Summary of How Blockchain Could Shape International Trade

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With a globalization backlash clouding international trade, a technology such as blockchain could help advance world commerce. In this succinct and edifying account, Rebecca Liao makes a good case for blockchain’s applications to trade finance and its information flows. Although Liao may not be an objective observer – her business, Skuchain, sells blockchain technology to supply chains – her forward-looking report, which getAbstract recommends, will be useful to bankers and executives involved in global trade.

In this summary, you will learn

  • What blockchain technology entails,
  • What benefits it brings to global trade and
  • How it can reduce the risks that inhibit global commerce.
 

About the Author

Rebecca Liao is vice president of business development and strategy at Skuchain, a firm that offers blockchain technology for supply chains.

 

Summary

Most people associate blockchain – a “distributed-ledger technology that allows for transactions to be validated without the use of a centralized database” – with cryptocurrencies such as bitcoin. But blockchain can serve a larger purpose by furthering global trade. Businesses are already using the technology to enable digital contracts and bookkeeping, and to do away with financial go-betweens. Companies can execute safe, immediate cross-border transactions without the need for prior mutual relationships.


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    Steven Farkas 4 months ago
    How great block-chain is, but all articles are skimpy on exactly how it is implemented; why multiple servers guarantee the integrity of the data? And, it still is an after-the-fact approach requiring humans to report accurately the latest step in the workflow.