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World Economic Forum and Inter-American Development Bank Report: Facilitating Trade with Blockchain Technology

Abstract : On July 2nd, World Economic Forum and Inter-American Development Bank issued a report: “Windows of Opportunity: Facilitating Trade with Blockchain Technology”, which shows that blockchain technology is able to reduce trade barriers. The report provides a framework for using blockchain technology to facilitate one-stop electronic platform trade.

ChainDD
ChainDD

Jul 02

On July 2nd, World Economic Forum and Inter-American Development Bank issued a report: “Windows of Opportunity: Facilitating Trade with Blockchain Technology”, which shows that blockchain technology is able to reduce trade barriers. The report provides a framework for using blockchain technology to facilitate one-stop electronic platform trade. The registered users can submit the import and export documents to a one-stop window.

At present, the electronic trade window has helped border agencies to half the documents processing time and one-third shorten the import clearance time. The one-stop trade window can not only increase exports and GDP, but also increase trade transparency and user experience. As of 2017, 27 countries have implemented the one-stop electronic window, and 36 countries have partly implemented one-stop electronic windows. However, how to improve the implementation and improve the effectiveness of customs clearance is still a challenge.

The use of blockchain technology is expected to shorten trade time, reduce trade costs, and increase global trade volume by $1.1 trillion.

In specific applications, blockchain technology can provide more opportunities, such as managing risk, identifying trends, pre-processing document, sharing data and improving user experience. Moreover, the “traceability” is able to bring a one-stop window, private sector, and trade intermediary to a common blockchain for more complete orders, supply chain and audit trail information. Blockchain technology also enables automated payment and verification to ensure data reliability.

“In order to fully take advantage of the blockchain technology potential in trade, we need far-sighted policies to combine emerging technologies with international trade practices and rules,” said Ziyang Fan, the director of digital trade at the World Economic Forum. This framework can eliminate governance gaps, address over-promotion issues, return trade to reality, help decision makers make scientific decisions, and use blockchains to drive international trade.

Chaindd finds out that the Inter-American Development Bank will apply this framework to start some pilot projects and improve border clearance procedures.

Fabrizio Opertti, the manager of the Inter-American Development Bank's integration and trade department, said that the usage of blockchain technology to increase trade efficiency and transparency is essential, and this policy framework will be a starting point to help more and more governments using blockchain technology to promote trade for governments in Latin America and the Caribbean.

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