Points of View

Blockchain offers a solution to solve cross-border trade issues, but stakeholders must come together

Jan 14, 2020 Sam Duncan

Globalization has allowed countries to specialize in producing the goods or services that offer them the lowest opportunity cost, meaning international trade is crucial for economic growth. Currently, Maersk  reports that over $4 trillion of goods are shipped each year globally. Countless shipments are processed at customs, forming a cornerstone of international relationships, but they are lengthy and expensive processes that ultimately burden governments, enterprises, and consumers with the costs. Discussing the constantly controversial and changing Irish border situation surrounding Brexit at a Conservative Party conference, Philip Hammond, the UK’s Chancellor of the Exchequer said:

 

“There is technology becoming available.”

“I don’t claim to be an expert on it, but the most obvious technology is blockchain.”

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