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American Journal of  Economics and 
Business Innovation (AJEBI)

Blockchain Implementation in International Trade: A Theoretical and Empirical 
Analysis Using VOSviewer

Fayssal Moukafi1*, Amine Dafir1

Volume 4 Issue 2, Year 2025
ISSN: 2831-5588 (Online), 2832-4862 (Print)

DOI: https://doi.org/10.54536/ajebi.v4i2.4694
https://journals.e-palli.com/home/index.php/ajebi

Article Information ABSTRACT

Received: May 25, 2025

Accepted: June 28, 2025

Published: July 26, 2025

Transparency, Security, efficiency; those three words can be assimilated to the fundamentals 
of  a foreign operations, and that parties are all always in the obligation to optimise the process 
to fulfill their needs, this technology was reputed one of  the valuable assets that appeared 
in the recent years was the blockchain technology gaining popularity in the financial world 
that we can emerge to the international trade offering a lot benefits. This research gives 
introduction about an innovative approach aimed at overcoming the limitations associated 
with reliance on stakeholders in international trade transactions. and it aims to add a valued 
solutions and to enhance the important gap existing research both conceptual foundations 
and practical insights . Moreover, we provide in our empirical part a study by VOSviewer, 
that it is enhance by The Methodi Ordinatio technique has been employed in this study to 
identify the most relevant studies in the field of  international trade, guiding the research 
process through the selection, analysis, and systematic review of  42 articles retrieved from 
the Scopus database, all related to foreign trade transactions., to furnish a deeper perspective 
on the working of  the mechanism By analyzing and identifying the highlight of  the significant 
impact of  blockchain on various trade-related processes.

Keywords
Bibliometric Analysis, Blockchain, 
International Trade, IoT, Smart 
Contracts, VOSviewer

1 Université Hassan II de Casablanca, Casablanca, Morocco
* Corresponding author’s e-mail: fayssal.moukafi-etu@etu.univh2c.ma

INTRODUCTION 
In today’s rapidly changing world, technological 
advancements are reshaping the way we live and 
conduct business. Among these innovations, blockchain 
technology stands out for its immense potential to 
transform foreign trade. By leveraging its unique features, 
blockchain offers several advantages that can address the 
challenges faced by businesses engaged in international 
transactions. 
Traditional foreign trade processes have long been 
plagued by high costs, complex procedures, and numerous 
intermediaries (Barelier et al., 2003). However, blockchain’s 
decentralized and transparent nature provides a solution. 
It allows for direct peer-to-peer interactions between 
buyers and sellers, eliminating the need for intermediaries 
like banks and clearinghouses. This not only reduces 
transaction costs but also accelerates the speed of  trade, 
enabling businesses to operate more efficiently and 
compete effectively in the global marketplace.
One of  the key benefits of  blockchain in foreign trade lies 
in its enhanced security and trust. Through its immutable 
and tamper-resistant records, blockchain ensures the 
integrity of  trade data, reducing the risk of  fraud and 
fostering trust among trade partners (Popa, 2008). The 
transparency offered by blockchain facilitates secure 
transactions, minimizing disputes and expediting customs 
clearance procedures.
Moreover, blockchain technology enhances traceability 
and accountability in foreign trade. Every transaction 
recorded on the blockchain allows for accurate tracking of  
goods from manufacturers to final consumers (Hackius 
& Petersen, 2017). This traceability feature improves 

supply chain management, enabling better control over 
product origins, quality assurance, and compliance with 
regulatory standards. By providing a single source of  
truth, blockchain ensures that all stakeholders have 
access to reliable and verifiable information, enhancing 
transparency and reducing uncertainties.
In addition, blockchain technology improves the efficiency 
of  cross-border payments, a vital aspect of  foreign trade 
(Xiao et al., 2021). Traditional cross-border payments 
are often slow and costly due to multiple intermediaries 
involved. However, blockchain-based cryptocurrencies 
and smart contracts enable near real-time settlements, 
eliminating intermediaries and reducing transaction costs. 
This increased efficiency improves liquidity and expedites 
foreign trade transactions, empowering businesses with 
greater agility and financial flexibility.
The significance of  this study lies in its exploration of  
blockchain’s transformative potential in foreign trade and 
international transactions. By addressing key research 
questions, the study contributes to advancing knowledge 
and bridging the gap between theory and practice (Norris 
& Oppenheim, 2007). The findings have the potential to 
drive economic growth and enhance operational efficiency 
in international trade, as blockchain’s capabilities in cost 
reduction, streamlined processes, improved transparency, 
and enhanced trust pave the way for smoother and 
more efficient transactions. Ultimately, this research 
provides valuable insights for stakeholders, helping them 
understand the benefits and challenges associated with 
implementing blockchain in the international sector and 
fostering a deeper understanding of  blockchain’s role in 
the global trade ecosystem.



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The article commences with a comprehensive literature 
review, divided into two main sections (Bartodziej, 
2017). The first section explores blockchain technology, 
providing a thorough understanding of  its concepts, 
features, and potential applications. The second section 
focuses on the application of  blockchain in international 
trade, examining its transformative potential in areas such 
as supply chain management, cross-border payments, 
and trade finance. To enhance analysis and visualization, 
VOSviewer, a powerful bibliometric analysis tool, is 
employed (Pagani et al., 2015). This software facilitates the 
identification of  trends, patterns, and connections within 
the literature, enabling a structured examination of  the 
research landscape. Subsequently, the article engages in 
a discussion section that critically analyzes and interprets 
the findings from the literature review and bibliometric 
analysis. This discussion provides insights into the 
current research landscape, identifies gaps and areas 
for future exploration, and offers practical implications 
for researchers, practitioners, and policymakers in the 
field of  blockchain and international trade. Lastly, the 
article concludes by summarizing the key findings, 
emphasizing the significance of  blockchain technology 
in revolutionizing international trade, and suggesting 
avenues for future research.

