My RMIT colleagues and I have a new essay at Medium. A taster:
The growth of the regulatory state over the last thirty years has significantly increased the compliance costs of trade. While regulatory harmonisation and tariff reductions have encouraged larger volumes of trade, these have been matched by greater demands for information those goods travelling across borders.
New regulatory concerns about labour, environmental, chemical, and biosecurity standards are being reflected in international trade agreements and are translating into more regulatory requirements at the border.
Longer and more complex supply chains as a result of globalisation has multiplied these compliance burdens.
Blockchains can provide a ‘rail’ on which all this information travels.
Blockchains are uniquely suited for an era of advanced globalisation, the regulatory state, and demand for information about product origins and quality.