The era of digitalization requires enterprises to rethink many aspects of their business models. Several enterprises in global trade have moved their digitalization focus toward the ecosystems they are part of. An important bottleneck for end-to-end digitization of global trade is the regulatory requirement to submit large volumes of information and documents to governmental authorities to comply with import, export, and transit-related regulatory requirements. One approach to address this problem is the establishment of a Trade Single Window (TSW) whereby trade related information and/or documents need only be submitted once per country at a single entry point.
In close cooperation with the Inter-American Development Bank (IDB), this project will create a policy toolkit that allows governments across the world to identify and effectively apply blockchain for TSW, with a specific pilot project in Argentina on how decentralized technologies can facilitate trade in Argentina, in particular:
- Improvement of national TSW using blockchain
- Opportunities and challenges that decentralization of supply chain solutions offer TSW
- How blockchain can be used to build a neutral and trusted environment for bilateral, regional and global interoperability of national TSW, enabling end-to-end digitization of global trade
On a global level, government to government interactions are characterized without a centralized, trusted intermediary, or there is not a willingness among the government parties to give power to a trusted intermediary. Decentralized technologies are therefore the only technology that can facilitate generic, trustworthy, and politically acceptable digitization and interoperability of global government to government processes in global trade.