Trade finance: The latest industry to boost DLT adoption amid COVID-19
The COVID-19 pandemic has triggered the adoption of blockchain and DLT-based business solutions in the global trade ecosystem. As the coronavirus pandemic continues to push more people out of their offices, many companies across the globe are adopting decentralized ledger technology to mitigate its effects and remain operational. Emmanuelle Ganne, senior analyst at the World Trade Organization, told Cointelegraph that “The current pandemic, which has a devastating impact on small businesses, is an opportunity to accelerate trade digitalization, to the benefit of SMEs in particular.” Ganne....
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The Bank of America is developing a trail based on the blockchain for trade finance transactions in an attempt to tap into the applications of blockchain or distributed ledger technology for real world applications. Bank of America has revealed the development of a blockchain-based trial for trade finance, as a part of the financial institution’s foray into pushing for the adoption of the underlying technology that powers Bitcoin. The application of blockchain technology to trade finance is seen to be as a significant leap for an industry that still relies predominantly on manual,....