BLOCKCHAIN AS A MEAN ENHANCING INTERNATIONAL TRADE
Hatem Beggat · İstanbul Ticaret Üniversitesi Dış Ticaret Dergisi · 2024
The foundation of the world economy is the international commerce system, but it faces difficulties like fraud, inefficiency, and a lack of confidence. The transformational potential of blockchain technology to improve the international trade landscape includes paperwork, delays, and hazards that complex relationships between importers, exporters, financial institutions, and regulatory authorities. Blockchain presents itself as a revolutionary force that provides efficiency, security, and transparency. Blockchain's smart contracts speed up verification of letters of credit (LCs) in trade finance. The precise blockchain security contributes to safety and fraud prevention by thwarting unauthorized access and tampering. This study explores the case studies to determine how blockchain technology might resolve issues, speed up transactions, and restore confidence in the global commerce ecosystem. Blockchain’s use ultimately is able to reshape trade procedures, promoting a climate of dependability, transparency, and cooperative development.