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Can Blockchain revolutionize international trade?

Can Blockchain revolutionize international trade?

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SUMMARY

This report explores all the benefits that blockchain could bring to international trade including the improvement of processes and the shift towards paperless trade. 

Blockchain is described in this paper as a tamper-proof, decentralized and DLT of transactions that offers trust and is considered to be extremely resilient. Blockchains can be public, private or handles by a consortium of organizations. They can also be accessible or restricted.

Various applications of blockchain entail a diverse set of fields related to WTO work: finance and trade finance, customs and certification processes, transportation and logistics, insurance, distribution, intellectual property, and government procurement. 

The technology offers compelling opportunities to improve the efficiency of processes and reduces costs in these fields, but it is not the solution to everything. 

Blockchain could be useful to push trade towards becoming paperless. Trade in goods usually involves many players and is still paper-intensive. But the difficulties to overcome are significant and therefore should not be undermined.

Blockchain could be useful to administer intellectual property rights in a better way and transparently while helping fight counterfeits. It could also enhance government procurement processes, but it is crucial to measure the costs and benefits in detail beforehand.

Blockchain presents as well the potential to reduce several trade costs significantly. This technology, the report explains, also presents new opportunities for MSMEs and small producers from developing markets.

OUTLINE

Introduction and Executive Summary

Blockchain

International trade

Opportunities and challenges

Conclusion

Annex and Glossary

DETAILS

Overview

Researchfinder Rating
5 out of 5 stars
Title
Can Blockchain revolutionize international trade?
Region
Global
Published
Nov. 27, 2018
Publisher
WTO
Author(s)
Emmanuelle Ganne
Price
FREE
Language
ENGLISH

Content

Number of Pages
163
Number of Tables
1
Number of Exhibits
25
Topics
blockchain
Tags
automation, bitcoin, blockchain, data protection, DLT, ethereum, global, logistics, private blockchains, proof of work, public blockchains, regulation, security, smart contracts, supply chain, transportation, WTO
Author(s)
Emmanuelle Ganne
Methodology
Not available.
EVALUATION

This is an extremely comprehensive report on blockchain that constitutes a great option to dive into this topic thanks to its great data and explanatory language.

Positives:

  • Great key features
  • Clear language
  • Dydactic graphics
  • Quality data
  • Clear conclusions
  • Great annexes
  • Excellent glossary
  • References and links 

 

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