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

  • Alex Morris
    📰 News

    Blockchain could propel the global trade volume by a staggering $1.1 trln. The digitalization of documentary trade finance remains the totally impasse


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

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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