Innovations in the technology have made things easy for people. It has also shaped the structure of trade and commerce.
Whether its communication or information, technology has been used and has made things easier.
As per Statista, blockchain makes the data transparent, recording keeping is made easy and secure as well.
Blockchain's resistance to alteration, it provides time based information on transactions.
International trade could benefit from the underlying technology behind the blockchain as the value chain that is attached to international trade is pretty much complex and its transactions involve multiple aspects.
According to Statista, the cross border payments could be one of the biggest cases for blockchain uses. Specially in the case when there were efforts made in the past digitizing the trade transactions.
Different process like digitizing documents for clearance and transactions involved in the international may involve many days but with the adoption of blockchain technology, the need for these time consuming, costly processing may eliminate.
But yeah, as blockchain technology continues to gain adoption in some of the industries, it's only a matter of time that the potential that is lying behind it is being fully realized by international trade.
But yeah, there may be some shortcomings in blockchain technology considering international trade which is debatable.
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