Despite the economic importance of trade finance in commercial trade, the fundamentals of trade finance have not dramatically changed for centuries. Most of the transactions continue to be largely paper-based and counterparties still face many of the same risks, obstacles and challenges they did when the Spanish empire ruled the seas. The use of blockchain can address many of these inefficiencies and reduce the friction encountered by sme s using trade finance arrangements to access global markets. This article sets out the main advantages of using blockchain-based trade finance solutions in order to explore the legal developments in a cross section of six jurisdictions with differing approaches (USA, UK, Australia, Singapore, Hong Kong and Qatar). The paper concludes that legal reforms have an important role in assisting the introduction of blockchain into trade finance. Moreover, such an introduction will greatly benefit the economic prospects of sme s seeking to reach transnational markets.

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