The World Economic Forum (WEF) yesterday published a report on the role of technology in global trade and the financial system, where it acknowledged the impact of blockchain and other Distributed Ledger technologies.
The study focused on shaping the future of international trade, investing and integrating DLT into existing supply chains.
According to the WEF, blockchain and DLT solutions will remove some existing barriers to global trade. The report notes that innovative blockchain and DLT technologies provide the opportunity for serious innovative breakthroughs in the field of trade and supply finance, accelerating international payments, reducing costs and eliminating banking intermediaries.
Experts estimate that approximately 30% or $1.1 trillion of new trade volume will be caused by the removal of DLT barriers and 40% or $0.9 trillion. dollars will traditionally switch to DLT to improve service levels and reduce operating costs. This will help close the current global trade finance gap, estimated at $1.5 trillion. This shortage is largely due to the unavailability of credit and loans to emerging markets. The introduction of Blockchain technology for global trade will make it possible to remove barriers, reduce trade duties and mitigate credit risks.
As part of this document, WEF argues that national governments have no better alternative than adopting Blockchain and creating an enabling environment for the use of this technology.
According to the report, governments should use distributed ledger technology within any relevant promising industries, especially in the field of food imports.
Some countries have already begun to move in this direction, but those lagging behind risk being left behind, warns WEF.
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