Blockchain's global, large-scale economic value-add could reach almost $3 trillion by 2030, according to a report by The World Trade Organization or WTO.
The new WTO publication, entitled "Can Blockchain revolutionize international trade?", analyzes the potential impact of Blockchain on international trade amid growing interest and debate on the new technology.
The study explores how the technology could enhance areas related to WTO work and examines challenges that will have to be tackled to unlock the technology's potential.
It describes different classifications of Blockchains and their current and possible applications in the various areas covered by WTO rules.
The publication also discusses how Blockchain could help ease the administration of intellectual property rights and enhance government procurement processes.
Blockchain has the potential to reduce trade costs significantly by increasing transparency and making it possible to automate processes and payments. It also enhances supply chain transparency and opens up new trading opportunities for micro, small and medium-sized enterprises.
According to the World Economic Forum, the removal of barriers due to Blockchain could result in more than $1 trillion of new trade in the next decade.
The report also calls for a multi-stakeholder dialogue to assess the practical and legal implications of Blockchain and to develop collective solutions to existing challenges.
WTO Director-General Roberto Azevêdo noted that the blockchain technology opens interesting opportunities, but it also clearly raises legal, regulatory and policy issues that deserve attention.
"Blockchain could make international trade smarter, but smart trade requires smart solutions and smart standardization - which can only be developed through cooperation," the report said.
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