Applications of Blockchain in International Trade

Abstract

Blockchain, emerged as one of the most interesting technology fields in the rapidly digitizing world, is a decentralized database in which the transactions are recorded via cryptographic techniques in an irreversible way. Because of their unalterable, decentralized, secure and transparent structures, blockchains have been widely studied for many use cases, especially for international trade. Finance, banking, supply chain management, customs procedures, insurance and digitization of goods are some of the numerous international trade related areas where blockchain applications and projects are developed. Besides that, research has been conducted on use of blockchains in areas such as accounting, tax collection, notary processes, digital certificates, intellectual property rights and smart contracts. This paper aims to take a detailed look at applications in international trade which employ blockchain technologies.