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Blockchain Technology: Its Impact on Bill of Lading and Trade Finance Systems

Editor’s Note: The below article is the second in a three-part series about blockchain and its implications on international trade. Read the first article here.

By Sammy Naji

Applying blockchain technology to international trade allows stake holders to take advantage of a a much more efficient and transparent technological infrastructure than the current outmoded paper-based system. Prior to blockchain’s emergence, digitizing negotiable trade documents, without creating the potential for fraud, could only be accomplished through expensive and closed members-only systems.[1]  With blockchain, however, an accurate record of possession and title can be maintained without the need for paper processing or a centralized intermediary.

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