NFT Collection The Superlative Secret Society Price, Stats, and Review
2 altcoins expected to outperform Bitcoin in January 2025
The Shiba Inu amount needed to become a millionaire revealed
Virtuals Protocol gains 28% in a day: Should you expect more gains?
Bitcoin ETFs Bleed $226M While Ethereum Funds Feast on $130M Windfall
Seasoned trader: XRP firmly above $1, ADA and LCAI to steal the spotlight
Russian Government To Ban Bitcoin Mining in 10 Different Regions Due to Energy Shortages: Report
Bitcoin Faces Short-Term Uncertainty as Exchange Inflows Surge and Tether Liquidity Drops
Singapore Takes the Lead Over Hong Kong in Asia’s Crypto Hub Race – Here’s Why
Which crypto will explode in 2025? Top coins poised for massive growth
Top 3 altcoins set to deliver big returns before ETH’s move
Bitcoin Coinbase Premium Giving Potential Buy Signal, Quant Says
Dogecoin open interest nears record low: Is this the end of DOGE’s 2024 rally?
Ethereum News: Here’s What To Expect After Pectra Upgrade
Christmas bull run: Top 5 meme coins for 12,000x gains
Russia Announces Six-Year Crypto Mining Ban In Key Regions Starting 2025 – Details
Bitcoin’s Price Rollercoaster Takes Miners for a Ride—Hashrate Begins to Recover
BTC crosses the hallmark of 19.8 mined units on Xmas eve. It’s time to talk about Bitcoin’s supply cap
Two California Men Charged by Feds in Alleged $22,000,000 NFT Investment Scheme
Bitcoin (BTC) May Be Due for Significant Correction As Technical Indicators Overextend: Benjamin Cowen
Analysts: This altcoin has the potential to surpass established cryptos
Major Altcoins Drop 30-50%: Will Altcoin Season Even Happen?
Looming Parabolic Rally Could Send Dogecoin Price Over $1 And As High As $20
Report: Blockchain Deployment Could Add $3 Trillion in International Trade by 2030
A new study from the WTO has analyzed the potential and possible impact of blockchain technology on international trade.
The World Trade Organization (WTO) released a report on blockchain technology’s effect on international trade today, Nov. 27. Per the study, blockchain’s economic value-add on a global scale could reach almost $3 trillion by 2030.
“Blockchain and International Trade: Opportunities, Challenges, and Implications for International Trade Cooperation” analyzes blockchain applications and challenges that must be considered before the technology’s deployment in various sectors. The study considers the technology’s effect on industries such as trade finance, customs clearance, logistics and transportation.
Blockchain Business Value Forecast. Source: WTO
The study estimates that blockchain has the potential to significantly cut trade costs by increasing transparency and facilitating processes automation, including financial intermediation, exchange rate costs, coordination, and other aspects. “The removal of barriers due to blockchain could result in more than $ 1 trillion of new trade in the next decade,” the report reads.
Blockchain is expected to help administer intellectual property rights across multiple jurisdictions by delivering more transparency and efficiency, and enhance government procurement processes, including fighting fraud and managing public contracts.
Blockchain purportedly could improve supply chains, allowing for the tracking of shipments and proving their authenticity. Additionally, the technology could open new opportunities to micro, small and medium-sized companies.
Conversely, the study warns about challenges that must be addressed before deploying blockchain, as well as its impact on international trade. The researchers point out limited scalability of blockchains due to the predetermined size of blocks, in addition to energy consumption and security issues.
Although “blockchains are highly resilient compared to traditional databases due to their decentralized and distributed nature and the use of cryptographic techniques, they are not completely immune from traditional security challenges,” the study states.
The report stresses the importance of developing a multi-stakeholder approach in order to find appropriate use cases in cross-border trade. According to the WTO, blockchain requires frameworks that ensure the interoperability of networks and provide clear legal status for blockchain transactions across jurisdictions. The report concludes:
“Blockchain could make international trade smarter, but smart trade requires smart standardization — and smart standardization can only happen through cooperation. If we succeed in creating an ecosystem conducive to the wider development of blockchain, international trade could well look radically different in ten to 15 years.”
Earlier this week, Ethereum cofounder Vitalik Buterin said that the misapplication of blockchain technology in some industries leads to “wasted time.” Buterin argued that although there are a number of companies that try to establish higher standards by using blockchain technology, he does not think the technology is applicable in every industry.