Shared process workflow

Every instance of a test case scenario presented in this chapter takes a long period of time to complete, involves interactions among different sets of entities at different times, and has many different moving parts that are difficult to keep track of. We hope to simplify this process using our workflow. Implemented on a blockchain, the sequences of transactions described in the following steps (and illustrated in the following diagram) can be carried out in an irrevocable and non-repudiable manner. In this sequence of events, we assume a straight, linear narrative where parties are in agreement with each other and nothing untoward happens; guards are built in the process only to catch errors.

The transactions in our workflow are as follows:

1. Importer requests goods from the exporter in exchange of money
2. Exporter accepts the trade deal
3. Importer asks its bank for an L/C in favor of the exporter
4. The importer's bank supplies an L/C in favor of the exporter, and payable to the latter's bank
5. The exporter's bank accepts the L/C on behalf of the exporter
6. Exporter applies for an E/L from the regulatory authority
7. Regulatory authority supplies an E/L to the exporter
8. Exporter prepares a shipment and hands it off to the carrier
9. The carrier accepts the goods after validating the E/L, and then supplies a B/L to the exporter
10. The exporter's bank claims half the payment from the importer's bank
11. The importer's bank transfers half the amount to the exporter's bank
12. The carrier ships the goods to the destination
13. The importer's bank pays the remaining amount to the exporter's bank

Here is a diagram to explain the transaction workflow: