The role of blockchain technology in facilitates international trade
No Thumbnail Available
Date
2023
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
University of Oum El Bouaghi
Abstract
Through this study, we aim to show how blockchain facilitates and improves the international trade mechanism, especially how this technology can improve trade finance and facilitate document management and logistics.
The findings of this study indicate that the application of blockchain in international trade would lead to: connecting all parties in a single and private network, enabling real-time tracking of documents and the electronic transfer of the required documents
as well as eliminating the need for an intermediary; All this improves payment system procedures (reduces transaction fees and the delays in time settlement and delivery time), reduces the amount of physical documentation to manage and leads to faster, cheaper and secured logistics operations, as confirmed by TradeLens experience.
Description
Keywords
Blockchain; Logistics; Letter of Credit; International Trade