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The Potential Use of Blockchain Technology for Data Collection and Measurement of Trade in Services

In: Eurasian Business and Economics Perspectives

Author

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  • Selahattin Armagan Vurdu

    (Istanbul Commerce University)

Abstract

The unchangeable, decentralized structure of blockchain makes it a good candidate for potential use in international trade. Services sectors have become a crucial part of the world economy and international trade. Data collection methods used for trade in services may lead to various outcomes such as trade data not being able to be collected accurately and reported timely. If services statistics are not achieved correctly and timely, there is a risk that governments do not have the sufficient data to make correct policy decisions. This paper identifies the reasons that favor the potential application of blockchain technology for services trade data collection and measurement. It is proposed that a database powered by private blockchain acting as a single source of truth implemented for service provider companies to use while completing a transaction or issuing an invoice might be a practical solution for this problem. Arguably, use of blockchain in this field can lead to an instant access to the transactions made in the services sectors. It can also be suggested that, with the help of such a system, the services transactions can be tracked in categories which is difficult to achieve with current data collection methods and not possible in many cases.

Suggested Citation

  • Selahattin Armagan Vurdu, 2022. "The Potential Use of Blockchain Technology for Data Collection and Measurement of Trade in Services," Eurasian Studies in Business and Economics, in: Mehmet Huseyin Bilgin & Hakan Danis & Ender Demir & Ghulam Mustafa (ed.), Eurasian Business and Economics Perspectives, pages 309-324, Springer.
    • Handle: RePEc:spr:eurchp:978-3-030-94672-2_18
    DOI: 10.1007/978-3-030-94672-2_18
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