The growth of the trade finance market heavily depends on the robustness and easy availability of financial mechanisms. Trade finance is widely considered to be the fuel of global commerce. However, there is an unpleasant truth that currently trade finance deals with a lot of inefficiencies. Not to mention the extreme vulnerability to fraudulent trading.
Our typical way of depending on the paper-based system is in dire need of a change. It’s high time we moved on to more controlled and digitized solutions to ensure the safety of trillions dollar worth of industry.
With the introduction of blockchain technology, many financial institutions are now wondering how it would influence the trade finance sector. Needless to say, blockchain has proved its worth more than one occasion, and it reduces the problems in this niche too.
Credits :
https://101blockchains.com/trade-finance-blockchain/
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