How blockchain technology can revolutionize international trade
Categories: Crypto News US
Howblockchain technology can revolutionize international trade
From time immemorial, technological innovations have shapedthe structure of commerce and trade. The discovery of electricity encouragedmass production and the advent of steam locomotives ushered in the era ofmechanized production.
From information to communication, technology has been used everywhere tomake life easier. For this reason, blockchain technology has been hailed as thenext big thing, given its use cases that cut across many industry verticals.Blockchainmakes a difference According to Statista, blockchain makes keeping data recordseasier, more transparent and more secure.
Mostly due to itsresistance to change, blockchain provides time-based information ontransactions, be they between private individuals, corporate entities, suppliernetworks or even an international supply chain. There is also a common beliefthat blockchain is only a technology for Bitcoin (BTC). However, thisassumption could not be more wrong.
Although the technology emerged with bitcoin in 2008, today,its use cases extend far beyond cryptocurrencies. From finance to e-commerce,food security, voting practice and supply-chain management, its applicationsspan almost all sectors of the global economy, including those directly orindirectly associated with international trade.
According to Statista,And settlements are responsible for thelargest use cases of blockchain technology, especially given how there havebeen many previous efforts to digitize business transactions. Todate, the potential of blockchain to increase the efficiency of businessprocesses is being explored. For example, the blockchain project Open FoodChain is working to improve food security through its Comodo Smart Chain.