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“Of particular interest for the digitalization of commerce are projects that exploit distributed ledger technology (DLT), commonly referred to as Blockchain. The tamper-proof, decentralized and distributed nature of DLT makes it an interesting tool for breaking the silos that hinder international trade. Many projects that were still in the exploratory phase when the first periodic table “Blockchain and DLT in Trade” was launched a year ago have matured and have reached the production phase. This is good news!
But technology is only a tool. The promising potential of DLT to facilitate international trade, from customs procedures to trade finance, will only come to fruition if regulation evolves to support the large-scale deployment of the technology and a digitized and harmonized trading environment is put in place. global. This will require a global dialogue; a dialogue that involves all stakeholders, public and private. The ICC Digital Standards Initiative, which was recently launched with the support of Enterprise Singapore and the Asian Development Bank and the participation of the World Trade Organization, will work towards this ambitious goal, directly addressing the disruptions experienced during the COVID crisis. 19 as a consequence of the dependence of commercial flows on paper documentation. We invite all stakeholders from the private sector, but also governments and other international organizations to join us in this effort. “
The report highlights many different industry participants attempting to provide blockchain-based services while generating value in the global trade industry.
Factor, company mentioned in the report, is a decentralized technology platform that facilitates continuous and secure interaction between banks, suppliers and buyers. Andrei Maklin, co-founder and CEO of Factorin, explains:
“Blockchain allows you to create fundamentally new services and business models that cannot be implemented on traditional IT architecture. In 2020, this means that traditional platforms are intermediaries that raise the cost of services and make money from their users’ data. Factorin decentralized platform allows all participants to communicate directly with each other and decide which data to share and with whom to share it. The demand for Factorin’s services, which are such a unique SCF product, is at an all-time high, as evidenced by our continued growth Fast. Since January, the monthly turnover of loans processed through the platform has increased fivefold and in October was more than 165 million dollars. “
It’s an interesting report that provides a snapshot of the industry today. The report can be downloaded here.
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