This whitepaper covers the potential of distributed ledger technology (DLT), or blockchain, in revolutionising international trade and trade finance. Traditionally, trade processes have been labour and paper-intensive, but blockchain's ability to track transactions and exchange assets in real-time with secure, peer-to-peer validation offers a promising solution to these inefficiencies. The whitepaper builds on the WTO publication “Can Blockchain Revolutionize International Trade?” and TFG’s white paper “Blockchain and Trade Finance” to provide an overview of the main blockchain projects in trade finance, shipping, and document digitalisation, assessing their maturity levels. Based on a survey of over 200 industry actors, it analyses the challenges faced by companies involved in blockchain projects. It discusses necessary actions to enable the technology to fully transform international trade. As blockchain moves past the initial hype, this whitepaper offers a reality check on its current state and future potential in the trade industry.