Blockchain opens interesting opportunities but issues remain, WTO

The World Trade Organization (WTO) has released a report that seeks to demystify blockchain technology and analyse its capacity to transform world trade. Its economic value-add on a global scale could reach almost $3 trillion by 2030, it claims. There are various challenges to be overcome, however.

“While this technology opens interesting opportunities, clearly it also raises legal, regulatory and policy issues that deserve our attention. We need to consider how to spread the opportunities and overcome the challenges. We can only do this if we are in full possession of the facts. We need to fully understand the technology – what it can do and what it can’t do. And most importantly for us, we need to understand what it means for international trade,” says WTO Director-General Roberto Azevêdo.

“This requires an informed debate. And it needs to go beyond trade experts. Blockchain is a technology that has the potential to break silos, so we should not create silos in this discussion. We need a debate among all stakeholders – the business community, blockchain experts, government authorities, representatives from other international organisations, and many others as well. With our new publication, we are seeking to inform the debate and bring together this wider community,” he adds.

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