How Blockchain Could Change World Trade

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Last month, a publication was launched by the World Trade
Organisation which calls for multi-stakeholder dialogue to look
into the practical and legal implications of blockchain for the
analysis of its limit in order to transform world trade.

Compared to the current network of a proprietary system,
blockchain offers a transparent and safe way to share data and
information. To sum it up, blockchain is like digital ledger with all
the relevant information ‘jotted’ down on to it. Anyone who has
the rights to access the ledger can make changes and include
more information. On the blockchain, these changes are called
blocks and they are added to the ‘chain’.

The World Trade Organisations article titled Can Blockchain
Revolutionise International Trade, looks into the technology and
how it could enhance areas related to the WTO’s work and
explores the challenges that lie in front of which will have to be
addressed sooner rather later so that we can see the technologies
full potential.

The publication by the WTO starts off with a basic introduction to
the technology and says that it is a tamper-proof, decentralised
record of transactions, it allows users to collaborate with each
other and built a trust barrier too. It also describes different
classifications of blockchains and their current and possible
applications in the various areas covered by WTO rules.

With this, there is an insight which is provided into the extent to
which the technology could aid with trade facilitation and include
how it can hasten the transition to paperless trade transactions.
This brings the potential of blockchain into consideration and the
limits in changing services it has too with payment systems,
insurance and the automation of contracts. In the published
content by WTO, it also goes into how blockchain could help ease
the administration of intellectual property rights and enhance
government procurement processes.
According to Just Style :

“Other potential benefits identified by the publication incl
cross-cutting opportunities to reduce trade costs, enhanci
supply chain transparency and opening up new tra
opportunities for micro, small and medium-sized enterprises.”

https://cryptodaily.co.uk/2018/12/how-blockchain-could-change-world-trade