Distributed ledger technology, colloquially termed “blockchain,” is making a bold promise to help bring the trade industry into the digital age. To help shed light on the intricate workings of the technology and the role that it is playing in the international trade industry, Trade Finance Global partnered up with the World Trade Organization earlier this month to produce a 56-page report titled “Blockchain & DLT in Trade: A Reality Check,” endorsed by the International Chamber of Commerce.
David Bischof, deputy director at the ICC’s finance for development hub, shared in a private interview: “This ‘Blockchain & DLT in Trade’ report is not only an indispensable tool for the entire trade ecosystem, but foremost clearly shows that standardisation in trade and trade finance is a key challenge to ensure the numerous blockchain-based platforms are of use for businesses that trade.” He continued:
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