A Survey on Applications of Distributed Ledger Technology in International Trade

Abstract

With its potential to address persistent issues like inefficiency, fraud, and a lack of transparency, distributed ledger technology (DLT), and in particular blockchain, has become a game-changing breakthrough in the realm of international trade. With a thorough examination of its potential to revolutionize trade processes, this study examines the applications of DLT in global commerce. It starts by examining the conventional cloud-based models that predominate in global trade procedures and contrasting them with the blockchain-based approach that has been suggested. The viability and effect of blockchain technology (BCT) in this industry are evaluated by the research using both qualitative and quantitative approaches, such as data collecting, comparative analysis, and SWOT analysis. The main impediments to blockchain adoption are noted, along with suggested fixes for them. A discussion of potential future possibilities and suggestions for using blockchain technology into global trade networks round out the report. The purpose of this study is to offer theoretical understandings and useful suggestions for the successful use of blockchain technology in international trade.