News02 August

How blockchain is revolutionising international trading

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We can be sure that innovation and new technologies have always dictated the rules for activities such as trade or any other commerce.

Electricity has helped to make manufacturing more of a mass phenomenon. Steam engines started the mechanisation of production. And there are more and more such examples.

And blockchain with one-way hashing technology is now seen as the new replacement for accounting books. And it's all thanks to seamless time-linking, the impossibility of alteration and counterfeiting, and incredible transaction transparency.

At the moment, blockchain's ability to process trade transactions is improving. And most importantly, the ability to scale, meaning that transactions will not only be transparent between retail outlets, for example, but also in the international supply chain. Open Food Chain, for example, is working on this. It is currently working on grocery security.

Also, blockchain technology is much more cost-effective than keeping a bunch of accountants and other professionals to support the transaction chain. So blockchain may be the ideal solution for those who want to streamline their international trade transactions.

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