In spite of several countries embracing blockchain technology, many of them continue to express their skepticism for anything crypto-related. WTO (World Trade Organization) the intergovernmental organization that is tasked with formulating rules to govern global trade are among the few world bodies to showcase their appreciation for this technology.
Its appreciation for the revolutionary tech was seen at its recently held conference. Held in Geneva, the aim was to showcase ways in which this technology can be used in varying sectors, e.g., agriculture, finance, border procedures, and logistics, according to the report prepared and published by their senior analyst.
Distributed Ledger Technology and Blockchain in Trade
Prepared by Ganne and Patel, the purpose of this report was to look at the role played by important people in the sector, from the viewpoint of a government. It went as far as highlighting areas in which DLT has been applied successfully. Based on the research conducted by the analysts, DLT has been applied successfully in the shipping and trading arenas and has helped get rid of tedious and time-consuming processes.
It went on to note that it has not only slashed costs and helped enhance efficiency, but that DLT has also:
“led to gains in transparency and speed among the companies that have already developed or are in the process of deploying Distributed Ledger Technologies.”
During its preparation, the analysts took their time to survey more than two hundred companies that were deemed active in this particular space. The participants also went ahead to provide details pertaining to their initial preparation stages.
While pointing out areas in which blockchain could be deployed and used in real life, it noted that many of the problems facing its deployment were all technical in nature. They included issues such as privacy, interoperability, legal concerns, and standardization.