Can Blockchain
revolutionize
international trade
By Emmanuelle Ganne
World Trade Organization 2018
Reproduction of the material contained in this publication may be made only with
the written permission of the WTO Publications Manager.
Print ISBN 978-92-870-4760-1
Web ISBN 978-92-870-4761-8
WTO Publications
World Trade Organization
154, rue de Lausanne
CH-1211 Geneva 2
Switzerland
Tel: +41 (0)22 739 51 11
wto
Email: publications@wto
WTO Online Bookshop http://onlinebookshop.wto
Report designed by Services Concept.
Printed by the World Trade Organization.
Photo credits:
Cover image:Getty/Photographer is my life.
Images page 79:Provenance.
Published by the World Trade Organization.
Disclaimer
The opinions expressed in this study are those of the author. They are not
intended to represent the positions or opinions of the WTO or its members and
are without prejudice to members’ rights and obligations under the WTO. Any
errors are attributable to the author.
Table of contents
Acknowledgements v
Executive summary vii
1. Introduction 1
2. Blockchain in a nutshell 3
1. A brief history 3
2. Blockchain 101 5
3. Types of blockchains 8
4. Smart contracts – A smart invention with no smart component 13
5. Multiple applications… but not a solution to everything 14
3. Can Blockchain revolutionize international trade 17
1. Towards paperless trade 17
2. A new generation of services 46
3. Strengthening intellectual property rights 57
4. Enhancing government procurement processes 67
4. A world of opportunities... and challenges 77
1. Multifaceted opportunities 77
2. Success is not a given 90
5. Conclusion 111
Annex – Blockchain for tech fans 113
Glossary 120
Bibliography 128
Abbreviations 142
List of figures and tables 144
iii。