LITERATURE REVIEW
Blockchain Technology 
The Blockchain Mechanism 
Blockchain technology has seen a significant rise in 
prominence in recent years even a huge impact in the 
process of  international trade (Vincent et al., 2020) and 
is now regarded as one of  the most transformative 
innovations of  the 21st century (Kimani et al., 2020). It is 
at the root confidentiality, security and integrity specificity 
of  transactions in network environments (Kotamraju et 
al., 2021), This allows it to act as a remedy to current 
problems in many respects such as industry and supply 
chains (Ali et al., 2021). 
To assure security that represent as one of  the obstacles 
that we can find between entities because a lot of  reasons, 
on top of  them we can locate the hackers so with the 
blockchain , the new revolution we can ascertain a 
redress for this problem, in the absence of  any notion 
of  neglecting the hashing and the encryption that would 
reinforce it (kotamraju et al., 2021).
Ever since Bitcoin first entered the financial landscape, 
efforts and a lot of  studies have been made to have a 
distinctin between those two terms: blockchain and 
crypto-currencies. Tapscott (2016) has demonstrate that 
blockchain has more potential and applications beyond 
the financial realm.
A new digital ledger system that can record all types 
of  value, such as deeds, titles, and intellectual property 
rights.This digital revolution of  “Peer-to-Peer” is defined 
by Leloup (2014), an expert in corporate finance and 
blockchain, as being a transactional database similar 
to a ledger where transactions are recorded in a block 

following subsequent transactions without being able to 
erase the latest ones.
The computer scientists who developed this technology 
sought to circumvent the issue of  non-transparency in 
the financial system by attempting to displace the central 
authority of  trust (Moukafi & Dafir, 2025).
According to Huang et al. (2019), the database consists 
of  numerous data entries corresponding to various 
transactions.
A database is now referred to as a “ledger” because of  
the financial industry’s use of  blockchain technology. A 
computer file or summing register that automatically logs 
all activities related to economic transactions in nodes. 
Ledger data exploration is the process of  connecting all 
the nodes in a blockchain system (Huang et al., 2019). 
Data is verified via blockchain technology, which employs 
a network of  connected blocks.
Synchronization uses a reliable consensus mechanism 
that synchronizes any type of  change belonging to an 
exchange. A consensus technique is used in a distributed 
blockchain network to establish a single source of  truth 
among peers. On the blockchain, this protocol acts as 
an algorithm to verify transactions and sign blocks. The 
consensus method ultimately determines which blocks are 
included in the chain of  the transaction (Bashir, I.2022).
Consensus protocols’ main goal is to provide a consistent 
and unambiguous hierarchy for transactions and blocks. 
Bashir (2022) assure that this guarantees the blockchain’s 
consistency and integrity, even across geographically 
separated nodes.
The consensus protocol enables parties with no 
inherent mutual confidence to cooperate without the 
requirement for a trusted intermediary by deciding the 
rules for updating the register. This decentralized strategy 
promotes a trustworthy and safe environment for network 
communication (Magbitang et al., 2023).
More specifically, in a context relating to finance, 
Vamparys (2018) mentions that blockchain technology 
enables better portfolio management and many more 
benefits, which he presents as follows:
- Cost optimization;
- Task automation;
- Speed of  execution;
- Preservation of  essential elements;
- Data security and confidentiality;
- Transparency of  operations.

Furthermore, Verdier (2018) demonstrates these same 
advantages in the context of  the finance function, adding 
better data organization as well as the way to ensure the 
performance all the tasks that are usually carried out by 
a trusted third party, including data verification, collateral 
registration, payments as well as exchange approval...
The modification of  data enables a trusted digital system 
where information can be safely stored and shared 
without the risk of  being altered so we see that blockchain 
can also be deployed using other advanced technologies 
namely IOT, identity management, and supply chain 
systems (Feng et al., 2019).



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Types of  Blockchain
When a company is looking to develop a blockchain 
solution, we need to know which type of  blockchain 
is most appropriate to their situation. According to 
Solat et al. (2021), blockchain can be classified as either 
permissionless (public blockchain), permissioned (private 
blockchain), or both (hybrid blockchain).

Public Blockchain
The public blockchain, sometimes referred to as 
a permissionless blockchain, is an unrestricted, 
decentralized system that anybody may use. Any entity 
may join this kind of  blockchain as a node and aid in 
the validation of  online transactions. Every piece of  
information in a transaction is properly checked thanks 
to the consensus technique utilized. Greater inclusion 
and transparency inside the network are made possible 
by this openness (Viriyasitavat & Hoonsopon, 2019). 
However, it must be emphasized that transactions in this 
type of  blockchain are always anonymous, taking the 
name of  a pseudonym, since actors are distinguished by 
their cryptographic addresses (Solat et al., 2021). Ripple, 
Cardano and Dogecoin are good examples of  this.

Private Blockchain
Not only the presence of  the public blockchain, we 
are in the existence of  another type also the private 
blockchain, which we can find known as the blockchain 
with permission (Moukafi & Dafir, 2025). 
Without neglecting to say that among the reasons for 
the evolution of  the private blockchain is to remedy the 
flaws found within the public blockchain notably such as 
data reversibility, data confidentiality, transaction volume 
scalability and system responsiveness (Hamida et al., 2017).
The components suggest that this kind of  blockchain 
is distinguished by a controlled access network, 
according to (Solat et al., 2021). It is frequently used in 
organizations where joining requires permission. R3 
Corda is a private blockchain platform that is designed 
for financial institutions within a carefully chosen group 
of  participants. It is built on trust and collaboration, and 
it helps businesses to share data securely and efficiently. 
R3 Corda also streamlines identity and asset management, 
making it easier for businesses to work together. 

Hybrid Blockchain
In light of  the benefits and drawbacks of  the first two 
types of  blockchain, there is a third type that combines 
the advantages of  public and private blockchains, in 
particular the hybrid blockchain, also known as the 
interoperable blockchain. This type is distinguished by its 
interconnectivity, asset portability, and scalability, which 
allows communication between multiple blockchains.
The benefits of  hybrid blockchains are numerous 
including the ability to apply use-case-specific rules and 
technologies, including zero-knowledge proofs, as well as 
increased confidentiality, better transaction throughput, 
and cheaper costs (Geroni, 2021).

These technologies allow for the division or even complete 
privacy of  information, which is frequently necessary for 
many corporate processes. Notable examples include 
Dragonchain, Wanchain, Cosmos (Chauhan et al., 2018).

Consortium Blockchain
A consortium blockchain combines features of  both 
private and public blockchains. It’s managed by a limited 
group of  trusted participants, meaning only selected 
members can approve or record transactions, while the 
general public may still be able to view them. This setup 
ensures greater control and security within a specific 
network. A good example of  this type is Hyperledger 
Fabric (Xiao et al., 2021).

