By Lisa Froelings November 19, 2017
According to IBM and WEF experts, Blockchain technology has what it takes to facilitate the workflow of cross-border trading transactions, particularly the handling of document approval processes. Blockchain is the underlying technology behind cryptocurrencies like Bitcoin.
According to technology major IBM Vice President of Blockchain Solutions, Ramesh Gopinath, the traditional way used by supply chains to physically move the large volumes of paper documents for shipping transactions is very vulnerable to fraud, human error and inadvertent delays.
In addition, the administrative costs of processing, moving, verifying and securing the documentation are very high.
“International trade demands a faster, more secure and more efficient way to handle the document approval workflows needed to move goods across international borders. Traditionally, supply chains have relied on the physical movement of large volumes of paper documents leaving the window open for fraud, human error and inadvertent delays.”