World Trade Board Initiative: to increase the level of digitisation of trade; the potential of Blockchain
The World Trade Board has established a Working Group to enhance awareness of the potential of blockchain technologies in trade, to discuss implementation standards, and to promote the adoption of best practices, so as to support wider connectivity across all stakeholder groups
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Following the first World Trade Symposium, the World Trade Board concluded that there is significant opportunity to educate, inform and document the potential of blockchain technology to enable wider connectivity across all stakeholder groups.
Financial institutions and fintechs are spending time and resources to find out how much business value they can derive by adopting blockchain technology. This hype on the bank and fintech side might not correspond to similar interest from corporations. Nor is it clear whether it creates similar business opportunities for each side.
As long as uncertainty prevails and scarce (and not even asymmetric) information characterises the current business scenario for blockchain, it will be very difficult — and unwise — for any stakeholder to establish steps of adoption that go beyond internal research and proof of concept implementations.
However, while a cautious and prudent approach is certainly following good business practice, it becomes potentially counterproductive if it is only a consequence of lack of awareness and mis-communication. A common glossary, shared practices, and visibility of use cases all contribute to increased responsiveness, provide correct information, reduce unnecessary hype, and submit pertinent evidence and data points to decision makers.
This is what the World Trade Symposium Blockchain Working Group intends to create: education on blockchain, discussion on implementation standards, and adoption of best practices, all supported by the World Trade Symposium’s unique position – in bringing together the major stakeholders across the complex ecosystem of trade including financial institutions, financial software and technology providers, corporate buyers and sellers, logistics firms, export credit agencies, professional services firms, regulators and not-for-profit and non-governmental organisations.
Working Group Chair and Board members:
- Enrico Camerinelli
- Markus Wohlgeschaffen
To register your interest in joining this Working Group, contributing research or being involved in discussions, contact us with your details