According to the report of the World Economic Forum (WEF), the wider introduction of blocking technology can create a new volume in world trade in the amount of more than $ 1 trillion.
The use of blockchain technology, according to the authors of the report, can facilitate SMEs access to trade finance. In addition, the new technology will help to abandon inefficient paper processes in global trade. All this will help eliminate most of the existing trade finance deficit by creating a new volume of world trade.
"Distributed registry technology can reduce a significant portion of this gap, which will generate about $ 1.1 trillion in new trade volume worldwide. Trade allows countries to specialize in industries; it helps spreading technologies and ideas and gives economies of scale, " the report says.
The authors of the study recalled the experiment of Maersk and IBM companies on tracking a container delivered from Kenya to the Netherlands. For his physical delivery took 34 days, and for further processing of documents 10 more. And one of the important papers was lost and found later.
“Paper manual processes, a number of which were created many centuries ago, lead to complexities and delays, generate errors and risks and hamper reliable collection and monitoring of real-time information necessary for making sound financial decisions,” the WEF experts say.
In their view, eliminating paperwork by replacing processes with DLT solutions will increase the efficiency and transparency of international trade.
Back in January last year Maersk and IBM reported that this joint venture was joined by 94 international companies.