ABSTRACT
Although originally developed for financial services, blockchain technology has many other useful applications, including information management. It is currently generating excitement in various fields, such as banking, healthcare, the Internet of Things (IoT), and international trade, among others. A key characteristic of blockchain technology is that it facilitates trust between and among unknown parties, allowing them to transact business and share information without the involvement of an intermediary while ensuring data integrity and a full audit trail. Blockchain technology records, verifies, and settles transactions by recording details such as price, asset, and ownership within seconds across all nodes. Any verified change recorded in one ledger is simultaneously recorded in all other copies. Blockchain transactions are stored in blocks, which are groups of records. Transaction records are stored in a block of information. Blocks are linked to each other once they are complete, forming a chain. This makes it particularly suitable for tracking the movement of financial transactions and goods internationally. It can help provide accurate and quick information not only regarding where the financial transaction or goods originate but also tracing each step in the process. International buyers, sellers, and carriers could benefit from availability, accuracy, and precision, but also government customs agencies, who often face the same issues of origin and provenance of shipments, as well as how to handle the numerous transactions occurring simultaneously at ports of entry that are often widely dispersed.
