Abstract
The globalisation of commerce has highlighted the need for more efficient and secure payment systems in international trade. Traditional payment mechanisms such as letters of credit often face challenges related to trust, inefficiency, and security. Blockchain technology, as a form of distributed ledger technology (DLT), seemingly offers a groundbreaking alternative with its core features of decentralisation, transparency, and immutability. This paper investigates the potential of blockchain technology to revolutionise secured payments in international commercial transactions. By analysing its distinctive attributes and legal implications, the study highlights how blockchain can address the limitations of conventional payment methods. While the integration of blockchain into international trade finance presents certain challenges, including jurisdictional and technological constraints, its transformative potential is undeniable. The research concludes by emphasising the need for appropriate safeguards and infrastructural support to harness the full benefits of blockchain for global commerce.
Cite As: Chido Teclar Mitchel Muza, Unlocking the Potential of Blockchain Technology for Secured Payments in International Commercial Transactions, Volume 5, AfJIEL, (2025), 93-115.