The Impact of Blockchain Technology on International Trade and Financial Business
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Date
2022
Journal Title
Journal ISSN
Volume Title
Publisher
Horizon Research
Abstract
This article examines the impact of
blockchain technology in the financial sector and
international trade. The aim of the article is to measure the
effect of blockchain technology on international trade and
financial business. The paper uses methods of analysis and
synthesis of information from researched academic articles,
government programs, reports, and statistical data. The
averages and regression analysis (in particular, the
calculation of the Pearson coefficient) are used for getting
analytical results. Graphic methods are used to summarize
the information and to present the understudy materials.
According to the results of the study, it can be concluded
that blockchain technology has great potential for the
development of international trade and financial business.
It is possible by improving the settlement of international
trade, applying smart contracts in the formation of the
transaction, improving logistics chains, and reducing the
speed of information and delivery processing, increasing
the economic turnover. Blockchain has a positive impact
on reducing costs for merchants and the banking sector,
predicted by 2030 to decrease costs by 11% using this
technology. The technology will have a very significant
impact on the development of intellectual property, which
could be particularly activated by the possibility of
reducing the impact of pirated copying. It is possible to
reduce corruption and fraud by applying blockchain
technology in public procurement, which currently
accounts for the bulk of international trade. Blockchain
technology will add $3 trillion in additional business value
by 2030 and $866 bln in international trade, including
financial business.
Description
Keywords
Blockchain, Cryptocurrency, Smart-Contract, International Trade, Financial Business, Intellectual Property
Citation
The Impact of Blockchain Technology on International Trade and Financial Business / Slatvinska Valeria, Demchenko Vitaliia, Tretiak Kateryna [et al.] // Universal Journal of Accounting and Finance. – 2022. – Vol. 10, № 1. – P. 102–112.