Blockchain technology and international countertrade

Fan Yang, Hai Yu, Craig Wilson, Gady Jacoby and Zhenyu Wu

Journal of International Financial Markets, Institutions and Money, 2024, vol. 91, issue C

Abstract: We illustrate the concept of using a Turing complete consortium blockchain (TCCB) to facilitate international countertrade. Physical goods and services would be linked to the blockchain by associating them with corresponding non-fungible tokens (NFTs). TCCBs could help small or new companies, particularly those in less developed countries, reduce the counterparty risk and transaction costs related to logistic chain management and contract arbitration. They could also supplement trade financing that often requires a mature banking system and developed financial market. We analyze the concept using a hypothetical example to illustrate the potential efficiencies over traditional countertrade transactions.

Keywords: Turing complete consortium blockchain; Non-fungible tokens (NFTs); International trade; Countertrade; Trade costs (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:intfin:v:91:y:2024:i:c:s1042443123002019

DOI: 10.1016/j.intfin.2023.101933

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