Breaking Bitcoin News

1 BTC = 1 BTC

Latest Article ↗️

Breaking Bitcoin News

1 BTC = 1 BTC

Latest Article ↗️

World Economic Forum: Next Decade Could See Blockchain Add $1 Trillion in New Trade

written by

World Economic Forum: Next Decade Could See Blockchain Add $1 Trillion in New Trade

Support free journalists: > send a tip

A joint report led by the World Economic Forum (WEF) details how the blockchain industry has the potential to add UDS 1 trillion in new trade to the global market.

Published Thursday, ‘Trade Tech – A New Age for Trade and Supply Chain Finance‘ comes as a collaborative effort from WEF, the supply chain and transport industries, and the System Initiative on Shaping the Future of International Trade and Investment.

The paper provides an overview of trade and supply chain finance, framing the discussion with the presumption that international trade and global value chains are ”critical” in discerning the wealth of nations and easing geopolitical tensions. It continues to highlight the importance of applying ”smart tools and technologies” in order to reduce obstacles preventing small and medium-sized businesses and emerging markets from conducting trade.

One of the solutions the paper provides is a blockchain one; the forward reads “Distributed ledger and other technological innovations promise groundbreaking advances in trade and supply chain finance by reducing costs and ease of use”.

Blockchain has already become a popular method for companies to track the movements of their products, with the decentralized technology being praised for its efficiency and immutable nature.

The report discusses the lengths to which distributed ledger technology (DLT) can help close the trade finance gap of USD 1.5 trillion by bringing in new trade, citing that USD 1.1 trillion of new trade can be established because of the barriers DLT can lift. Some USD 0.9 trillion in ”traditional” trade is expected to move to DLT and utilize the improved, cheaper services.

The paper also acts as a warning for governments not to fall behind on technological innovations, reading: “With some governments already starting to make these moves, the laggards will become increasingly disadvantaged.” It suggests that eventually utilizing DLT is unavoidable.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

Enjoyed the article?

100% of your tips go directly to [email protected]
Need a wallet? Get it here

⚡️ Tip The Author

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

Read More Bitcoin News

   Advertisement