Roles of  Blockchain
The many responsibilities and capacities offered by 
blockchain innovation can greatly improve the effectiveness 
of  cross-border commercial transactions. One of  its 
main benefits is that it offers real-time notifications in a 
very effective way. It also makes it simple to visualize how 
paperwork, contracts, and agreements move. Additionally, 
the implementation of  smart contracts on the blockchain 
enables decentralized contract development and 
execution as well as real-time document and agreement 
verification. Additionally, blockchain establishes digital 
proof  of  ownership while ensuring the immutability and 
unforgeability of  records of  documents, conditions, and 
terms. This system encourages cooperative transaction 
and ownership transfer verification while streamlining 
administrative procedures. Additionally, blockchain gives 
users access to transaction logs, increasing transparency 
and dependability throughout the process (Ali et al., 2021; 
Belu, 2019; Chang et al., 2019, 2019; Sun et al., 2019; 
Tapscott and Tapscott, 2016; Vincent et al., 2020).
The specific characteristics of  the innovation of  
blockchain stem from its hybrid nature. It is generally 
considered as one of  the advanced technologies that can 
be supervised in two essential parts namely hardware 
and software technologies, for an example we can find 
distributed ledger technologies, licenses and even smart 
contract with P2P softwares (Lu, 2019).
The transparency of  blockchain technology is one 
of  its key benefits (Morgan et al., 2018). With the help 
of  blockchain’s distinctive and potent powers, this 
transparency is made possible. Blockchain differs from 
conventional centralized systems in that each user (node) 
is required to maintain a copy of  the data, ensuring 
redundancy and security (Lu, 2019). All transactions and 
pertinent data are shared throughout the whole network, 
maintaining high levels of  transparency and giving all 
participants access to data in real time. In contrast, data 
is often held in a single location and transactions are 
typically validated by trusted intermediaries in traditional 
centralized database systems, introducing a centralized 
point of  control and potential weaknesses.
This reliance on central servers not only incurs additional 
costs but also raises significant concerns regarding 



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system performance.Once data has been recorded in the 
distributed ledger of  the blockchain, it is guaranteed to 
remain unmodified (Beck et al., 2018). This ensures a high 
level of  security and accuracy because transactions and data 
saved on the blockchain cannot be altered. As all network 
members have access to the same verified information, 
research suggests that this feature considerably lowers 
transactional insecurity and uncertainty (Ali et al., 2020).
Blockchain offers a number of  other capabilities 
that improve transaction processes in addition to its 
immutability. Real-time notifications and verifications 
are made possible through the use of  smart contracts, 
digital signatures, and multiple signatures. With the use 
of  this technology, transaction results and performance 
may be measured effectively and reliably (Moukafi & 
Dafir, 2025). Blockchain improves efficiency and lowers 
costs by removing the need for middlemen like banks. 
The entire process can be streamlined by suppliers 
independently verifying transactions in virtually real-time 
(Koetsier, 2019).
Blockchain is recognized as a major technological 
breakthrough in the digital transformation of  both 
physical and digital asset ownership (Ali et al., 2020). In 
addition to providing a secure and tamper-resistant audit 
trail, it is also seen as a flexible platform for managing 
both assets and contracts (Lindman et al., 2017; Mattila, 
2016). When dealing with purely digital assets, a public 
registry allows for secure tracking of  ownership, opening 
up a wide range of  new possibilities (Athey et al., 2016).

Smart Contracts
Smart contracts, a crucial component of  blockchain 
that improves peer-to-peer commercial transactions, 
are introduced (Roriz & Pereira, 2019). According 
to Eenmaa-Dimitrieva and Schmidt-Kessen (2019), 
smart contracts are simply agreements that have been 
established in code and are intended to be carried out 
automatically in a blockchain context. Szabo (2018) asserts 
that a contract is a group of  commitments established 
during an agreement, which is the conventional method 
of  formalizing relationships, particularly in business with 
some objectives such as satisfying contractual conditions 
(e.g., payment of  due dates, privileges, confidentiality, 
even performance); by minimizing the possibility of  
exceptions, whether they are malicious or accidental in 
nature.
Smart contracts, which use protocols to ensure that 
everyone maintains their agreements, bring the central 
notion into the digital age. Digitally specified promises 
are made. Not simply for business-to-business contracts 
and partnerships, smart contracts can be utilized in a 
wide range of  agreements. Smart contracts don’t have a 
“smart” component; however they are not “Smart” there 
is no cognitive component or artificial intelligence indeed 
they  involve an automatic execution of  a predefined task 
when specific conditions are met. the obligations of  these 
Contracts do not reflect a contract in the legal sense.
Szabo (1997)  considers these contracts to be intelligent 

because they are much more functional than their 
inanimate paper-based ancestors and even he has 
described smart contracts as “protocols within which 
parties execute”. Therefore, when an event or transaction 
occurs, there are rules that indicate how the data should be 
processed in order to achieve the right result. This can be 
achieved by transforming smart contracts into computer 
code with agreements and clauses that are embedded as 
lines of  program code.
Cryptocurrency-based automated financial applications 
now have more options thanks to the development of  
smart contracts and their connections to decentralized 
autonomous organizations, decentralized applications, 
smart tokens, and smart properties (Di Francesco 
Maesa & Mori, 2020). Computer protocols known as 
“smart contracts” are essentially used to verify, facilitate, 
or enforce the terms and conditions of  a pre-defined 
contract in a digital format. Despite the fact that the 
theory behind smart contracts dates back more than 20 
years, recent developments in the bitcoin and blockchain 
industries have reignited interest in their potential 
(Werbach & Cornell, 2017).
Smart contracts’ capacity to facilitate reliable transactions 
without the use of  middlemen is what makes them 
so attractive. These transactions offer a high level of  
security because they are transparent and irreversible. 
It’s important to keep in mind that establishing smart 
contracts can be challenging and requires significant 
thought, particularly when they operate on a blockchain 
(De Graaf, 2019).
Programmable contracts were developed to facilitate the 
automation of  transactions so that parties could agree 
on the result of  a particular event without the need for a 
central authority (Roriz & Pereira, 2019). A smart contract 
utilizes the immutable and trustless characteristics of  
blockchain technology to provide peer-to-peer agreements 
that are self-enforcing and managed through computer code 
(Brennan & Lunn, 2016). To unleash the true power of  the 
smart contracts it will be more significant to talk about the 
internet of  things furthermore Smart contracts, which are 
self-executing contracts that activate when predetermined 
circumstances are satisfied, have the potential to be used 
with blockchain technology. However, smart contracts are 
frequently used in conjunction with other technologies, 
particularly the Internet of  Things (IoT).
The Internet of  Things (IoT) is a game-changing concept 
that describes a massive network of  sentient devices 
capable of  self-organization, data sharing, and responding 
to environmental changes. It is a significant improvement 
in Information and Communication Technologies, 
allowing for worldwide connectivity and effective 
management of  sensors, devices, users, and information 
(Madakam, 2015). While it is simple to imagine utilizing 
IoT to follow products such as cola cans or cereal boxes 
from production to consumption sites, there is a growing 
trend to incorporate nearly any physical object imaginable 
into the IoT.
The Internet of  Things consists of  networks of  



