An Analytical Study of Barriers to Blockchain Adoption in International Trade

The blockchain technology is a ground-breaking
invention that has the potential to transform international trade
by facilitating transparent, safe, and decentralized operations.
Blockchain could create $3.1 trillion in economic value by 2030,
according to World Economic Forum forecasts, but adoption of
the technology is still low, especially among small and mediumsized
enterprises. This study uses a survey-based research
design and focuses on 22 businesses in the retail, logistics,
manufacturing, and commodities trading sectors. Respondents
were guaranteed to possess the technical know-how or decisionmaking
power required for blockchain adoption because the
survey was targeted at senior-level professionals in supply chain
management, finance, or IT. Companies that engage in
international trade were chosen because blockchain's features
transparency, automation, and security are especially wellsuited
to addressing inefficiencies in cross-border transactions.
Key findings show that only 14% of respondents have
successfully incorporated blockchain into their operations, and
68% of respondents know very little or nothing about it. High
initial implementation costs, regulatory ambiguities, and gaps in
technical knowledge are significant obstacles. In order to verify
the dataset's accuracy and applicability, survey answers were
compared to publicly accessible information on the businesses'
technology projects. The study also looked at three important
factors: blockchain awareness and readiness, crucial
components of business operations, and current difficulties in
international transactions. The study provides practical
suggestions, such as the creation of focused educational
programs, frameworks for modular integration, and
harmonization of international regulations. Blockchain has the
potential to improve security, speed up international trade
procedures, and cut transaction costs by up to 30% by removing
these obstacles.