International trade economics is going through a rapid shift with the emerging blockchain technology that has been making a very frequent appearance in the global market within several high profile projects. Be it an energy sector or finance, blockchain is the headlining all the major breaking news of the recent times. Undoubtedly, it is accelerating and digitizing old international trade practices and probably will make the conventional methods obsolete in the upcoming years.
The blockchain digitization has helped in speeding up the operational processes which used to take a pretty long time due to manual paperwork and security checks. The impeccable feature of this ledger form has enhanced the overall efficiency of the system along with better security. This saves ample time and money which is very crucial in some of the high-profile deals.
Earlier the companies often required to wait for the generated physical documents to be signed, verified and circulated amongst the participants. The digitization and automation completely modernized the trade practice in many business verticals. The overall output is nothing but a better international trade economics result. The blockchain based trading platforms include supply chain, pharmaceutical, agriculture, international shipping, energy, and commodity sector to name a few, as mentioned by The Blockchain Land.
World Trade Organization (WTO) Analysis On Blockchain Impact
A recent analysis conducted by World Trade Organization (WTO) has caught the attention of all business firms which is titled as “Blockchain and International Trade: Opportunities, Challenges, and Implications for International Trade Cooperation”, according to Maritime-Executive.
The results of this analysis were intriguing which unveiled that the possible gains from blockchain technology will be of approximate value $3 trillion dollars across the world by the year 2030. It also mentioned that this technology will uplift the micro, small and medium-sized enterprises along with offering new growth opportunities to them.
Blockchain digitization is not just boosting international trade economics but it brings an entirely new world for the budding generation.[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. ]