Abstract

Many attempts have been made to utilize blockchain technology in trade transactions. Therefore, this paper analyzes what kind of change will occur in the existing trade transaction process when using the blockchain technology in the trade transaction and how it will affect the trade transaction practices. In this paper, we propose the issues to be considered when introducing blockchain technology in trade transactions and how to use blockchain technology in future trade transactions. The current trade transaction process has various problems such as complicated transaction procedure, excessive cost, delays in the arrival of shipping documents, and forgery and alteration of shipping documents. To solve these problems, it is necessary to introduce blockchain technology in trade transactions. If we use blockchain technology to trade transactions, it is expected that many changes will be made in existing trade transaction practices. Therefore, it is necessary to establish a business ecosystem, to develop a platform related to the blockchain technology, and to enact and revise related laws and regulations. Also, standardization of blockchain-related technology is required.

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