AP: Blockchain Could Boost Global Trade by $1.1 Trln in Eight Years

News
Mon, 10/22/2018 - 17:06
Alex Dovbnya
Blockchain could propel the global trade volume by a staggering $1.1 trln. The digitalization of documentary trade finance remains the totally impasse
Cover image via U.Today

According to a recently published press release, Blockchain could propel the global trade volume by a staggering $1.1 trln. The digitalization of documentary trade finance remains at an impasse due to the absence of a standardized end-to-end solution. However, Blockchain technology has the potential to be an icebreaker.

A recent report concludes that Blockchain would allow more businesses to take part in international trade as many small companies and countries with developing trade infrastructure remain off-board.
Meanwhile, major banks will perform the role of “superconductors” that are supposed to bridge global businesses with the help of underlying Blockchain technology.

Earlier, Bank of America also published a study that shows tremendous benefits of implementing Blockchain for US tech giants.
 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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