The report, "Blockchain and International Trade: Opportunities, Challenges, and Implications for International Trade Cooperation," looks at the effects of the technology on industries such as custom clearance, logistics, trade finance, and transportation. The WTO found that blockchain has the potential to increase transparency and simplify process automation, clearing away some common trade hurdles. "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 could make international trade smarter, but smart trade requires smart solutions and smart standardization – which can only be developed through cooperation," the report reads. "If we succeed in creating an ecosystem conducive to the wider development of Blockchain, international trade may look radically different in 10 to 15 years."
"While it presents interesting features, Blockchain cannot, however, solve everything, as the current hype surrounding it tends to lead us to believe … Building a blockchain platform is a task that requires careful consideration by and coordination among potential participants, in order to analyse the opportunities and limitations of Blockchain in comparison to other, less ambitious, alternatives…"
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