WTO: "Blockchain in trade finance transactions continues to evolve"

World Trade Organization (WTO) analyzed the development of projects for the transfer of trading financing transactions into a digital form using blockchain.

If last year the development of such projects was evaluated in 2.3 a point from 5, That's now analysts increased the assessment before 3.3. They noted a noticeable development and “growing up” industry in the trade financing on the blockchain. Now projects are "located in the initial stages of real use".

Blockchain in trade financing transactions can significantly improve transparency of operations, make all the stages of the transaction tracked. Blockchain allows for the authenticity of the goods, So increase confidence from the client. The transaction process is also noticeably accelerated and its safety is ensured. At the same time, the customs procedures often interfere with the transfer of trading financing transactions to blockchain:

“The translation of any process into a digital form stumbled on a neocyphone step. For many international trade systems, it is necessary to integrate customs clearance. But the governments of only a few countries test or consider the possibility of using a blockchain to apply for a customs invoice, and for the most part these are only pilot projects ".

Researchers noted, that the Cadena project leads in the field of blockchain introduction to customs clearance in customs clearance. As part of the project, specialists from Mexico, Peru, Chile and Costa Rica, develop a customs digital system based on blockchain in cooperation with Microsoft and IDB. Also, the support of customs procedures is introduced by the TRADELENS platform.

Representatives of the WTO emphasized, that more dense cooperation of customs departments of various countries is necessary for that, to completely transfer the trade transactions to the blockchain.

At the beginning of this year, the customs service of Jordan began testing the TRADELENS platform to ensure transparent data exchange, simplification of document management and effective interaction between counterparties.