Blockchain Technology in International Trade

Yuri Anatolievich Savinov, Aleksander Nikolayevich Zelenuk and Evgenija Vadimovna Taranovskaja
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Yuri Anatolievich Savinov: Russian Foreign Trade Academy, Moscow, Russia
Aleksander Nikolayevich Zelenuk: Moscow State Institute of International Relations (University) MFA Russia
Evgenija Vadimovna Taranovskaja: Russian Foreign Trade Academy, Moscow, Russia

Russian Foreign Economic Journal, 2020, issue 8, 63-85

Abstract: The authors consider the progress in the application of blockchain technology in international trade – one of the areas of digitalization. Th ey analyze the blockchain features and the opportunities of its application in business depending on the specific aspects of a company’s business activity. It is emphasized that blockchain technologies are effective for preventing fraudulent transactions in the execution of a contract, in particular for fixing the country of origin, controlling the movement of each part during its processing in different countries, exporting goods, determining the consumption requirements for ñontract goods, and preventing errors in payment for purchased products. Besides, significant business efforts to finance start-ups when conducting research and development of new blockchain technologies are noted.

Keywords: Digitalization of international trade; blockchain; prevention of abuse in contract execution; financing of start-ups; innovations for monitoring commercial contract execution. (search for similar items in EconPapers)
Date: 2020
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