Windows of Opportunity: Facilitating Trade with Blockchain Technology
Trade costs – the costs of moving cargo from one country to another – are a leading constraint for companies wanting to engage in trade. The development of trade single windows, a one-stop electronic platform, has considerably improved this process. However, promises of increased efficiency are hindered by persistent challenges, such as lack of interoperability among stakeholders. This paper serves to introduce current developments in trade single windows, examine pertinent issues, and explore the potential use of blockchain technology in solving these challenges. This paper also presents a policy framework to help governments navigate the use of blockchain technology.
Trade costs – the costs of moving cargo from one country to another – are a leading constraint for companies wanting to engage in trade. The development of trade single windows, a one-stop electronic platform, has considerably improved this process. However, promises of increased efficiency are hindered by persistent challenges, such as lack of interoperability among stakeholders. This paper serves to introduce current developments in trade single windows, examine pertinent issues, and explore the potential use of blockchain technology in solving these challenges. This paper also presents a policy framework to help governments navigate the use of blockchain technology.