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Blockchain technology has been a buzz world in the recent times, when it comes to this trendy topic then the most appealing aspect is the probable end-to-end solutions that strike a chord in various business domains to get rid of bottlenecks that’s quite prevailing in the current ecosystem.
The World Economic Forum (WEF) has released a white paper that describes the blockchain technology’s potential to stimulate global trade by over one trillion dollars ($1.1T).
In line with their prediction, we’ve explicitly reported in our earlier posts that the overseas payments while covering ripple’s traction in the trade finance transaction, which will also have the most investment in this year (approximately about $453 million).
The Ripple company's ability to send cross-border payments quickly and efficiently is seen as a plus, but banks using the existing Society of Worldwide InterBank Financial Telecommunications (SWIFT) system are not likely to give up their dominance in the field quickly.
The WEF report further states that the blockchain technology potential can lower trade time and costs therefore, it is poised to facilitate $1.1 trillion new trade volumes globally. The technology offers benefits such as interoperability, swiftness, traceability, and cost-effectiveness.
Country like, South Korea is the largest issuer of import letters of credit, who is now inclined to deploy blockchain technology. China, Hong Kong, and Bangladesh are the largest markets for advising export letters of credit. SMEs and midcap companies represent 75% of the total trade gap. The trade finance gap will rise to more than $2.4 trillion by 2025, according to Bain & Company estimates, their modeling estimates that distributed ledger technology, can reduce a large part of this gap, facilitating about $1.1 trillion of new trade volumes globally.
Currency strength index: FxWirePro's hourly BTC is flashing at -150 (highly bearish), hourly USD spot index was at 94 (highly bullish) while articulating (at 11:39 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
