Application of Blockchain Technology to the International Trade and Customs Regulation

Abstract

Blockchain is a technology, which has several advantages to be used in quite wide areas such as payment solutions to transportation. Using blockchain technology in international trade may have impressive promises and potentials.

In our research, we aim to discuss the potential and existing implementation of blockchain technology into international trade and customs practices. It is important to make comprehensive due diligence of the blockchain technology to determine which functions of the blockchain technology can be implemented in the international trade environment.

In this paper, we put forward to claim that blockchain can be implemented into customs procedures for faster and more secure trade. To understand underlying concept, first we will summary existing regulative framework of the international trade and customs and then the following of blockchain in brief, we illustrate potential ways to implement blockchain into custom procedures. We will use literature review and quantitative research in order to support our claim and analyse relevant international practice of using blockchain on customs.