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interconnected sensors and “intelligent” gadgets that 
can broadcast and receive data via the Internet. Smart 
contracts can use oracles to initiate specified actions 
based on data supplied by IoT.
An oracle is a digital mechanism that allows intelligent 
contracts to access external data, acting as a bridge 
between blockchains and the outside world.
Material oracles are integrated into physical systems such 
as RFID readers, providing real-time data to intelligent 
contracts. In the meanwhile, Oracle software retrieves data 
in real time from other programs and online application 
programming interfaces (API), such as market prices, 
flight status, and weather data (Khan et al., 2021)
The information derived by oracles is then integrated into 
an intelligent contract via a data flow provided by third-
party service providers, based on the requirements set in 
the intelligent contract.
Smart contracts can transform the way peer-to-peer 
business transactions are carried out due to a set 
of  characteristics that not only set them apart from 
conventional contracts but also enable them to generate 
value and develop new business models. The characteristics 
are: i) being able to be stored and executed on various 
computers in a decentralized network, hence not 
requiring intermediaries; ii) independent execution of  “if-
then” rules, thereby ensuring that contractual agreements 
are executed automatically; iii) utilization of  consensus-
based validation of  transactions; and iv) data storage in 
an unalterable public ledger. This tamper-evident ledger 
is a single point of  reference and offers transparency 
(De Graaf, 2019). Furthermore, smart contracts are able 
to establish trust in the absence of  conventional trust 
processes, commonly known as “trustless contractual 
environments” (Eenmaa-Dimitrieva & Schmidt-Kessen, 
2019).
 
Application of  the Blockchain over International 
Trade
Logistics
In the world of  international exportation and 
importations, we can find a lot  operations that have the 
nature of  logistics The activities of  packing, loading, 
and pre-carriage of  goods are essential to ensure the 
safe and efficient transportation of  goods. Goods are 
packed and loaded into containers or other protective 
materials at the factory or warehouse of  departure. They 
are then moved to the port or airport of  shipment by 
wagon or another vehicle. These activities are performed 
by a team of  trained professionals who ensure that the 
goods are properly packed and loaded to withstand the 
rigors of  transportation, even international transport 
that it is the most important phase of  the whole process, 
customs formalities for export and import, main carriage, 
insurance in international traffic, post-carriage and 
unloading of  goods (Popa 2018).
Responsibility for logistics operations lies with the 
exporter or importer, depending on the Incoterms clause 

adopted by the parties, It’s crucial to draw attention to 
the distinctions between the two main parties involved in 
international commercial terms, namely the vendors and 
the consumers. This entails being aware of  each party’s 
responsibilities, risks, and financial obligations (Moukafi 
& Dafir, 2025). We may assure easier transactions and 
improved collaboration between the two parties in 
international trade by outlining these issues in unambiguous 
terms, if  not the way in which they have defined mutual 
responsibilities, the applicable legislation and the costs that 
each entity must bear (Vogt & Davis, 2020).
For the suppliers, any failure in the logistics system 
means added cost and can damage the reputation of  
the organization (Popa, 2008). In the contemporary 
globalized economy, logistics and their costs have 
emerged as major determinants of  competitive advantage 
and modernization, as well as a major determinant of  
environmental sustainability (Belu, 2008). The emergence 
of  the recent fourth industrial revolution has introduced 
a novel paradigm toward the structuring and management 
of  the entire life cycle of  a product with a thrust toward 
Cyber-Physical System integration.this system is based 
on joining sensor networks with on-board computing to 
monitor and assure the placement of  physical materials 
entering the production mechanism and logistics 
process, and the potential of  blockchain for supply chain 
management is being exploited in conjunction with 
complementary technologies, including the Internet of  
Things (IoT) and oracles. 
The term “Internet of  Things” describes gadgets that 
are linked to regional (Wi-Fi, Bluetooth) or international 
(GSM, GPRS) networks for remote monitoring and 
control or specific job execution. Production facilities, 
structures, or intelligent goods are examples of  
interconnected things with intelligence (Bartodziej, 2017). 
The following would happen if  blockchain technology 
were to be implemented in logistical processes related 
to import and export operations (Hackius and Petersen, 
2017):
- Flexible handling of  the transaction’s paperwork is 
necessary for both the stages of  receiving the products 
and paying for them as well as for taking ownership of  
the acquired items (Moukafi & Dafir, 2025).

Supply Chain Optimization and Cost Reduction
Through the Internet of  Things (IoT), document 
management and shipment tracking become more 
efficient. Blockchain allows for the decentralized storage 
of  large volumes of  data, enabling rapid processing and 
timely access to information (Dobrovnik et al., 2018).

Enhanced Security
Because the necessary computations are performed 
by a number of  machines in a decentralized way, the 
information recorded in the blocks is unalterable and 
immutable, meaning that it is essentially impossible for 
anybody to edit it.



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Transparency
The use of  blockchain technology ensures that products 
are traceable right from their starting point to their 
end user, thus increasing transparency at each step. 
Every stage of  the lifecycle of  the product—ranging 
from manufacturing through packaging to delivery—is 
observable (Williams et al., 2015).
Visibility is an essential aspect in supply chains, and 
it requires that every element of  the Cyber-Physical 
System (CPS) receives accurate information about both 
the upstream and downstream counterparts to make 
informed and effective decisions. Visibility in supply 
chains enables real-time tracking of  products from the 
manufacturer to their final destination, including all 
the intermediary stages (Shih et al., 2019). It enhances 
operational efficiency by providing access to reliable, real-
time information from trusted sources (Miraz et al., 2020).

Payment and Finance
Letter of  credit is one of  the most popular payment 
methods in international trade, only second to open 
account-based payments. Yet, within the European Union, 
especially for intra-community transactions, its application 
is relatively rare. Perhaps this is because handling payments 
via letters of  credit is time-consuming and expensive. 
Quite frequently, merchandise reaches destinations prior 
to the final confirmation of  required documents by 
intermediaries like bank officials (Ganne, 2018).
Often, the goods arrive at their destination while the 
documents are still being checked by bank employees 
according to the banks who has interaction between the 
supplier and the customers, their banks have 5 days in 
max each to assure the consistency of  the documents. 
In open account payment, the exporter assumes a very 
high level of  risk since they deliver the goods and hope 
for the importer to meet their financial commitment 
(Moukafi & Dafir, 2025).
The traditional financing and payment process via letter 
of  credit is also complex with multiple parties, large 
documentation, and expensive.
For example, according to a study by the Boston 
Consulting Group, there a lot entities are involved 
in a single financing operation over an international 
trade transaction, involving a lot of  documents and a 
cumbersome financing management process. 
After a survey updated by BCG, they have found that 
99% interchange between all the contributors in a foreign 
trade operation that doesn’t a create a notable value 
(Boston Consulting Group, 2017).
If  we consider the fact that we can use a DLT such as 
blockchain technology in this type of  payment method, 
we would make a remarkable change corresponding to 
reducing time of  the operation, less paper work and even 
lower cost.
International operations, such as import and export, 
involve a wide range of  tasks, including arranging 
shipments, handling customs duties, coordinating 
transportation, and managing finances. Effective financial 

management is essential for successful international trade, 
so businesses need to have robust financial strategies in 
place. 

