The World Trade Organization Predicts “Revolutionary” Impact for Blockchain Technology On Digital Global Trade -

The World Trade Organization (“WTO”) recently published its report, entitled “Can Blockchain Revolutionize International Trade?” In the report, the WTO assesses the potential of blockchain technology to digitize global trade flows. The report explicitly acknowledges that blockchain technology is likely to revolutionize international trade processes. It also outlines a planning process for the WTO to address the regulatory challenges presented by the new technology.

Blockchain is a digital record of transactions — or ledger — that no single entity controls. Blockchain records, which are referred to more broadly as “distributed ledger technology,” are shared with all participants in the transactions. The ledger secures the transactions using cryptographic techniques and grows as transactions occur, forming “blocks” of records that are “chained” together. The result is a ledger that builds trust among transacting parties without a central authority or intermediaries but cannot be easily modified.