Blockchain’s Practical and Legal Implications for Global Trade and Global Trade Law

Abstract

The chapter provides a primer on blockchain and its affordances and discusses the implications of this novel technology for global trade and global trade regulation. It analyzes in particular how blockchain could facilitate international trade transactions and help implement the WTO agreements, and foster the digitalization of trade. The chapter discusses also the regulatory challenges and the measures that should be taken to promote the development of a regulatory framework conducive to the development of the technology and the role that the WTO could play in this respect. The chapter argues that the WTO is uniquely positioned to play a pivotal role in allowing blockchain to be used to its full potential in the area of international trade.