Document Supervision
The primary role of  documentation in the ownership 
transfer of  goods and payment guarantee across 
import-export operations demarcates the transactional 
framework operating in these operations. In the logistics 
stage, a variety of  procedures is utilized to facilitate the 
sale and physical movement of  goods from the buyer to 
the seller. Each procedure demands certain commercial 
documents, for example, the commercial invoice (that 
confirms the sale), the packing list (that enumerates the 
cargo contents), and the transport document (that attests 
the goods have been loaded onto a transport means). At 
the financial phase, payment for the goods on contract is 
made, a process which also creates some basic documents, 
such as the bill of  exchange and the letter of  credit.
The document flow is key to the integration of  the 
logistic and financial aspects; the delivery of  goods is 
documented, and payment is completed by means of  the 
exchange of  such documents (Popa, 2008). Documents 
are classified into different types based on the issuer and 
function as we demonstrate in this figure.

Figure 1: Document supervision process
Source: Popa and Belu (2018)

There are many types of  documents used in international 
trade, each serving a particular purpose in the transaction 
process.
Documents issued or attested by competent authorities: 
Documents provided by government authorities 
responsible for regulating foreign trade, like ministries, 
customs authorities, diplomatic missions, consulates, and 
chambers of  commerce and industry, are included in this 
category.



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Documents Prepared by the Exporter
The exporter prepares some of  the most important 
documents, such as pro-forma invoices, commercial 
invoices, and transport documents. Based on the delivery 
terms, the exporter might also prepare documents for 
storage of  goods, shipping, entering into insurance 
contracts, and inspection. The exporter’s obligation 
under the Incoterm EXW is to make the goods ready at 
their own premises for delivery.

Documents Prepared by the Importer
Generally, the importer prepares various documents like 
the application for opening a letter of  credit and the 
import customs declaration. Where delivery terms place 
the responsibility of  transportation and insurance on the 
importer, they also prepare documents like the order note 
for bill of  lading and the application for insurance. These 
documents are generally forwarded to a shipper who, on 
behalf  of  the importer, obtains the bill of  lading and the 
insurance policy.
Transport documents are produced by the carrier. From 
among them, the bill of  lading relates to sea and inland 
waterway transport and is important for conveying goods 
from the exporter to the importer while facilitating 
payment processing. In alternative modes of  transport, 

equivalent documents include the CIM consignment note 
in the case of  rail transport, the air freight consignment 
note, and the CMR consignment note specified for road 
transport. While these documents perform roles similar 
to that of  the bill of  lading, they are defined as non-
negotiable (Moukafi & Dafir, 2025).
Documents issued by banks: In the world of  international 
business, the letter of  credit is the most prestigious 
payment tool. Payments are normally made in terms of  
a predetermined set of  documents, which include the 
commercial invoice, transportation document, insurance 
policy, and other commercial documents (Barelier et al., 
2003). Use of  blockchain technology can revolutionize 
this process by digitalizing these significant documents, 
increasing transparency, and making cross-border 
trade transactions easier. Attempts at digitizing export 
transaction documents through the use of  blockchain 
have already been made.

MATERIALS AND METHODS
To fulfill the aims of  this research and gain deeper insights, 
we chose to carry out a bibliometric analysis reinforced 
by the Methodi Ordinatio. This is an approach based on 
two techniques, one structured and the other systematic, 
for a rigorous analysis of  the existing literature.

Figure 2: Methodological design



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This tool helps researchers to create a sophisticated 
understanding of  a particular scientific subject by 
providing them with a comprehensive overview of  
relevant perspective on the subject matter (Pagani et al., 
2015). To ensure the quality of  article selection, a panel of  
expert evaluators was involved in the screening process, 
as illustrated in Figure 2.
The Scopus database, which was developed by Elsevier, 
was chosen for utilization in this research because it has a 
very wide multidisciplinary coverage of  various academic 
fields like science, technology, medicine, social sciences, 
and humanities. The major reason for the utilization 
of  this database was to find both research papers and 
review papers that correspond to the thematic focus and 
publication time frame of  the research.
Scopus is identified as one of  the two largest abstracts 
and bibliographic records databases of  peer-reviewed 
scientific literature. Its rigorous editorial criteria and 
international standing ensure that it is a trustworthy 
authority for upholding academic standards and for 
tracking the development of  scientific thought in most 
areas, especially in applied and technological research 
(Falagas et al., 2008). Additionally, as pointed out by 
Norris and Oppenheim (2007), Scopus gives strong 
bibliographic coverage across the social sciences and 
indexes a broad range of  powerful journals.
In order to enhance our research collection process, we 
employed keywords, truncation, and Boolean operators, 
thus we were able to efficiently and precisely collect 
relevant literature. The process, therefore, resulted in 299 
articles, as indicated in Figure 2.
We used a variety of  filters and ranking techniques to identify 
the most relevant and impactful studies for a comprehensive 
analysis. We did this because it was not feasible to evaluate 
all of  the papers obtained from the database search, given 
the limitations of  time. These methods allowed us to put all 
our force on the most significant studies and by that we have 
initially comprised 299 articles. 
Once the articles and reviews were identified, we 
proceeded with a filtering process, which allowed us to 
keep a total of  122 articles in a total. Going through this 
filtering process, we took great care to make sure that 
we didn’t remove any relevant articles or reviews. This 
meticulous curation of  the records ensures that we have 
a comprehensive dataset to conduct further analysis. As 
a result, our study can be more robust and meaningful, 
as it includes valuable information from a wide range of  
sources. 
Afterward, after filtering by article title and publication 
date, 68 records were retained. 
We used a systematic approach to filter out records that 
did not align with the topics of  interest in our study. We 
evaluated each record based on three criteria: reading 
and analyzing the abstracts, assessing the relevance of  
the problems addressed, and thoroughly examining the 
selected articles. This meticulous process resulted in a 
final sample of  42 articles that precisely matched our 
research criteria.

