Overview

Trade has always been shaped by technological innovation. In recent times, a new technology, Blockchain, has been greeted by many as the next big game-changer. Can Blockchain revolutionize international trade? This publication seeks to demystify the Blockchain phenomenon by providing a basic explanation of the technology. It analyses the relevance of this technology for international trade by reviewing how it is currently used or can be used in the various areas covered by WTO rules. In doing so, it provides an insight into the extent to which this technology could affect cross-border trade in goods and services, and intellectual property rights. It discusses the potential of Blockchain for reducing trade costs and enhancing supply chain transparency as well as the opportunities it provides for small-scale producers and companies. Finally, it reviews various challenges that must be addressed before the technology can be used on a wide scale and have a significant impact on international trade.

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The General Agreement on Tariffs and Trade (GATT) was created in 1947 and operated almost five decades on a provisional basis until 1995 when the WTO was established. Its goal is to improve the welfare of peoples of its member countries, specifically by lowering trade barriers and providing a platform for the negotiation of trade. The organization deals with the rules of trade between nations at a global or near global level; it is responsible for negotiating and implementing new trade agreements and charged with policing Member Countries' adherence to all WTO agreements. In 2007 there were 150 Member States.

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