A report has been released by the World Trade Organization which focused on the Blockchain technology and the various ways in which it can help promote international trade for the better. This report is believed to have estimated that the value which the Blockchain technology would have had on the economy when compared on a global scale would be close to $3 trillion by the time the year 2030 rolls along.
The report which is titled Blockchain and International trade focuses on the various applications which have been created and the various problems which they are facing or may face in the future. The reports suggested that before the Blockchain technology can be fully integrated into international trade, some if not all of these issues had to be solved. The report also chose to make research into the various changes which the Blockchain technology can bring to several industries such as trade, finance, and transportation sectors.
One of the things which this report or study suggests is that the Blockchain technology would help solve most of the operating costs which would be incurred during international trade. This would also help to increase the transparency and integrity which is needed when it comes to international trade. For this reason, it is necessary for the Blockchain technology to be used fully in this sector in the future. It is believed that if the Blockchain technology is being implemented today, it would result in $1 trillion saved from the various operating costs which have been incurred.
INTERNATIONAL TRADE IS SET TO SAVE $1 TRILLION FROM OPERATING COSTS when BLOCKCHAIN TECHNOLOGY IS INTEGRATED.
It is also expected that the use of the Blockchain technology would also to protect and manage the various intellectual property rights which would exist across several areas. This would, in turn, lead to better transparency in that sector. The Blockchain technology would also make it easier for supplies to made and delivered successfully. It would also allow most customers to be able to track down what they have shipped and monitor its progress throughout. It is believed that the use of Blockchain technology in international trade would also lead to a new world of opportunities for corporations irrespective of their size.
However, while this report records positive things for them, it also suggests that it would be better than the Blockchain technology deal with problems relating to scalability which would have the chance to limit the use of the Blockchain technology in international trade.
Want to read more news? Visit our blockchain news page.