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 medium-sized 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 decision-making 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 well-suited 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.