Trade financing facilitates financial institutions to provide credit facilities to ensure the guarantee of exchanging goods. It is a centuries-old industry that has not experienced a significant transformation with the growth of global trade flows. In 2015 alone, the trade finance market capitalization was more than USD 10 trillion. However, it is time to revamp the way trade finance operates by incorporating blockchain based solutions to boost efficiencies, lower cost base, and create new revenue opportunities, such as forming new models of credit and funding guarantees to back the trade. Let’s assess the challenges the trade finance industry faces today and how blockchain will redefine its future.