Blockchain technology could reduce uncertainty in foreign trade


In its new policy document, the International Economics Research Center (FIW) has examined the possible effects of digitization, including blockchain technology, on the exporting economy, reports Cointelegraph auf Deutsch, 28 September.

The report was prepared by Bernhard Dachs of the Austrian Institute of Technology on behalf of the Austrian Federal Ministry for Digital and Economic Affairs and draws a positive image of blockchain technology and artificial intelligence (AI).

Dachs states that blockchain technology could make export transactions safer and thus reduce uncertainty. Furthermore, decentralized technology could contribute to "substantially reduce the processing costs of export guarantees".

Dachs also noted that the blockchain must be widely accepted, especially in the banking sector, before the Austrian import and export relations can reasonably benefit from the technology.

Austria is in 11th place among the member states of the EU. on the Digital Economy and Society index. Therefore, the report emphasizes that science and industry should be strengthened in developing new digital opportunities for Austria to take a leading role in future innovation. Bernhard Dachs summarizes at the end of the report:

"Services in particular can expect significant gains in automation and marketability from new technologies such as blockchain or AI, which will give a significant boost to these industries, the development of new service offerings could prove to be a growth driver for companies Austrian. "

Large companies worldwide have started to apply distributed ledger technology (DLP) to logistics and supply chain operations. The first pilot projects by IBM and the logistics company Maersk to map the existing transport documents into a blockchain are already running. The port of Hamburg, Germany, is currently developing a project called HanseBloc, which will presumably guarantee secure electronic exchange of the bill of lading via blockchain

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