Trade finance is currently filled with faultiness, inadequacy and that the industry is extremely vulnerable to fraud. There is a need for this industry to get associated with the market solutions that are digitised and secured. Paper processes need to be upgraded or replaced with digitised operations and the technology that will contribute and play a vital role is BLOCKCHAIN.
Few of the key inclinations of Blockchain are:
- Reduced Paper and Manual works.
- It is Transparent.
- Saves a lot of money.
- Eliminates middlemen.
- Very secured and trustworthy.
With this trusted and permission interaction and transactions between B2B networks, service providers and financial institutions, industry is getting revolutionized. Ultimately resulting in are User friendly and better connected, automated Network, demonstrating the benefits of block chain in trade finance.
There is a need for automaxis trade financing platform powered by blockchain, hyper ledger technology
- Depend on third-party intermediaries to secure and protect transactions
- Require coordination between multiple agencies to reduce risk and accommodate the demands of each side of the trade
- Are prone to delays and errors that cost both money and time
- Have no single source of truth for reconciliation if there is a discrepancy.
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