Blockchain Technology in International Trade

Authors

  • Aleksander Nikolayevich Zelenuk Moscow State Institute of International Relations (University) MFA Russia
  • Yuri Anatolievich Savinov Russian Foreign Trade Academy
  • Eugenia Vadimovna Taranovskaya Russian Foreign Trade Academy

DOI:

https://doi.org/10.24412.2072-8042-2020-00082

Keywords:

digitalization of international trade, blockchain, prevention of abuse in contract execution, financing of start-ups, innovations for monitoring commercial contract execution

Abstract

The authors consider the progress in the application of blockchain technology in international trade – one of the areas of digitalization. They analyze the blockchain features and the opportunities of its application in business depending on the specific aspects of a company’s business activity. It is emphasized that blockchain technologies are effective for preventing fraudulent transactions in the execution of a contract, in particular for fixing the country of origin, controlling the movement of each part during its processing in different countries, exporting goods, determining the consumption requirements for сontract goods, and preventing errors in payment for purchased products. Besides, significant business efforts to finance start-ups when conducting research and development of new blockchain technologies are noted.

Author Biographies

Aleksander Nikolayevich Zelenuk, Moscow State Institute of International Relations (University) MFA Russia

Candidate of Economic Sciences
Place of work, post: Moscow State Institute of International Relations (University) MFA Russia (76, Vernadskogo Prosp., Moscow, 119454), Department of Economic Theory, Assistant Professor

Yuri Anatolievich Savinov, Russian Foreign Trade Academy

Doctor of Economic Sciences, Professor
Place of work, post: Russian Foreign Trade Academy (119285, Moscow, Vorob`evskoe shosse, 6A), Department of foreign trade and international transactions – Professor

Eugenia Vadimovna Taranovskaya, Russian Foreign Trade Academy

Candidate of Technical Sciences, Associate Professor
Place of work, post: Russian Foreign Trade Academy, Department of fi nance and monetary relations - Professor

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Published

2024-02-07

How to Cite

Zelenuk, A. N., Savinov, Y. A., & Taranovskaya, E. V. (2024). Blockchain Technology in International Trade. Russian Foreign Economic Journal, (8), 63–85. https://doi.org/10.24412.2072-8042-2020-00082

Issue

No. 8 (2020)

Section

International trade