The importance of blockchain technology in international trade

Baltezarević, Radoslav and Jelisavac Trošić, Sanja (2024) The importance of blockchain technology in international trade. In: 6th International Black Sea Modern Scientific Research Congress. IKSAD Publications, Trabzon, pp. 1-7. ISBN 978-625-367-832-6

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Abstract

International trade enables countries to expand their markets and obtain goods and services that might otherwise be unavailable domestically. Countries that engage in international trade typically have a competitive advantage since they specialize in manufacturing and exporting to their trading partners, resulting in higher economic growth. International trade enables countries to use their resources more efficiently, such as labor, technology, and capital. Although blockchain technology is still in its early phases of development, it offers enormous promise for improving and lowering the costs of international trade. This fact has prompted many businesses to upgrade their antiquated systems with blockchain technology in an effort to address issues with third-party verification and trust in international trade transactions, as well as issues with information sharing, transparency, documentation, costs, and payment delays. With the help of blockchain technology, participants in the system can complete all of their tasks in a decentralized, transparent, traceable, and dependable manner, and they can save the results in a digital ledger that makes it easier to keep track of assets and record transactions in the corporate network. The blockchain network reduces risk and costs for all parties involved by enabling the tracking and trading of almost anything of value. Blockchain technology and artificial intelligence (AI) together open up new economic opportunities, enhance automation, and spur innovation in the way different industries cooperate. According to projections, the worldwide market for blockchain technology is expected to increase significantly over the next several years.

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