Trade underpins the evolution of mankind, and with trade comes trust, and with trust comes third parties. Moving forward from IOUs and promises written on clay tablets thousands of years ago, to today’s interconnected world of trade, I want to question how far the industry has really gotten to, in terms of innovation and true digitalisation.
TFG spoke to Emmanuelle Ganne, Senior Analyst and Blockchain Lead at the World Trade Organization on the state of digitisation within trade and trade finance. With the rise of numerous DLT and non-DLT consortia, what role should multilateral bodies play, and how can we create paperless trade together? The interview was held at ExCred Commodities in London.
This short note explores the potential second order effect of Blockchain and other new technologies on the Trade Finance ecosystem.
All global industries require standards. Remember what a huge step forward it was when the carrier industry agreed on the design for a shipping container. The same is true for electronic trade documents and their supporting systems.
So you’ve built yourself a blockchain, now what are you supposed to do with it?
Facebook recently announced a “blockchain powered currency” called Libra which appears to be a potentially game changing development in payments. Although there is scepticism and uncertainty, Facebook’s Libra initiative is something to be encouraged and applauded. With the caveat that FB needs to be watched very carefully as it has over the years proclaimed in its various mission statements that it wants to “move fast, break things, build things and add stable infrastructure”.
The U.S. legislative body has set congressional hearings after several lawmakers raised concerns hours after social media giant, Facebook, announced its entry into the digital currency market via Libra.
Crypto assets (including Crypto currencies) and the technologies which underpin them are important because of the potentially huge benefits to society they can deliver. TFG heard from Manu Duggall on their standing under English law, which will determine whether that law will be chosen as the law of the contract and the forum for disputes over others.
During Consortia 2019, Deepesh Patel heard from Chief Strategy Officer Dave Sutter from TradeIX, discussing the key requirements for the true digitalisation of trade finance, and what interoperability means for the networks and consortia within the blockchain / DLT trade space.
The world’s largest exporter, China is set to grow with its huge Belt and Road Initiative (BRI) over the next few years. TFG heard from Lantana Tech’s CEO, Derek Lee, on some of the challenges and opportunities within this market.
With the departure of we.trade’s cofounder Roberto Mancone – TFG investigates the significant challenges on the road ahead for the blockchain platform.
TFG exclusive podcast with komgo, we heard from CEO Souleïma Baddi talking about bringing blockchain and distributed ledger technology to commodity finance.
We heard from Nitin Gaur, Director of IBM Digital Asset Labs at the ICC Banking Commission’s Annual Meeting, on the benefits of blockchain / DLT for enabling trust, transparency and security
Blockchain and the distributed ledger technology (DLT) behind it have huge potential to transform the administrative processes that eat up time and cause so much anxiety in international trade and shipping.
TFG spoke to Torsten Pull, SVP, General Manager of Corporate Banking at Finastra on the digitalisation of trade and supply chain finance.