WTO analyses potential impact of Blockchain on internetional trade
The World Trade Organization (WTO) launched a new publication entitled “Can Blockchain revolutionize international trade?”, sparked by the growing global interest and debate on Blockchain.
The publication introduces a basic explanation of the Blockchain technology and goes on to analyse the relevance of its relevance for trade facilitation by reviewing its current and potential application in the various areas covered by WTO rules. The publication provides an insight into the extent to which the Blockchain technology could affect cross-border trade in goods and services and in intellectual property rights. The possibility of reducing trade costs and enhancing supply chain transparency is addressed, as well as the opportunities Blockchain provides for micro, small and medium-sized enterprises.
The publication also discusses various challenges to the wider and more significant impact of Blockchain on international trade. Such challenges include whether the technology can be scaled up for large or complex applications, how immune it is to security threats, to what extent various Blockchain platforms can be used in an integrated manner, and which legal issues need to be ironed out to increase mainstream use of the technology.
The publication argues that the transportation and logistics sector constitutes a fertile ground for Blockchain implementation due to the high number of actors involved and could be deeply transformed. It is noted that the potential benefits that Blockchain offers to the sector are arguably wide-ranging, with the key benefit being the possibility of enhancing collaboration between the various companies involved, while at the same time allowing them to retain control of sensitive information and of who knows what and when.
Click here to read the full publication.