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Blockchain Technology in International Trade in Goods
Abstract
No other technology has been mentioned as frequently as blockchain technology. No less than a technical revolution should go along with it. In addition to a brief introduction to the functionality of the blockchain technology, this chapter will also highlight various fields of application and the related legal challenges in international trade. The transport industry may be mentioned as an example. Especially in the transportation of goods, a large number of documentation obligations must be adhered to and permits must be obtained. Packing lists, export licenses, and product certificates are examples of this. All mentioned documents are based on the same data set, namely the details of the type, origin, and quantity of the goods. Large parts of these documents must be carried along with the goods and presented on instructions, which causes considerable bureaucracy and makes transportation more difficult and expensive. These documents could be displayed on the blockchain in the future.
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