- The 2018 World Trade report has given several nods to the blockchain technology.
- It states that blockchain can be used for cross-border transactions.
- Ripple was also mentioned in the report..
The 2018 World Trade Report has been released and, apparently, touched on the role of blockchain technology in the modern world.
DLT Gains Global Acceptance
On the 73rd page of the document, it is mentioned that blockchain technology can be used to aid the verification of the origin of goods and can also be used in certification procedures.
It is stated that the use of distributed ledger technology i.e blockchain technology can be used to help companies verify the authenticity and source of their products.
The various industries where blockchain technology has been applied was also mentioned, which range from the luxury goods industry to pharmaceuticals.
One notable example given in the document was of Provance, a UK-based social enterprise that uses blockchain technology to prove not only the quality of its food but also all the places the food passed through before getting to its final destination.
One notable project by Provance was their tracking of tuna in Indonesia.
Blockchain and the Border
On the 74th page, there was a mention of the use of blockchain technology to help cut down cross-border related costs.
This isn’t the first time in recent times that blockchain technology has been mentioned in relation to cross-border issues. Earlier this month, it was brought up as a possible solution to the impending Britain-Ireland border conflict that will come into play after Brexit.
It was mentioned that companies are taking advantage of blockchain to reduce costs such as transaction fees, exchange rate costs and costs related to correspondent banking.
A successful use of this is Circle, a company that was started in the United States before moving to Europe and then entering the Chinese market.
Through the use of Blockchain, they have been able to offer zero transaction fees and a zero foreign exchange markup for cross-border payment services. This has helped them connect their Chinese customers to the rest of the world.
Ripple also got some recognition in the report, for allowing banks to make conversions without the need for correspondent banks and low transaction fees. It was stated that while Ripple is in partnership with over 100 banks, others are still looking into their services.
Blockchain and the World
Being discussed in such a high profile report as this only goes to show that blockchain technology has caught the attention of world economic powers and that its benefits are being acknowledged.