The World Trade Board has announced that blockchain technology is one of its three key initiatives to drive the global trade finance agenda. This marks a move to facilitate and expand global trade in support of long-term economic growth and prosperity for people across the world. As such it will promote blockchain education, standards and adoption for the complex ecosystem of world trade.
To achieve this, the World Trade Board will utilise its to bring together the different parts of the trade ecosystem: producers, collateral managers, shipping firms, banks, governments and Non-Governmental Organisations. Its Blockchain Working Group intends to deliver education across these stakeholders in global trade and shape discussion on implementation standards and the adoption of best practices.