FROM INNOVATION TO IMPACT: UNVEILING BLOCKCHAIN'S REVOLUTIONARY INFLUENCE ONGLOBAL GOVERNANCE IN THE DYNAMIC LANDSCAPE OF INTERNATIONAL BUSINESS

Abstract

Blockchain technology has expanded beyond its original use in crypto currency and has been adopted in various industries of international business. This research paper aims to explore the transformative impact of blockchain on global governance within the dynamic landscape of international business. The disruption of traditional business practices by blockchain technology also impacts the global governance of these activities. The analysis of multiple blockchain applications in international finance, banking and insurance, supply chain management and logistics, and marketing and advertising suggests that the implementation of blockchain in international business has distinct effects on global governance. Although the protection of property rights and reduction of transaction costs are potential benefits, the implications for other aspects of global governance are more uncertain. To address these challenges, suggestions for the future regulation of blockchain applications in international business are provided. Additionally, the paper analyzes the specific ways in which blockchaincan enhance transparency, accountability, efficiency, and security in global governance systems. The paper concludes by discussing the potential implications of blockchain's adoption on international business operations and global governance frameworks.Further it is recommended that future studies incorporate a multidisciplinary and empirical approach.