In this context, the Methodi Ordinatio approach 
incorporates a specific equation designed to evaluate the 
relevance of  each article by taking into account both the 
journal’s impact factor (IF) and the number of  citations 
received. This allows for a more objective assessment of  
an article’s academic significance. Each selected article 
was then processed through the InOrdinatio coefficient 
formula to determine its relative importance within the 
literature:
InOrdinatio = (IF / 1000) + α * [ 10 - (Research Year - 
Publish Year) + (ΣCi) 
In this equation, the Impact Factor (IF) of  the journal, 
taken from the Journal Citation Reports (JCR), reflects 
the journal’s scientific influence. α  is a weight ranging 
from 1 to 10, chosen by the researcher to indicate the 
importance of  each criterion within the context of  the 
study. The Research Year refers to the year the research 
was conducted, while the Publish Year indicates when 
the article was actually released. Finally, the number of  
citations, represented as ΣCi, reflects how often the 
article has been cited. Together, these elements make up 
the InOrdinatio formula, which is designed to evaluate 
and rank the relevance and impact of  each article in a 
balanced and thoughtful way. The InOrdinatio equation 
has the following dynamics:
(a) The impact factor is divided by 1000 (thousand), to 

normalize its value to the other criteria.
(b) Within the equation, there’s a parameter denoted as “ 

α,” which can take values from 1 to 10. A lower value of  “ 
α “ suggests that the year criterion is of  lesser importance 
to the researcher, whereas a higher value of  “a” indicates 
that the year criterion holds more significance. This is 
particularly relevant in areas like technology transfer, 
where the number of  recent publications plays a critical 
role.
In addition, the time frame should be broader in this case, 
given that it has been covered in the literature for more 
than a decade.
(c) This criterion is the raw number of  citations found in 

the portfolio construction data.
Following data analysis, each article is assigned an 
InOrdinatio score, allowing for a hierarchy based on 
scientific relevance. Articles with a higher InOrdinatio 
value are more essential for possible inclusion in the 
research portfolio. After this ranking is created, the 
researcher is able to determine how many high-rank 
articles to explore in-depth, for example, the top 10, 
the top 50, or any number that aligns with the research 
priorities.
The methodology uses a coefficient to assess the 
relevance of  the publication year. The researchers have 
assigned this coefficient a score from 1 to 10, with a 
higher score indicating a greater emphasis on searching 
for articles from more recent years.
By following this method, we settled the initial set 
of  articles to 68, that require in-depth reading. After 
meticulous analysis, we finally retained 42 articles that 
fully met our selection criteria. These exclusion criteria 



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were rigorously applied and included the following steps 
in article analysis:
(i) Complete portfolio = 299; 
(ii) Include just articles and reviews = 299 - 177 = 122; 
(iii) Exclusion of  articles by title and publication date = 

122 - 54 = 68; 
(iv) Exclusion of  articles by abstract reading, problem 

analysis, and full article reading = 68 - 26 = 42;
As a result, the final portfolio included 42 articles related 
to blockchain and its impact on international trade. A total 
of  42 high-impact articles were selected for evaluation 
and discussed in the results section. All references were 
organized and managed using the Mendeley reference 
management tool.
Visual co-occurrence maps (Figure 3) and bibliographic 
linkage maps (Figure 4) were generated using VOSviewer 

software. These maps were constructed by taking into 
account article titles and abstracts, using VOSviewer’s 
complete counting method.
Bibliographic data, citation data, authors of  the unit of  
analysis, and bibliographic linkage were used as analysis 
criteria for map construction. The full-count method 
was applied to obtain a complete representation of  the 
relationships between articles.
The articles are grouped together based on the number 
of  related documents. This allows us to identify thematic 
clusters and similarities through bibliographic coupling. 
We then create visual maps that show the connections 
and relationships between publications. These maps make 
it easier to explore research areas, spot emerging trends, 
and identify significant articles within a specific field.

Figure 3: Co-occurrence of  terms – final portfolio

The researchers used spreadsheets to calculate the 
InOrdinatio coefficient and analyze the results. 
They considered various characteristics to conduct a 
comprehensive analysis of  the final portfolio that contain 
more than 40 significant articles, but not all articles were 
examined for every theme discussed. The researchers also 
explored and analyzed other aspects, such as the main 
themes covered, objectives and findings, suggestions 
for future research, key conclusions, and any additional 
analysis conducted by the authors.
While this research has its limitations, like any scientific 
study, the authors are confident that it makes a significant 
contribution to the existing literature on the subject. This 
is because no other research has been found that delves 
into the shared context of  the topics discussed in this 
article. This highlights the originality and significance of  
this study within the research field.
The authors acknowledge that the Ordinatio method 
used in this study has some limitations. we point out that 

the use of  weighting factors or coefficients can introduce 
subjectivity into the analysis, and that the reliability of  
the results may be influenced by the data selection and 
the quality of  bibliographic information used. we also 
mention that the scope of  the method may be limited, 
which could potentially lead to an incomplete view of  the 
research topic. However, we stress the need for researchers 
to fully understand the complexities of  applying the 
method and remain open to various interpretations of  
the results. Ultimately, we suggest that the effectiveness 
of  the method depends on how well it aligns with the 
specific research context.
In summary, this study used a rigorous methodology 
to analyze the results, taking into account a variety of  
characteristics and providing valuable insights into 
the themes addressed. The authors acknowledge the 
limitations of  their research while hoping that this study 
will contribute to the advancement of  knowledge in this 
field.



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RESULTS AND DISCUSSION
In this segment, we draw attention to a compilation of  
articles contained in the final portfolio, consisting of  
multiple categories of  research. Using the InOrdinatio 
index, we screened the articles according to the procedure 
stipulated by Pagani et al. (2015). Table 1 presents the 
compilation of  articles contained in the portfolio. 
Observably, some journals have released studies on how 
blockchain influences worldwide commerce and affects 
the global supply chain.
Authors have listed the journals in the sample in 
accordance with the number of  papers published on 
the subject, in descending order: International Trade 
Trends, Artificial Intelligence Research, Supply Chain 
Management, and Blockchain.
Interestingly, the trend through the years has been that the 
journals where most of  these publications have appeared 
have changed.
The articles published on the evolution of  blockchain 
are essential for understanding the changing behavior 
of  international trade players such as customs, transport 
companies, and even governments concerning product 
prices and trust between suppliers and customers. 
The analysis of  the results was conducted based on the 
42 articles selected through the Methodi Ordinatio, as 
outlined in the methodology section. For this phase, we 
created a visual map using textual data, focusing on the 
title and abstract of  the articles. We then moved towards 
a deeper analysis by reading the full-text articles that had 
a significant word count.
For the visual map, a minimum of  5 occurrences per term 
was set. This resulted in a total of  33 key terms being 
identified, as shown in Figure 2. Additionally, a timeline 
was created to track the evolution of  key themes based on 
the year of  publication and to explore the relationships 
between these terms.
Several key terms were identified in the context of  
blockchain and its implications for international trade, 

