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Blockchain Technology and Customs Procedures

Mihaela Gabriela Belu

Romanian Economic Journal, 2020, vol. 23, issue 78, 13-26

Abstract: The aim of the paper is to present the advantages of implementing blockchain technology in international commercial transactions, in general, and in carrying out customs clearance activities, in particular. If we refer to the customs clearance of goods, the use of blockchain has a number of advantages, such as: completion of customs clearance formalities in a much shorter time; customs risk management; real-time verification of goods – quantitative, qualitative, of their origin. Nowadays, global supply chains face many challenges posed by the health crisis. The implementation of new technologies, especially blockchain technology, facilitates the tracking of events and the investigation of possible incidents, the settlement of disputes, ensuring the integrity of the cargo, the trust of the parties involved in the process, digitization.

Keywords: international trade; customs procedures; blockchain; supply chain (search for similar items in EconPapers)
JEL-codes: F1 M10 O14 (search for similar items in EconPapers)
Date: 2020
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Romanian Economic Journal is currently edited by Ioan Popa, PhD

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Handle: RePEc:rej:journl:v:23:y:2020:i:78:p:13-26