International trade

by | Jul 3, 2020 | Trends

Blockchain technology revolutionizes international trade.

Blockchain offers opportunities for the international trade sector.

Shipping companies take advantage from the benefits of this ecosystem. International trade companies adapt this technology because it’s a huge potential. In sea freight, many projects have been successfully implemented. Maersk is already the world leader.

Secondly, air freight retains a major place for blockchain. The sector is making millions of euros in savings thanks to blockchain. Process automation allows fluid procedures. So, it reduces the costs associated with the supply chain. For example, SITA and its partners in the Global Blockchain Alliance are testing blockchain technology.

Finally, trucking sector remains a safe bet. With greater transparency and enhanced security, it improves logistics operations. The implementation of blockchain expects to focus on using the technology for freight transportation. In 2018, “Tech Crunch” published an article on the subject.

Overall, blockchain discovery was decisive and opened up new horizons. The blockchain has not revealed its full potential !

The whole world uses blockchain for the international trade.

Why did companies choose this technoloy? Here are the advantages !

At first, blockchain facilitates the management of transport documents. Blockchain technology creates a transparent and efficient system for managing all documents involved in the logistics process. TradeLens, a blockchain launched by IBM and Maersk, is one of the main operational blockchain consortium. An article from “Fathom World“, written this year, demonstrates the benefits of this technology.

The second important point is the optimization of traceability. Take the example of the containers. We find shippers, customers, carriers, ports and intermediaries. To make it easier, these actors sign a document at each step. Then, the blockchain registers the informations in a digital version. All the datas are accessible to all parties and cannot be altered.

Therefore, implementing blockchain technology simplifies documentation management. It provides faster services and builds trust. At the same time, it helps fight against fraud. For all these reasons, blockchain becomes an essential element.

In conclusion, this ecosystem stands out as obvious. The rise of the blockchain is undeniable.