Blockchain and International Trade: Current Applications and Future Prospects

Abstract

The objective of this study is to analyze Blockchain Technology, its current applications, and how international trade can benefit from its large-scale adoption. To this end, this research provides a brief historical overview of how transactions, in general, have evolved up to the present time, already shaped by globalization and the widespread use of the internet. With the development of new data systems and cryptographic techniques, combined with improvements in communication technologies—particularly the World Wide Web—Blockchain Technology emerged as a decentralized yet highly secure system that promises to reduce costs significantly, in addition to streamlining and simplifying various procedures. Thus, this study seeks to identify the areas in which Blockchain Technology is already being implemented beyond cryptocurrencies and smart contracts, and, finally, to examine how this technology has the potential to profoundly transform the way transactions are conducted. Keywords: Blockchain. Cryptocurrencies. Smart contracts. Decentralization. JEL Classification: G1; K1; E4; F3; G2