Blockchain in Trade Facilitation

Blockchain technology is one of the most talked about topics in the sphere of information technology as well as in the facilitation of electronic business. This technology has the potential to influence the way that we do business today, as its use expands to new areas.

Blockchain, which is one form of Distributed Ledger Technology (DLT), offers opportunities to increase the reliability and security of trade transactions. The repetition of data among multiple ledgers in a network, as well as the immutability of information after it has been integrated into the blockchain, can increase levels of confidence for both traders and regulators. Additionally, these technologies have the potential to facilitate cross border trade, increase access to global value chains for small businesses in developing countries and countries with economies in transition, as well as support the effectiveness of government services that support more inclusive economic and social progress.

 

Interested in blockchain? Check out this GovWhitePapers blog post! You can also find events on blockchain on our sister site, GovEvents.