How blockchain technology can revolutionize international trade
Blockchain technology has proven to be transparent and could make international trade transparent and even more secure. Since time immemorial, technological innovations have shaped the structure of commerce and trade. The discovery of electricity encouraged mass production and the advent of steam engines ushered in an era of mechanized production. From information to communication, technology has been used everywhere to make life easier. For this reason, blockchain technology has been tapped by many as the next big thing, considering its use cases which cut across numerous industry....
Related News
Most of the world’s largest banks and financial institutions have already allocated billions of dollars to the development of Blockchain technology. The question remains, will Blockchain technology revolutionize the finance and legal industries in the same way the Internet changed the media industry, once and for all? Blockchain in finance. The applicability of Blockchain technology in the finance industry is completely different to that of the legal industry. Corporations or service providers within the finance industry are required to deal with millions of data sets on a daily basis,....
Analysts have been categorizing blockchain projects worldwide into a “periodic table” that allows for a granular analysis of the technology’s inroads into global trade. The World Trade Organization and Trade Finance Global have published their latest taxonomy of blockchain projects in international trade, arranged into what they present as a “periodic table” for the industry.The original rendition of the periodic table was published in winter 2019. Since then, a lot has changed: despite the pandemic, several indicators used in the table show that blockchain trade innovation projects....
It is positive to see government officials acknowledge the power of blockchain technology. At the same time, it is important to remember they are not talking about Bitcoin technology itself. Although France seems to be divided on Bitcoin, blockchain technology remains a popular topic. During the Annual Meeting of the New Champions 2016, Luxembourg Minister of Finance Gramegna acknowledged the potential of Bitcoin technology. In fact, he feels confident this technology will revolutionize banking and financial services. It is positive to see government officials acknowledge the power of....
International trade continues to grow annually. In 2014, it exceeded USD 18 trillion. However, cargo transportation remains expensive and complex because it still requires a multiplicity of paper-based documents. For example, “Each international airfreight shipment can require more than 30 different paper documents – increasing the cost of airfreight and....
The blockchain consortium of international banking institutions now has a new member in the form of Ping An Financial Services Group. By announcing its inclusion into the consortium, Ping An has become the first financial institution from China to explore the use of blockchain technology in collaboration with other international banking majors, led by the New York-based R3 blockchain based fintech solutions company. With the inclusion of Ping An, the total number of institutions in the consortium now stands at 44. The consortium is involved in creating groundbreaking distributed and shared....