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Blockchain Technology Potential to Transform Global Value Chains

Technological changes in transport and communications have shown to be one of the most important determinants of geographic fragmentation of production process which led to shaping of global value chains (GVCs). Governance of these complex production systems is becoming increasingly challenging, especially due to the lack of information about the processes and actors in the chain, which leads to sustainability issues and higher costs of assuring resilience and robustness. Blockchain technology (BT) provides opportunities to address these challenges. This paper provides a systematic overview of BT potential to transform GVCs. It points out transparency as one of the most important features of BT, which provides traceability and efficiency gains potential in a range of areas, as it enables real-time information-based decision making of leading firms and other members of GVCs. It also points out that BT can provide decision-support to consumers through information that was not previously available to them, thus facilitating their choices. Furthermore, it can facilitate government’s international trade regulation enforcement. These changes have the potential to contribute to upgrading opportunities and bring another global production reorganization. Decision-support is needed to foster and facilitate BT adoption process.

Global value chains · Decision support · Information-based decision making · Governance · Blockchain

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