An Enquiry into the Adoption and Effectiveness of Blockchain Technology in Trade Finance

This study aims to understand the Blockchain’s effect and impact on trade finance. Blockchain has transformed the financial sector in a big way; all the big companies are moving towards implementing Blockchain in their practices. These implementations have both pros and shortcomings in their work. This paper will help to understand all the problems, valuable insights, and weaknesses with implementing Blockchain in trade finance. This research can give valuable insights into the applications of blockchain technology in trade finance. Primary data was collected through a questionnaire in the form of Google Forms. The responses were collected from Finance Students and people working in the finance domain. The survey focuses on the participant's perception of the application, opportunities and challenges of using blockchain in trade finance. It was prepared after a thorough review of the literature available in the area of blockchain technology and use of it in trade finance. The researcher engaged in discussions with the experts to get some insights about the benefits and limitations of the subject. Using blockchain technology can give transparency, ease operations, increase efficiency, and reduce fraud risk. Blockchain can be used in many domains, including trade finance, Accounting, supply chain, health care, insurance, manufacturing, etc.