The Trade Hot Topics series provides informative publications relating to various trade and trade-related issues, which are prepared both by the Commonwealth Secretariat and international experts.
Blockchain technology is a web-based system of recording data using cryptography, the practice and study of techniques for secure online communication to create “inscrutable ‘informational hallmarks’ that enable construction of new data streams on existing products and services that are a transparent, encrypted and secure form of ‘information value chain’ or ‘digital ledger’.”
In his article, James urges caution among the praise for the ability of blockchain technologies to unlock value and efficiency. Heaping praise on early results from the piloting of blockchain technologies is a recipe for disappointment amid squandered resources. Indeed, it is rarely easy to shepherd technological innovation into transformational economic change at scale, and blockchain technologies need to be viewed through the demanding lenses of global markets.
The full publication can be downloaded for free from the Commonwealth iLibrary