Examination of Supernets to Facilitate International Trade for Indian Exports to Brazil

Evan Winter, Anupam Shah, Ujjwal Gupta, Anshul Kumar, Deepayan Mohanty, Juan Carlos Uribe, Aishwary Gupta and Mini P. Thomas

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Abstract: The objective of this paper is to investigate a more efficient cross-border payment and document handling process for the export of Indian goods to Brazil. The paper is structured into two sections: first, to explain the problems unique to the India-Brazil international trade corridor by highlighting the obstacles of compliance, speed, and payments; and second, to propose a digital solution for India-brazil trade utilizing Supernets, focusing on the use case of Indian exports. The solution assumes that stakeholders will be onboarded as permissioned actors (i.e. nodes) on a Polygon Supernet. By engaging trade and banking stakeholders, we ensure that the digital solution results in export benefits for Indian exporters, and a lawful channel to receive hard currency payments. The involvement of Brazilian and Indian banks ensures that Letter of Credit (LC) processing time and document handling occur at the speed of blockchain technology. The ultimate goal is to achieve faster settlement and negotiation period while maintaining a regulatory-compliant outcome, so that the end result is faster and easier, yet otherwise identical to the real-world process in terms of export benefits and compliance.

Date: 2023-06
New Economics Papers: this item is included in nep-int and nep-pay
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