Blockchain is becoming key for global trade By Blockchain technology can help reduce the high fixed costs of engaging in the complex procedures of the global supply chain The technology is also a big upside for SMEs in particular in terms of reducing costs, and make it easier for them to participate in international trade A monument of untapped potential was what the World Trade Organization (WTO) said about Blockchain technology in its 2018 report. Today, the technology is known to be a revolutionary one, especially in terms of product traceability across the global supply chain. “No technology has stirred up so much popular passion since the advent of the internet, and none has sparked so much controversy beyond the confines of the mysterious universe of information technology (IT) specialists,” the trade body said. WTO also highlighted that the removal of barriers due to blockchain could result in more than US$1 trillion in new trade in the next decade.