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Austrian Research Center International Economics (FIW) Eyes Blockchain for Foreign Trade Benefits

Report: Blockchain Technology Could Benefit Foreign Trade, Reducing any Uncertainty

Report: Blockchain Technology Could Benefit Foreign Trade, Reducing any Uncertainty

A report prepared by Bernhard Dachs from the Australian Institute of Technology was examined by the Austrian Research Center International Economics, looking at the possible effects of blockchain technology as a form of digitization and its potential benefits in the export economy.

The report, prepared on behalf of the Austrian Federal Ministry for Digital and Economic Affairs, outlined a positive image of artificial intelligence and blockchain technology. It stated that blockchain technology could be beneficial in making export transactions safer, thereby reducing uncertainty. Moreover, the decentralized technology could step in and help “substantially reduce the cost of processing export guarantees”.

Blockchain Need To Be Widely Accepted

The report also categorically noted that there’s need for wide adoption of blockchain technology, especially in the banking industry, before import and export relations in Austria can reasonably benefit from it.

When it comes to the Digital Economy and Society Index, Austria is among the top countries in the European Union, ranking 11th among other member states. The report, therefore, stresses that there’s dire need of the country strengthening science and industry by developing new digital opportunities to rank up the country as one of the leaders in future innovation.

The report concludes, stating that:

“Services in particular can expect significant gains in automation and tradability from new technologies such as blockchain or AI, which will provide significant momentum to these industries. The development of new service offerings could prove to be a growth driver for Austrian companies “.

Many Companies Already Applying Distributed Ledger Technology

Big companies in the world have already started applying distributed ledger technology (DLT) to supply chain and logistics operations. IBM, a tech giant, and Maersk, a logistics company, are among the top names that have made incredible strides in adoption of blockchain technology. There are also reports that The Port of Hamburg in Germany is currently building HanseBloc, a project which will utilize blockchain technology to ensure secure electronic exchange of bill of landing.

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