Blockchain technology will bring more transparencies, as well as establishing trusts among international trade partners, according to the executive president of OSell group, Yi Qing.

According to a report from International Data Corporation, spending on blockchain solutions over the world valued at 945 million US dollars in 2017, expecting to reach 9.7 billion US dollars in 2021 with a compound annual growth rate of 81.2 percent.

Not only financial sector, distribution and trade service sectors also benefit from the application of that new technology. And trading is the focus of a lot of blockchain pilot projects. Last month, the newly approved joint venture between Maersk shipping company and IBM is an example. That new joint venture aims at applying the blockchain technology to global trade.

International trade is very complicated, including production, logistics, financing and many other complicated processes, according to Yi, whose company is one of the cross-border e-commerce leaders in China.

He explained that blockchain technology could significantly increase the efficiency of international trade, enhancing trust between businesses as well as bringing liquidities to the global trade industries.

As to the current trade tensions between China and the US, Yi said that the trade frictions have an impact on blockchain community and international trade, but temporarily. He believed that the world is moving toward openness.