Research on the Establishment of the Mutual Trust Mechanism of the International Trade Alliances for Commodities Based on the Blockchain Technology–A Case Study of Iron Ore

Abstract

Commodity is an important lifeline in a country’s economic system, and the mutual trust between international trade alliances of commodities has always been an issue that annoys China. The rise of blockchain technology has revolutionized the mechanism of mutual trust between international trade alliances of commodities. Blockchain technology equalizes the power among international trade alliances with its unique decentralization. The features of consensus mechanism, distributed ledger, and global certification make the international trade alliances of commodities no longer have to worry about the previous mutual trust issues. Taking iron ore as an example, this paper will use blockchain technology to rebuild the mutual trust mechanism between international trade alliances of commodities.