An Evaluation of EVM-Compatible Blockchain Platforms for Trade Finance

Asif  Bhat; Rizal  Mohd Nor; Md Amiruzzaman; Md. Rajibul Islam; Munleef  Quadir

doi:10.37934/ard.127.1.150172

Authors

Asif Bhat Department of Computer Science, Kulliyyah of ICT, International Islamic University Malaysia, Kuala Lumpur, Malaysia
Rizal Mohd Nor Department of Computer Science, Kulliyyah of ICT, International Islamic University Malaysia, Kuala Lumpur, Malaysia
Md Amiruzzaman Department of Computer Science, West Chester University of Pennsylvania, West Chester, PA 9383, USA
Md. Rajibul Islam Department of Computer Science, University of Asia Pacific, Dhaka, Bangladesh
Munleef Quadir Department of Computer Science College of Computer Science and Information Technology, Jazan University, Jazan, Kingdom of Saudia Arabia

DOI:

https://doi.org/10.37934/ard.127.1.150172

Keywords:

Blockchain, transaction, variance

Abstract

Blockchain, such as Bitcoin and Ethereum, has received significant attention and widespread usage in recent years. However, blockchain scalability has emerged as a challenging issue. This article explores the existing scalability options for blockchain, which can be categorized into two groups: first layer solutions and second layer solutions. First layer solutions involve network modifications like altering block size, while second layer solutions encompass techniques applied outside of the blockchain. Ethereum, the second largest blockchain, utilizes the Ethereum Virtual Machine (EVM) for executing smart contracts on the blockchain. Currently, there are several EVM-compatible blockchains with noticeable differences. In this study, we evaluated multiple platforms for conducting business processes in trade finance. We considered both Layer 1 and Layer 2 blockchain solutions and examined variations in cost and performance (speed). Based on the evidence gathered in this study, we provide recommendations for system designers to consider when selecting a blockchain platform.