Augmenting cryptocurrency in smart supply chain

Blockchain has been successfully used in many applications for international asset transfers and domestic payments. In these cases, payment processes are more liquidated and automated leading to the paradigm shift in the payment industry. The advancement of Blockchain technology (BCT) tends to replace conventional payment methods in supply chain that may involve payment terms. However, when BCT is applied, some payment conditions can be met by adopting smart contracts; while other scenarios such as a payment in arrears have yet been addressed. For example, no payment solution is available for anticipated funds associated with contractual dues. To improve the flexibility, we propose a new architecture based on smart contracts to lubricate the payments, and we evaluate the effectiveness of the architecture. The system has its great theoretic and practical significance since it creates the new technical thread that enterprises would be able to fully utilize future resources in current businesses.

Automated summary

Blockchain technology has been successfully used in various applications for international asset transfers and domestic payments, leading to a paradigm shift in the payment industry with more liquidated and automated payment processes. While BCT tends to replace conventional payment methods in supply chain, some payment conditions, such as arrears, remain unresolved. A new architecture based on smart contracts has been proposed to improve payment flexibility, with significant theoretical and practical significance in allowing enterprises to fully utilize future resources.