Bit-Coin and Crypto-Currency How Block Chain is Aiding International Trade

Don Tapscott does an eloquent presentation on the capability of cryptocurrency in changing international trade. The presentation titled “Blockchain Revolution: How the Technology Behind Bitcoin and Other Cryptocurrencies Is Changing the World” talks about the power cryptocurrencies and more so bit-coins have in changing how trade-in is conducted.

Tapscott starts by giving the limitations of the current trade where intermediaries such as banks and governments act as guarantors. He states that banks make trading more expensive as they charge very high charges, as well as, being slow hence slowing down transactions. For example, it might take a week for a transaction to be completed between two parties in different continents because it would take at least five days for the buyer to receive their money (Abhishek & Sushma, 2018). 

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Bitcoins and other cryptocurrencies help solve these problems because parties do not require intermediaries such as banks when transacting using bitcoins. Even though they are volatile in nature, they are mostly increasing in value, making it hard for users to lose value for their money making it secure and acceptable. The blockchain system is created after each transaction. It helps makes it possible for users across the globe to be able to access a secure system that makes it hard for scammers to steal data and money from users.


Abhishek, B., & Sushma, N. (2018). Maintaining Financial Stability in Times of Risk and

Uncertainty.  New York, NY: IGI Global.

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