The World Trade Organization (WTO) issued a research on the possible effects on international trade from the implementation of blockchain technology, according to the report published by the organization.
Thus, it was stated by WTO that blockchain’s economic value-add on a global scale trade market could reach almost $3 trillion by 2030. The study considers the technology’s effect on industries such as trade finance, customs clearance, logistics, and transportation.
It was also noted that the main benefit from blockchain adoption is cut trade and transactional costs due to increasing transparency and facilitating processes automation and the further removal of trade barriers.
It is expected that the implementation of blockchain could result in more than $ 1 trillion of a new trade in the next decade and significantly change such spheres as supply chains, administration of intellectual property rights across multiple jurisdictions and the shipment procedures.
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