reflecting the broader impact and growing interest in this 
field.
Figure 2 presents the terms from a temporal perspective. 
On the basis of  this visual representation, we can say 
that the terms “”supply chain management,” “world 
economy,” “cross-border,” “decentralized,” “data transfer 
and “risk assessment” these are the subjects of  the 
earliest high-impact studies. We can add those keywords 
such as  “blockchain,” “international trade,” “network 
security,” “technology adoption,” These are more recent 
approaches, emerging only in the past few years.
Despite certain limits, we think our bibliometric study 
provides insightful information about the present status 
of  blockchain and international commerce research. Based 
on the word count of  abstracts and keywords, Figure 2 
shows the findings and results obtained from the articles 
in our sample. According to this data, there is a notable 
concentration of  research on how blockchain affects 
global trade and how it interacts with new technology. 
Notably, in 2020, we observed a trend toward studies 
exploring hardware technologies like blockchain, as well 
as topics related to sustainable global supply chains and 
the future involvement of  governments and various actors 
in the regulatory landscape. Our research delves into the 
potential advantages of  implementing blockchain-based 
solutions, such as enhanced transparency, improved 
traceability, and increased efficiency in global trade 
operations. These findings highlight the growing interest 
and potential benefits of  blockchain technology in the 
context of  international trade..
Based on data from many generations worldwide, the 
word count also demonstrates that since 2021, research 
has addressed concerns of  trust, blockchain technology, 
environmental technology, and consumer trust and 
intention to trade globally. In addition, research was 
carried out into document management between the two 
countries and how different contributors play their own 
roles. 

Figure 4: Authors and co-authors according to bibliography data



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With experimentation, research changed in 2022, 
addressing issues like artificial intelligence in global trade.  
As a result, a number of  studies have been conducted to 
examine how blockchain affects customers’ and suppliers’ 
intentions to buy items globally, as well as how they handle 
documents and make payments by air and sea. It seems 
that there has been a noticeable increase in the number 
of  publications focused on the impact of  blockchain on 
international trade. However, it’s essential to be cautious 
about drawing definitive conclusions on trends because 
our research relies on bibliometric analysis. Nonetheless, 
this topic is gaining momentum and is emerging as a 
crucial area of  research with significant potential for 
development in the coming years. Among the 42 articles 
in the final selection, the study by Abidi et al. (2021) stands 
out with the highest impact factor. Their research aims 
to enhance SCM and security through the integration of  
blockchain technology.
The study with the second-highest impact factor is by 
Balci and Surucu (2021), which explores the challenges of  
implementing blockchain in international containerized 
trade and identifies the key stakeholders involved. The study 
concludes that the primary obstacles to adoption are the 
lack of  government regulations, insufficient support from 
major stakeholders, and limited knowledge of  blockchain. 
These findings were derived using interpretive structural 
modeling and cross-impact matrix multiplication, which 
were applied to classification analyses (Figure 3).
Figure 4 shows the criteria used to construct the 

bibliographic linkage map, namely:
• Bibliographic data; 
• The full-count method; 
• Bibliographic linkage at the analysis level. The total 

number of  authors and co-authors was 299, with a total 
of  21 groups, i.e., authors who published the same study.
WUSK et al. (2018) and BERDIK et al. (2021) incorporate 
authors who share similar research interests.whose main 
research topics are: BLOKCKCHAIN;  international 
trade facilitation; an the ability to improve transparency 
and traceability.
This research examines the use of  blockchain technology 
in information systems and its potential impact on various 
fields. It highlights the growing interest in blockchain 
and its potential to transform global trade, supply chain 
management, logistics, customs procedures, and payment 
systems. The survey focuses on blockchain’s ability to 
improve transparency and traceability in international 
trade by securely recording and verifying transactions. 
It also discusses the potential for streamlining business 
processes by automating tasks using smart contracts. 
In addition, the survey addresses the impact of  the 
technology of  blockchain in addressing trust and security 
concerns in international trade by ensuring data integrity 
and mitigating risk. Overall, the survey provides an 
overview of  the potential benefits and challenges of  
implementing blockchain in information systems and 
highlights the need for further research and exploration 
in this area. (Wusk et al., 2018; Berdik et al., 2021).

Table 1: Result of  the ordinatio analysis

N
o.

T
itl

e

Jo
ur

na
l

Im
pa

ct
 

fa
ct

or

C
ita

tio
ns

Ye
ar

In
O

rd
in

at
io

1 Blockchain-based secure information sharing for 
supply chain management: Optimization assisted 
data sanitization process

International Journal 
of  Intelligent Systems

8,52 30 2021 342,0085

2 Blockchain adoption in the maritime supply 
chain: Examining barriers and salient 
stakeholders in containerized international trade

Transportation 
Research, Part E 
: Logistics and 
Transportation Review

11,42 21 2021 261,0114

3 Assessing citizens' behavior towards blockchain 
cryptocurrency adoption in the Mano River 
Union States: Mediation, moderation role of  
trust and ethical issues

Technology in Society 10,32 11 2022 160,0103

4 The digital tokenization of  property rights, A 
comparative perspective

Computer Law and 
Security Review

2,96 14 2021 154,003

5 Blockchain in oil and gas industry: Applications, 
challenges, and future trends

Technology in Society 10,32 8 2022 119,0103

6 A Visualized Analysis of  the Research Current 
Hotspots and Trends on Innovation Chain 
Based on the Knowledge Map

Sustainability 4,39 7 2022 112,0044

7 Blockchain‐based information management for 
supply chain data‐platforms

Applied Sciences 3,1 7 2021 105,0031



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8 The potential of  blockchain technology in the 
procurement of  sustainable timber products

International Wood 
Products Journal

1,22 7 2021 105,0012

9 Uncovering the potential of  blockchain in the 
agri-food supply chain: An interdisciplinary case 
study

Journal of  Engineering 
and Technology 
Management - JET-M 

5,64 3 2022 96,00564

10 Distributed ledger technology as a catalyst for 
open innovation adoption among small and 
medium-sized enterprises

Journal of  High 
Technology 
Management Research

4,75 8 2021 96,00475

11 Blockchain in international e-government 
processes: Opportunities for recognition of  
foreign qualifications

Research in 
Globalization

7,58 5 2021 91,00758

12 Block by block: A blockchain-based peer-to-
peer business transaction for international trade

Technological 
Forecasting and Social 
Change

13,64 8 2022 85,01364

13 Optimization Model of  Cross-Border 
E-commerce Payment Security by Blockchain 
Finance

Wireless 
Communications and 
Mobile Computing

2,5 6 2021 84,0025

14 Cross-Border Capacity-Building for Port 
Ecosystems in Small and Medium-Sized Baltic 
Ports

Baltic Journal of  
European Studies

0,71 8 2021 80,00071

15 Governance in the era of  Blockchain 
technology in Qatar: a roadmap and a manual 
for Trade Finance

Journal of  Banking 
Regulation

2,2 4 2022 78,0022

16 Public value creation through voluntary 
business to government information sharing 
enabled by digital infrastructure innovations: a 
framework for analysis

