Warning of trade war initiated by Trump, Blockchain draws attention with its 'Tariff Transparency' card

As concerns over the global trade war grow, Blockchain technology is gaining attention as a means to increase the fairness of tariff imposition and the transparency of import transactions. Key stakeholders of the Blockchain network Truebit stated on the 14th that within the complex global supply chain, Blockchain can clearly prove the origin of products.

These remarks came after U.S. President Donald Trump announced a comprehensive high-tariff imposition policy on imports earlier this month. He has delayed implementation for some countries, but maintains a tough stance on China products, causing trade tensions to continue rising.

Federico Katan, Chief Technology Officer of Truebit, explained, “There are cases where a company tries to import products to the U.S. using an origin from a country with a low tariff rate after assembly or packaging there,” and “Blockchain allows tracking the true origin of products for fair tariff application.” The immutable public ledger structure of Blockchain leaves a transparent record of all stages in the supply chain, reducing fraud risks in global import transactions worth trillions of dollars.

Currently, Truebit is not negotiating directly with the U.S. government, but is cooperating with software suppliers linked to the government, and is also participating in EU-supported projects to test the application of Blockchain technology in supply chains. CEO Jason Toych said, “We do not speak directly with the government, but we are working with technology suppliers connected to the government.”

Established in 2017, Truebit launched its own token (TRU) in 2021, and the current market capitalization on a fully diluted basis is about 20 million dollars.

However, there is concern within the Blockchain industry that the trade war could pose a risk to the entire technological infrastructure. Nicholas Roberts-Huntley, CEO of ConcreteAndGlowFinance, stated, “Aggressive tariff policies and retaliatory measures could become practical barriers for Blockchain network operators or validators and key participants.” He warned that regulatory system fragmentation, increased censorship, and infrastructure disruptions could also threaten the future stability of the Blockchain ecosystem.

With conflicts surrounding tariffs fostering uncertainty, Blockchain is rather emerging as a technology that can penetrate that gap. As the digital transformation of trade accelerates in the current era, it remains to be seen if this technology can create intersections with the mainstream, rather than conflicts.