Distributed ledger technology, colloquially termed blockchain, gained significant attention in 2017, paralleling the hype surrounding the cryptocurrencies that are facilitated by the technology. One such industry particularly ripe for the disruptive potential of DLT is trade finance, which predominantly remains bogged down by legacy technology systems heavily supplemented with paper-based processes. In the years since, organizations of all different size and scope have come together to investigate the technology and develop viable Proof-of-Concepts. The relative infancy of these consortia and the blockchain technology they are working with, renders it nearly impossible to determine for certain where the industry will lead. That said, this whitepaper maps the current state of the ecosystem and peers through the fog of uncertainty along the path ahead, which may help with wrangling the behemoths that these consortia may well become.
