f902e72277619e2438d704fe9bfa7d6a8db55f1861b7.
- 6.
The redemption value as of date April 16, 2022.
References
Wong, S.Y., Chin, K.S.: Organizational innovation management: an organization-wide perspective. In: Industrial Management and Data Systems (2007)
Dolan, J.: The law of letters of credit. 4th edn, pp. 07–36 (2007)
TTXVN: Case of 100 containers of cashews exported to Italy: police kept 4 containers (2022). https://fomexco.com/business-news/case-of-100-containers-of-cashews-exported-to-italy-policekept-4-containers-230
Ethereum: How our escrow smart contract works (2022). https://www.thenational.ae/business/technology/cash-on-delivery-the-biggest-obstacle-to-e-commerce-in-uae-and-region-1
Waters, D.: Supply Chain Risk Management: Vulnerability and Resilience in Logistics. Kogan Page Publishers (2011)
Ha, X.S., et al.: DeM-CoD: novel access-control-based cash on delivery mechanism for decentralized marketplace. In: 2020 IEEE 19th International Conference on Trust, Security and Privacy in Computing and Communications (TrustCom), pp. 71–78. IEEE (2020)
Son, H.X., et al.: Towards a mechanism for protecting seller’s interest of cash on delivery by using smart contract in hyperledger. Int. J. Adv. Comput. Sci. Appl. 10(4), 45–50 (2019)
Ha, X.S., Le, T.H., Phan, T.T., Nguyen, H.H.D., Vo, H.K., Duong-Trung, N.: Scrutinizing trust and transparency in cash on delivery systems. In: Wang, G., Chen, B., Li, W., Di Pietro, R., Yan, X., Han, H. (eds.) SpaCCS 2020. LNCS, vol. 12382, pp. 214–227. Springer, Cham (2021). https://doi.org/10.1007/978-3-030-68851-6_15
Duong-Trung, N., et al.: Smart care: integrating blockchain technology into the design of patient-centered healthcare systems. In: Proceedings of the 2020 4th International Conference on Cryptography, Security and Privacy. ICCSP, pp. 105–109 (2020)
Duong-Trung, N., et al.: On components of a patient-centered healthcare system using smart contract. In: Proceedings of the 2020 4th International Conference on Cryptography, Security and Privacy, pp. 31–35 (2020)
Son, H.X., Le, T.H., Quynh, N.T.T., Huy, H.N.D., Duong-Trung, N., Luong, H.H.: Toward a blockchain-based technology in dealing with emergencies in patient-centered healthcare systems. In: Bouzefrane, S., Laurent, M., Boumerdassi, S., Renault, E. (eds.) MSPN 2020. LNCS, vol. 12605, pp. 44–56. Springer, Cham (2021). https://doi.org/10.1007/978-3-030-67550-9_4
Le, H.T., et al.: Patient-chain: patient-centered healthcare system a blockchain-based technology in dealing with emergencies. In: Parallel and Distributed Computing, Applications and Technologies. PDCAT 2021. LNCS, vol. 13148. Springer, Cham (2022). https://doi.org/10.1007/978-3-030-96772-7_54
Quynh, N.T.T., et al.: Toward a design of blood donation management by blockchain technologies. In: Gervasi, O., et al. (eds.) ICCSA 2021. LNCS, vol. 12956, pp. 78–90. Springer, Cham (2021). https://doi.org/10.1007/978-3-030-87010-2_6
Le, H.T., et al.: BloodChain: a blood donation network managed by blockchain technologies. Network 2(1), 21–35 (2022)
Le, H.T., et al.: Introducing multi shippers mechanism for decentralized cash on delivery system. Int. J. Adv. Comput. Sci. Appl. 10(6), 590–597 (2019)
Antonopoulos, A.M., Wood, G.: Mastering Ethereum: Building Smart Contracts and DApps. O’Reilly Media (2018)
OpenBazaar: Truly decentralized, peer-to-peer ecommerce features (2022). https://openbazaar.org/features/
Two party contracts (2022). https://dappsforbeginners.wordpress.com/tutorials/two-party-contracts/
Duong-Trung, N., et al.: Multi-sessions mechanism for decentralized cash on delivery system. Int. J. Adv. Comput. Sci. Appl. 10(9) (2019)
Le, N.T.T., et al.: Assuring non-fraudulent transactions in cash on delivery by introducing double smart contracts. Int. J. Adv. Comput. Sci. Appl. 10(5), 677–684 (2019)
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2022 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this paper
Cite this paper
Quoc, K.L. et al. (2022). SSSB: An Approach to Insurance for Cross-Border Exchange by Using Smart Contracts. In: Awan, I., Younas, M., Poniszewska-Marańda, A. (eds) Mobile Web and Intelligent Information Systems. MobiWIS 2022. Lecture Notes in Computer Science, vol 13475. Springer, Cham. https://doi.org/10.1007/978-3-031-14391-5_14
Download citation
DOI: https://doi.org/10.1007/978-3-031-14391-5_14
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-031-14390-8
Online ISBN: 978-3-031-14391-5
eBook Packages: Computer ScienceComputer Science (R0)