The infographic highlights the six most important benefits of blockchain technology in trade finance:
- Tracking goods and trade assets and where they are currently residing.
- Related asset information can be relayed to or from the new owner for financing trade.
- Increased commercial transparency can reduce delays in financing trade.
- Details of transactions against the commercial agreements improve further trust.
- Each trade finance transaction is recorded sequentially and indefinitely.
- Provides an indelible audit trail for the life of a trade asset between parties.
- Each trade transaction is verified within the network using independently verified complex cryptography.
- Authenticity of trade related information can be assured.
- Allows each party to share easily and securely trade finance related data.
- Fragmented internal systems are centralized allowing interoperability.
- Transactions are completed directly between trading parties with no intermediary and with digitized information.
- Ability to operate ‘smart contracts’ which automatically trigger commercial actions.
View the infographic about the benefits of blockchain technology in trade finance here.