The Impact of Blockchain Technology on International Trade Finance

Authors

Dr. Y. Sathyanarayana

Abstract

This article looks at how blockchain technology is affecting international trade and the financial industry. The article's objective is to assess how blockchain technology is affecting global finance and trade. Finding out how blockchain technology can benefit the many areas of international trade as well as analyzing its effects on trade internationally were the main goals of the study. This essay aims to outline the possible benefits of using blockchain technology to the domain of global trade. Some foreign trade operations may undergo significant modifications due to the impact of blockchain technology, which is now regarded as one of the disruptive technologies. This article presents features related to blockchain technology, including its basic concepts and the domains in which it can be utilized. The development of intellectual property will be greatly impacted by technology, and this impact may be especially strong if the impact of pirated copying is lessened. Using blockchain technology in public procurement, which now makes up the majority of international trade, can help minimize fraud and corruption. We will talk about in this essay. Blockchain technology's effects on international trade finance.

Keywords

Blockchain, Technology, International Trade Finance, Intellectual Property, Global Economy, Cryptocurrencies, Accelerate Payments, Effective Transaction, Documentation Exchanges, Supply Chains, Bitcoin Transactions

The Impact of Blockchain Technology on International Trade Finance. Dr. Y. Sathyanarayana. 2023. IJIRCT, Volume 9, Issue 1. Pages 1-8. https://www.ijirct.org/viewPaper.php?paperId=2410017