International trade is all about who owns the goods and how are they paid for. Since the transfer of goods never aligns precisely with payment, this is a complex industry that is largely driven by paper. The main reason for this is that ownership of goods is still transferred by a Bill of Lading or similar paper document, causing delays and costs for all parties involved. Blockchain technology can help to register and transfer ownership of goods, making it easier for all parties to agree on obligations and ownership. The effect of blockchain technology on trade finance can be described as “transformational”. In this video we explain the rationale behind this concept and our ideas on how to improve trade finance processes.
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Blockchain promises a future where all transactions can be logged, viewed and monitored in real time. Keeping track of profit and loss statements, incoming and outgoing transactions and reporting requirements is a daunting challenge these days.
On Monday the 6th of November, Sander van Loosbroek had the pleasure of presenting his point of view on recent blockchain developments in the financial sector. His biggest take-away? It is becoming impossible to keep track of all the launched blockchain initiatives.