Blockchain Technology and the Transformation of Foreign Trade Payment Methods

The purpose of this study is to examine the impact of blockchain technology on trade transformation in the context of supply chain management, foreign trade and international trade payment methods. As a methodology, first, a literature review on the interaction between blockchain technology and foreign trade is conducted, followed by a case study of various foreign trade payment methods that have been previously experienced. The study first emphasizes that the integration of blockchain technology into supply chain management provides significant benefits in terms of transparency, transaction speed and reliability, but that inter-stakeholder cooperation and legal regulations need to be improved in order to fully realize these benefits. Secondly, the contribution of blockchain to the digitalization of foreign trade is discussed, with particular attention drawn to paperless processes in customs procedures and the reduction of operational risks. Finally, applications where blockchain is used as a foreign trade payment method are discussed and the technological contributions of blockchain-based letters of credit are revealed.