World Trade Organisation Focus on Blockchain

World Trade Organisation Focus on Blockchain

The World Trade Organisation (WTO) – the intergovernmental body that deals in regulating international trade between nations – has begun it’s two day forum in Geneva centred around the topic of global trade and blockchain technology. The event will cover use cases of blockchain in a range of sectors in an international context including finance, transportation and logistics, border procedures, and agriculture.

The discussions are partitioned into sessions – from an overview of the technology through to more specialised areas such as private company involvement and opportunities for developing countries – and are being broadcast in a live public feed.

In-depth Analysis

For those who wish a deeper dive than can be covered by the proceedings in Geneva, a 56 page report, titled Blockchain & DLT in Trade: A Reality Check, has already been released by the WTO, International Chamber of Commerce (ICC), and Trade Finance Global (TFG) that looks at developments in global trade.

By surveying more than 200 entities active in the blockchain space and concentrating on projects that have moved beyond a proof of concept stage, the publication sheds a light on the current leaders in the field from a broadly governmental standpoint.

The amount of information contained in the report shows how far the use of blockchain and distributed ledger technologies (DLT) have already been integrated into global trade but also highlights the challenges that “…surround technical issues like interoperability, and others like standardisation, legal concerns, and privacy.”

Despite the overarching narrative of “evolution not revolution” for blockchain advancement, the easy-to-read and well illustrated publication concludes that “A new wave of industry change is coming for the world of international trade.”