International trade suffers from inefficient supply-chain logistics and financing options. This article reviews various ways in which blockchain startups are attacking the problem
The business of moving commercial goods around the planet represents billions of dollars in enterprise revenue—as well as losses and inefficiencies resulting from risk, fraud or anachronistic manual paperwork delays. The good news is that few sectors are poised to so dramatically benefit from the advent of blockchain-based solutions. Given the size of the investment involved, potential efficiencies stand to be monumental. After a drop-off following the financial crisis of 2007/2008, international trade volumes have been increasing steadily, bringing the infrastructure and mechanisms that underpin the actual business transacted – supply chain management and trade finance – under increasing scrutiny, because of the processing delays and related risks involved.
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