Developing the Uniform Economic Transaction Protocol

Abstract

The global economy faces a growing number of interfaces for economic transactions to take place. As more and more types of transactions occur in the information age, more regulations, guidelines and IT approaches are created to handle these transactions. This results in increasing costs, cumbersome processes and higher entry barriers for small and new players. The Uniform Economic Transaction Protocol (UETP) is a free, open source protocol for an open global network for economic transactions; the economic internet. A uniform economic language will enable an aligned, real time connectivity which increases trust, decreases costs and the number of needed connections. It makes it possible for all economic parties (buyer, seller, banks, fiscal authorities, logistics providers etc.) to speak the same economic language and connect to the online economic transaction. In this paper we describe UETP and how the cogNIAM variant of Fact Based Modeling has been used to develop UETP.