When seeking transparency in international trade transactions a number of challenges arise due to;
- Weak Global Oversight: No single authority enforces transparency globally, leading to fragmented and inconsistent practices.
- Complex Supply Chains: Products often move through many countries, making it hard to trace their origins.
- Business Secrecy: Companies and governments keep trade details confidential to protect competitive or strategic interests.
- Regulatory Gaps: Different countries have inconsistent rules, and enforcement is often weak or corrupted.
- Powerful Interests: Large corporations and some governments resist transparency to avoid scrutiny or added costs.
- Limited Public Data: Trade data is often hard to access, outdated, or difficult to interpret.
Is blockchain technology the saviour that will lift the veil on these issues to bring transparency to international trade transactions? This article outlines its advantages and applications.
