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Blockchain for international trade

Trade Associations
Shoes and Accessories
From Spain
To United States of America
247 views / 0 experts
Samuel J.
Jul 14, 2020
How can blockchain shape international trade?

1 answer

Stephanie D.
Jul 14, 2020

In the future we could have two streams of cargo in international trade. Most companies are legitimate and will therefore be willing to share their supply chain data with other supply chain participants (including Customs) who can help speed up their supply chains and provide additional insights for them about their cargo. These parties will use a supply chain solution (implemented using Blockchain technology) to achieve supply chain transparency. Customs can regard them as an “Authorized Supply Chain” (see the World Customs Organization SAFE Framework of Standards). These companies can enjoy simplified border procedures because they provide rich supply chain information to demonstrate that they are in control of their supply chains. These companies will have granular insights about the progress of their cargo in the supply chain. Other companies, including those companies who have something to hide (but also companies who have nothing to hide yet choose not to share data), would not be able to benefit from the benefits of supply chain transparency. Global trade will then be divided into these two flows of cargo.

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