Conclusion

Research published by the European Parliament in 2017 claimed that Blockchain could “change our lives” (Boucher, 2017). What the various blockchain applications that are being developed in areas as diverse as trade finance, trade facilitation, trade in services, intellectual property and government procurement show is that Blockchain has the potential to impact both the traders and the government agencies involved in international trade significantly. Opportunities are multifaceted, but will only be realized if several key challenges are addressed.