How Blockchain can revolutionize international trade?
Many underdeveloped and developing countries rich in resources have an incredible opportunity in their hands named blockchain. Leveraging the power of blockchain may help boost trade with the world and help the economy soar. Additionally, blockchain can help solve many other problems, the biggest one being logistics and operations.International trade is worth $17 trillion. To put $17 trillion into perspective, gold's market cap is just $11 trillion. International trade can be broadly divided into two parts,75% of goods and the rest 25% of commodities. International trade is a complex process since every country has different restrictions, regulations, and taxes. There are many other problems like lack of trust and coordination between two parties, especially in the emerging markets, lots of unnecessary paperwork, etc. Over the past few years, various MNCs and startups have tried to solve these problems but were either not successful or partially successful. Blockchain technology promises a reliable solution for such problems while drastically cutting operation costs. Hence, many companies and