A new report released by the World Trade Organization (WTO) reveals that the international trade regulating body sees strong potential in blockchain technology, and specifically highlights Ripple as a disruptor of existing systems. The report also covers the scalability issue of blockchain, contrasting Bitcoin and Ethereum, and specific applications of the technology, such as in supply chain networks.
Titled “The future of world trade: How digital technologies are transforming global commerce,” the WTO covers the several ways in which blockchain could streamline trade and finance. While the report is complimentary on the whole, it does argue that there are taxation, consumer protection and privacy challenges.
WTO Director-General Roberto Azevêdo underlines the ability of technologies like blockchain to benefit small and medium enterprises, cutting trade costs and changing trade structure for the better:
Beyond easing trade in goods, digital technologies can facilitate…