A new study from the WTO has analyzed the potential and possible impact of blockchain technology on international trade.
The World Trade Organization (WTO) has issued a report valuing global Blockchain economic value-add at $3 trillion by 2030. The new WTO publication entitled “Can Blockchain revolutionize international trade?” analyzes the potential impact of Blockchain on international trade. The study considers the impact of Blockchain on industries such as trade finance, customs clearance, logistics and transportation.
Blockchain has the potential to reduce trade costs significantly by increasing transparency and making it possible to automate processes and payments. It also enhances supply chain transparency and opens up new trading opportunities for micro, small and medium-sized enterprises. According to the World Economic Forum, the removal of barriers due to Blockchain could result in more than $1 trillion of new trade in the next decade.