WTO releases study which shows how Blockchain can add $3 trillion to global trade
- 3 months ago
The World Trade Organization today released a report on blockchain’s technology and how it’s economic value could add to international trade and additional $3 trillion, within a decade from now.
The study analyzes blockchain applications and its implications on international trade cooperation along with the challenges to be taken in consideration prior to applying the digital technology to industrial sectors.
The same study looks at the possible effects of blockchain on trade finance, customs clearance, logistics and transportation sector.
The latter already being experimented by Swiss rail.
Along with those sectors, blockchain may also cut back exchange rate costs and reduce the time of financial transactions.
Finally the report also suggests that the technology will administer intellectual property rights across multiple jurisdictions and deliver greater transparency, efficiency, enhance government procurement processes, including fighting fraud and managing public contracts.
All the more reasons to implement the technology, the implications it carries seem more of a delay rather than a problem.
Source: Smart Trend Team