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According to WTO blockchain report, customs remains ‘weak link’ of trade digitalization

As reported by cointelegraph.com on November 5th, 2020, the World Trade Organization and Trade Finance Global have published their latest taxonomy of blockchain projects worldwide into a “periodic table, for the industry.

The original rendition of the periodic table was published in winter 2019. And, it has changed a lot Since then. several indicators used in the table show that blockchain trade projects worldwide are reaching ever better maturity.

On a scale of one to five, projects’ maturity was assessed as being 2.3 on average in December 2019. As of this month, the same figure stands at 3.3.

According to the WTO and TFG, to translate it into non-numerical terms, these projects are now “between the early stages of production and being live and running”.

From the perspective of international trade, blockchain that also known as distributed ledger technology (DLT), has two main benefits: First, it enhances transparency and the other benefit of DLT is trade digitalization.

The report identifies what it believes remains the “weakest link” in the chain:

“Any digital process will only be as strong as its least digitized link. For many international trade systems this means integrating customs. While several governments are testing or considering using DLT for their customs operations and single windows, most projects remain at a conceptual or piloting stage.”

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