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WTO highlights Costa Rican blockchain trade project

By IDeas trademarks & patents - 17/11/2020

The World Trade Organization (WTO) and Trade Finance Global (TFG) launched on November 2, 2020, their updated Periodic Table of DLT Projects.

The study was initially launched in November 2019 by the ICC, WTO and TFG at the WTO Global Blockchain Forum. The recent version maps 44 projects within trade, highlighting the stage of development, underlying technology and category in which they operate. 19 standardization initiatives have also been added to the study, highlighting the initiatives working towards seamless exchanges of data and standardisation between existing platforms.

The results of the study showed forward progression in terms of the stage of maturity of these projects, with the new and updated report unveiling the current landscape surrounding the use of Distributed Ledger Technology (DLT) in international trade. 

Regarding the future of trade digitalization, the report states that ir relies on interoperability and the development of end-to-end solutions, as 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. The most advanced project seems to be Cadena in Latin America, which serves the very specific purpose of mutual recognition of authorized economic operators,” the report highlights.

Cadena is a blockchain-based application developed by the Integration and Trade Sector of the Inter-American Development Bank along with Authorized Economic Operators (AEO) program officers and IT specialists from Costa Rica, Chile, Mexico and Peru, in alliance with Microsoft. The idea of this solution is for each transaction to be both secure and protected by an immutable audit trail. Goods coming from an AEO exporter could receive preferential treatment with fewer inspections in the country where goods are imported as soon as they obtain the AEO certification in their country of origin. CADENA works on real-time, cutting red tape, increasing transparency and trust. 

By IDeas trademarks & patents - 17/11/2020
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