Government 
Information Quarterly

9,37 1 2023 77,00937

17 Application of  blockchain information 
technology in Ṣukūk trade

Journal of  Islamic 
Accounting and 
Business Research

2,57 4 2021 72,00257

18 Cross-Border E-Commerce Business Model 
Based on Big Data and Blockchain

Mobile Information 
Systems

2,41 1 2022 70,00241

19 The nature and sources of  international 
variation in formal institutions related to initial 
coin offerings: preliminary findings and a 
research agenda

springer science and 
business media

7,59 1 2023 66,00759

20 Using NFTs and Blockchain for Traceability 
and Auctioning of  Shipping Containers and 
Cargo in Maritime Industry

IEEE Access 4,82 2 2022 66,00482

21 Blockchain-Based Secure and Trusted 
Distributed International Trade Big Data 
Management System

Mobile Information 
Systems

2,41 2 2022 66,00241

22 Prospects of  VAT Administration 
Improvement in Digitalized World: Analytical 
Review

Journal of  Tax Reform 0,56 2 2022 55,00056

23 Distributed Ledger Technology (DLT): A Game 
Changer for MNEs in Emerging Markets

Journal of  Risk and 
Financial Management

2,82 0 2022 54,00282

24 The Marketing of  Cross-border E-commerce 
Enterprises in Foreign Trade Based on the 
Statistics of  Mathematical Probability Theory

Applied Mathematics 
and Nonlinear Sciences

4,89 1 2022 50,00489

25 An Industrial Blockchain-Based Multi-Criteria 
Decision Framework for Global Freight 
Management in Agricultural Supply Chains

Mathematics 2,6 1 2022 50,0026



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26 Application of  a Blockchain Model in the 
Energy Market for Social Goodness: A 
Simulator to Generate Transactions

Periodica polytechnica 
Electrical engineering 
and computer science

1,16 0 2023 50,00116

27 Study on the Intention of  Foreign Trade Driven 
by Cross-Border E-Commerce Based on 
Blockchain Technology

Security and 
Communication 
Networks

2,51 4 2021 48,00251

28 Pricing and redesign decisions for global supply 
chain of  free trade port based on the complex 
system

AEJ - Alexandria 
Engineering Journal 

8,34 0 2023 40,00834

29 Decentralized Global Copyright System Based 
on Consortium Blockchain With Proof  of  
Authority

IEEE Access 4,82 0 2023 40,00482

30 A Survey on Blockchain for Information 
Systems Management and Security

Information Processing 
and Management

0,67 1 2021 40,00067

31 Blockchain for trade: When code needs law AJIL Unbound 0,57 2 2021 40,00057
32 National Blockchain Laws as a Threat to Capital 

Markets Integration
Uniform Law Review 0,14 2 2021 40,00014

33 Impact of  COVID 19 Pandemic and Big Data 
on China's International Trade: Challenges and 
Countermeasures

Frontiers in Public 
Health

5,18 0 2022 36,00518

34 Regulation of  virtual currencies in the United 
Arab Emirates: accounting for the emerging 
public/private distinction

Development Studies 
Research

2,5 1 2021 36,0025

35 Analysis of  Computer-Based Blockchain 
Technology in Cross-Border E-commerce 
Platforms

Mobile Information 
Systems

2,41 0 2022 36,00241

36 Research on Optimization of  Steel Foreign 
Trade Financial Transaction Based on 
Blockchain Technology

Mobile Information 
Systems

2,41 0 2022 36,00241

37 Blockchain Won’t Kill the Banks: Why 
Disintermediation Doesn’t Work in 
International Trade Finance

Communications of  
the Association for 
Information Systems

2,24 1 2021 36,00224

38 The Impact of  Digital Transformation in 
the Accounting System of  Fuel and Energy 
Complex Enterprises (International Experience)

International Journal 
of  Energy Economics 
and Policy

1,57 0 2022 36,00157

39 Blockchain-based smart contracts and conflict 
rules for business-to-business operations

Revista Electronica 
de Estudios 
Internacionales

0,14 2 2021 30,00014

40 Big Data Sharing Model and Key Mechanism 
of  International Trade Based on Blockchain

International 
Transactions on 
Electrical Energy 
Systems

2,83 0 2022 27,00283

41 Research on Credit Algorithm of  International 
Trade Enterprises Based on Blockchain

Mathematical Problems 
in Engineering

2,1 0 2022 27,0021

42 Towards a virtual water currency for industrial 
products using blockchain technology

Water Policy 1,87 0 2022 27,00187

CONCLUSION
To sum up, this article has conducted a thorough 
examination of  how blockchain technology is utilized in 
the field of  international trade. By meticulously reviewing 
existing literature, the study has revealed the core 
concepts, characteristics, and potential advantages of  
using blockchain to streamline different trade activities. 

Additionally, the research has utilized VOSviewer, a 
powerful bibliometric analysis tool, to further enrich the 
analysis and visually display the connections and trends 
within the research field, offering valuable insights.
In this section, the researchers carefully analyzed the 
findings from the literature review and bibliometric 
analysis. This allowed for a deeper understanding of  the 



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current state of  research on blockchain and international 
trade. The study also identified gaps in knowledge 
and potential areas for future research, which can be 
beneficial for researchers, practitioners, and policymakers. 
The practical implications of  the research contribute to 
advancing knowledge in this field and provide valuable 
guidance for future research.
This research highlights how blockchain technology 
could revolutionize international trade. Blockchain’s 
ability to simplify processes, increase transparency, 
enhance security, and build trust could have a significant 
impact on supply chain management, cross-border 
payments, and trade finance. By adopting blockchain 
solutions, businesses and stakeholders in the international 
trade sector can improve their operations, navigate the 
complexities of  the global market, and take advantage of  
exciting opportunities ahead.
This article concludes by emphasizing the importance 
of  continued research and exploration in this area. By 
focusing on the identified gaps and delving deeper into 
the possibilities of  blockchain in international trade, 
researchers can play a significant role in developing 
innovative solutions and strategies. This, in turn, can 
promote economic growth and sustainable trade practices. 
Blockchain technology has the potential to create a more 
efficient, secure, and inclusive global trade ecosystem.

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M. K. (2020). Blockchain-based secure information 
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Ali, M. H., Chung, L., Kumar, A., Zailani, S., & Tan, 
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techfore.2021.120870

Ali, O., Ally, M., Clutterbuck, Y., & Dwivedi, Y. K. 
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Athey, C., Parashkevov, I., Sarukkai, V., & Xia, J. (2016). 
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