BLOCKCHAIN TECHNOLOGY AND FINAL CHALLENGE FOR PAPERLESS FOREIGN TRADE

Abstract

Recent developments in the field of electronic documents have given signs that the use of paper will completely eliminated after a period of time in all business processes. As a result of the developments in information systems, the use of electronic documents has become widespread and even become mandatory in some areas. Foreign trade financing is one of the areas where electronic documents are useful. But use of electronic documents has not yet become widespread in this area. The continuation of paper-based processes shows that this area needs radical and comprehensive changes such as infrastructure, legal compliance, innovative products and investments. Foreign trade requires the creation of common platforms that bring together all parties involved in the transaction so that paper documents can be completely removed. In this case, legal integration from one country to another is required in many areas from electronic signature to foreign trade. The emergence of blockchain technology, which has the ability to provide document integrity without the need for a third party to act as a trusted third party, has created a new hope for this integration. This study approached to the electronic documents in foreign trade and finance in the perspective of blockchain technology.