How important is blockchain technology? According to a joint report from the World Economic Forum and the supply chain and transport industries, blockchain and other distributed ledger technologies could generate $1 trillion in new trade over the next 10 years.

“Transforming paper-based documentation into electronic formats and applying smart tools and technologies help to reduce trade barriers and improve processing times at borders, particularly for small businesses and companies in higher risk developing countries,” the report says.

That $1 trillion will go a long way toward closing the current trade finance gap of $1.5 trillion, according to the report.

ThirtyK Staff
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