How Can Blockchain Technology Contrıbute to Risk Management in Internatıonal Trade?
Session
Management, Business and Economics
Description
The fact that the parties are beyond borders in international trade, they do not know each other well enough, the different political and economic conditions and systems of countires, long distances, varied commercial traditions, conjunctural factors make international trade more risky than domestic trade. Legal legislation in terms of the rights and obligations of the parties, foreign exchange transactions due to the use of foreign currency, transportation and insurance in terms of transportation activities, accounting and financial transactions in terms of determining the effects on businesses and the country's economy, the policies followed, the content of the contracts drawn up and the procedures diversify the risks. These risks are manifested as obstacles that hinder the functioning and development of commercial activities and thus reduce their efficiency. In this context, reducing or eliminating obstacles such as bureaucracy, complexity, non-transparent processes and country policies will facilitate access to new markets and strengthen the supply chain.
Today, the fact that blockchain technology contributes to operations by revolutionizing business processes in various industries shows that it also has the potential to alleviate the problems associated with cross-border trade. With the integration and development of blockchain applications in many areas of use in international trade, it is possible to overcome many obstacles that arise within the framework of the risks in this area.
This study was written to investigate in which areas blockchain technology can be used in international trade and to what extent it can provide solutions against classified risks for these areas. In the study, a multifaceted examination is made to develop the foreseen and planned strategic elements regarding risk management in international trade by using blockchain technology.
Keywords:
Blockchain, International Trade, Risk Management
Proceedings Editor
Edmond Hajrizi
ISBN
978-9951-550-95-6
Location
UBT Lipjan, Kosovo
Start Date
28-10-2023 8:00 AM
End Date
29-10-2023 6:00 PM
DOI
10.33107/ubt-ic.2023.168
Recommended Citation
ORTAKARPUZ, Metehan, "How Can Blockchain Technology Contrıbute to Risk Management in Internatıonal Trade?" (2023). UBT International Conference. 22.
https://knowledgecenter.ubt-uni.net/conference/IC/MBE/22
How Can Blockchain Technology Contrıbute to Risk Management in Internatıonal Trade?
UBT Lipjan, Kosovo
The fact that the parties are beyond borders in international trade, they do not know each other well enough, the different political and economic conditions and systems of countires, long distances, varied commercial traditions, conjunctural factors make international trade more risky than domestic trade. Legal legislation in terms of the rights and obligations of the parties, foreign exchange transactions due to the use of foreign currency, transportation and insurance in terms of transportation activities, accounting and financial transactions in terms of determining the effects on businesses and the country's economy, the policies followed, the content of the contracts drawn up and the procedures diversify the risks. These risks are manifested as obstacles that hinder the functioning and development of commercial activities and thus reduce their efficiency. In this context, reducing or eliminating obstacles such as bureaucracy, complexity, non-transparent processes and country policies will facilitate access to new markets and strengthen the supply chain.
Today, the fact that blockchain technology contributes to operations by revolutionizing business processes in various industries shows that it also has the potential to alleviate the problems associated with cross-border trade. With the integration and development of blockchain applications in many areas of use in international trade, it is possible to overcome many obstacles that arise within the framework of the risks in this area.
This study was written to investigate in which areas blockchain technology can be used in international trade and to what extent it can provide solutions against classified risks for these areas. In the study, a multifaceted examination is made to develop the foreseen and planned strategic elements regarding risk management in international trade by using blockchain technology.