Freight forwarding, shipping and logistics are undergoing a digital makeover. Connecting the dots, enabling traceability and increasing transparency between parties is a win-win for all actors within global trade. So who’s doing what? As part of TFG & WTOs 2020 Blockchain for Trade study, 7 initiatives in this supply chain space have been mapped.
Trade and trade finance remains siloed, age-old and complex. Many are using DLT and blockchain to progress towards their goals of a digitized industry. TFG & WTO recently published their periodic table of DLT projects in trade, and here are 9 marketplaces and other initiatives addressing various opportunities in truly digital trade.
The age old problem of document digitization in trade has probably been around since goods were traded using stone tablets in the Mesopotamian era. So who’s making a dent using blockchain / distributed ledger technology? From the updated WTO / TFG periodic table of projects in trade, we reveal 12 projects tackling this head on.
Trade finance has been undergoing a digital revolution for decades. But the advancement of new technologies such as blockchain and distributed ledger technologies (DLT) have accelerated this. A recent 2020 study by TFG and WTO shows 12 initiatives using DLT in trade finance (both open account and documentary trade).
Like iOS and Android, there are numerous different Distributed Ledger Technologies (DLTs), which are being used to digitise various areas of trade, trade finance and supply chains. Here we explore Corda, Hyperledger Fabric and Quorum – and yes, despite sounding like intergalactic starships, believe it or not, they’re disrupting trade finance right now.
Distributed Ledger Technology (DLT), colloquially termed ‘blockchain’ has been touted to disrupt trade and supply chain, as well it’s financing, for over 5 years. Following on from TFG, WTO and ICC’s ‘Periodic Table’ enlisting 39 projects in global trade utilising DLT, we’ve relaunched our table, indicating that the industry has considerably matured and evolved in less than 12 months.
A crucial step towards end-to-end trade digitalization is creating an ecosystem that allows for seamless exchanges of data between existing platforms. A recent study from the WTO and TFG highlights 19 initiatives and the recent developments which are working towards digital standards for trade.
Contour has, today, announced its partnership with CargoX, a blockchain platform for transferring documents and data including a certified electronic bill of lading solution.
This is not the time to be imposing trade sanctions, it is the time to be lifting trade restrictions and easing tariffs on essential goods. – Simon Paris
Trade Finance Global (TFG), the leading trade finance fintech, has been selected to join the Mayor of London’s scaleup programme.
Banks and government bodies rally together to mitigate trade finance fraud with Trade Finance Registry
TFG heard from the CFTC’s Heath P. Tarbert, on CFTC’s tremendous accomplishments in achieving integrity through sound derivatives regulation.
The Covid-19 pandemic is accelerating trends and technologies that came online before January 2020 and were just getting traction.
TFG / SME Finance Forum exclusive, with Marcus Wallenberg, B20 Saudi Arabia, on the future of trade in the form of e-commerce and sustainable trade.
With electronic document rules in place, it is now the role of key players and regulators to go ahead and enable trade finance to take advantage of digital innovation.