While blockchain can streamline cross-border trade, it raises urgent regulatory challenges and widens digital divides.
Authors
Ayushi Singh, Assistant Professor, Jindal Global Law School, O.P. Jindal Global University, Sonipat, Haryana, India
Samanvi Narang, Assistant Professor, Jindal Global Law School, O.P. Jindal Global University, Sonipat, Haryana, India
Abhipsa Upasana Dash, Assistant Professor, Jindal Global Law School, O.P. Jindal Global University, Sonipat, Haryana, India
Summary
Blockchain technology defies the existing regulatory frameworks and raises urgent regulatory and governance issues worthy of the immediate attention of policymakers, international institutions and legal scholars. The digital divide in technological access and regulatory preparedness between developed and developing/underdeveloped countries aggravates the existing disparities in trade participation. The chapter explores the legal and practical implications of blockchain in simplifying cross- border trade and improving regulatory processes. It identifies the contemporary trade and supply chain issues and examines the potential of blockchain technology in resolving such issues. The chapter further critically examines the pressing concerns and regulatory challenges in the integration of blockchain into international trade and intends to provide solutions to address them. The chapter explores whether international organisations such as the WTO can play a pivotal role in enabling blockchain integration, curbing the digital divide and shaping a supportive regulatory environment for the same.
Published in: Law and Regulation of AI, Blockchain, and Digital Rights
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