Blockchain technology is reaching foreign exchange by a wide margin at an amazingly quick pace. This is because of the positive effect on the enhancement of the sector’s activities. The FIW policy brief no. 41 investigates impacts of digitization on the export economy.

Digitization, on the whole, will change plans of action, business connections and international value chains from various perspectives. Comprehensively, points of interest can be expected for foreign exchange, contends Bernhard Dachs of the Austrian Institute of Technology.

Technologies widely used in businesses are Industry 4.0, Artificial intelligence, blockchains or additive manufacturing processes (3D printing). The Policy Brief of the Competence Center “Exploration Focus International Economics” (FIW) in the interest of the Federal Ministry for Digitization and Business Location researches conceivable impacts of digitization on the export economy.

Bernhard Dachs says, “Services, in particular, can expect significant gains in automation and trade from new technologies such as blockchain or AI which will provide significant momentum to these industries. The development of new service offerings could prove to be a growth driver for Austrian companies.”

Dachs states that blockchain technology could make export transactions secure and in this way diminish uncertainty. The cost of processing could also be reduced by the decentralized technology.

As reported by OTS, Dachs additionally noticed that before Austrian import and export relations can sensibly profit by the innovation, blockchain should be acknowledged in the banking sector.

Samsung SDS recently reported its collaboration with Korea Customs Service to build a blockchain platform Nexledger. This platform will be used for export custom logistics services. It will manage digital financial transactions and data exchange with reducing expenses which will help businesses to grow.

As reported by Cointelegraph, blockchain technology is now being used globally by the companies for logistics and supply chain operations. The pilot projects for export documentation are already in process by IBM and Maersk.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

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