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Blockchain Technology Can Accelerate International Trade Flows, Say Industry Experts

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According to IBM and WEF experts, Blockchain technology has made it easier to work with cross-border trading transactions, particularly the handling of document approval processes. Blockchain is the underlying technology behind cryptocurrencies like Bitcoin.

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<p dir= According to technology major IBM Vice President of Blockchain Solutions, Ramesh Gopinath, the traditional way of supplying the market to large volumes of paper transactions is very vulnerable to fraud, human error and inadvertent delays.

In addition, the administrative costs of processing, moving, verifying and securing the documentation are very high. the document approval workflows needed to move the goods of international markets. inadvertent delays. "

Meanwhile, Supply Chain and Logistics Expert Wolfgang Lehmacher said that Blockchain or digital ledger technology (DLT) is slowly but surely entering the market via financial instruments like letters of credit, as (19459004)

"With roots in financial services

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Key Blockchain-based projects in the shipping industry

Several industry players have launched projects to test the use of Blockchain in shipping transactions. Danish shipping major Maersk has partnered with IBM to test a blockchain-based approach in tracking shipments.

London-based startup Everledger has also piloted the use of Blockchain to monitor and protect its valuable assets such as diamonds. [Earlier this year, Wolfgang Lehmacher, Head of Supply Chain and Transport Industries for the World Economic Forum, has also explored the world.]

The benefits of blockchain in international trade can be compared to the following:

"Blockchain-based open and secure platforms or as customers operating in the port. They can easily access the port and connect via the digital port platform.

Blockchain helps widen various international trade possibilities by getting rid of the redundant processes while successfully minimizing the costs of doing business. operations.

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