Following the launch of TFG / WTO / ICC’s publication “Blockchain & DLT in trade: A reality check” in November 2019 at the WTO Global Blockchain Forum, this updated research study provides an overview and updated periodic table.
A natural years’ worth of progression has been both accelerated and in some areas shunted by the forces of the Covid-19 pandemic, the widespread and long-lasting implications of which still remain unknown.
The study outlines the main projects, categories into Supply Chain Finance, Trade Finance, Know Your Customer (KYC), Insurance, DLT Digitiisayion of Trade Documents, Shipping & Logistics / Supply Chain, Other Initiatives and Marketplaces. The authors also mapped out 19 standardization initiatives, split by sector or process, general trade, private sector-led and regional / national initiatives, as well as the international standards bodies.
The study also contains a supplementary survey, analysing the impact of the coronavirus pandemic on trade digitisation.
No doubt, the world looks a little different today than it did at the end of 2019 when we first published the Periodic Table of DLT in Trade. A natural years’ worth of progression has been both accelerated and in some areas shunted by the forces of the Covid-19 pandemic, the widespread and long-lasting implications of which still remain unknown.
Nevertheless, with the unwavering arrow of time guiding our forward progression, we wanted to unveil a new and updated report on the landscape surrounding the use of Distributed Ledger Technology (DLT) in international trade. The following pages will reexamine the projects we introduced in the first edition, determine which have progressed and which have fallen off course. We will also be introducing several new initiatives that were not included in the previous edition. Overall, we have found that the industry has made steady progress towards trade digitalization, with the average project moving from a maturity of 2.3 out of 5, to 3.3.
It is important to note that this publication is merely a representation of the industry as we know it today. There are likely more projects that we are not aware of or do not have enough information on to include here. We invite anyone with knowledge on projects like these to reach out to us. We look forward to hearing about new and innovative solutions to the issues plaguing the industry.
As always, we would like to thank everyone who took the time to provide information in one form or another as well as those who play an active role in shaping the future of international trade digitalization.
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Assistant Editor and Lead Researcher
Carter Hoffman, Trade Finance Global
Carter is a Research Associate at Trade Finance Global focusing on the impact of emerging technologies on international trade. He holds international business and science degrees from Brock University in Canada and the European Business School in Germany. Carter’s work has been featured in publications and articles supported by the SME Finance Forum, managed by the International Finance Corporation, World Trade Organization, and International Chamber of Commerce.
Pierre Sien, Euler Hermes (Clipeum Participant) Mohua Banerjee, Finacle Blockchain solutions Souleïma Baddi, KomGo SA David Bischof, ICCWBO Atul Khekade, TradeFinex Tech Ltd. Ken Marke, B3i Daniel Wilson, Maersk GTD Lionel Louie, CargoSmart Limited Horace Mak, eCOM Asia Jacco de Jong, Bolero International Gunnar Collin, EnigioTime Whitman Knapp, GTBInsights LLC
Hans J. Huber, ICC DSI Adi Weinstein, Wave David McLoughlin, we.trade Shona Tatchell, Halotrade Dani Cotti, TradeIX Mariana Gomez, ING Marta Piekarska-Geater, Hyperledger Emily Fisher, Hyperledger Vivek Gupta, ANZ Alisa Di Caprio, R3 Paul Smith, HSBC