In the journey to digitalizing trade, blockchain and distributed ledger technology (DLT) have emerged as powerful technologies promising to bring tremendous new opportunities for trade finance. At the 2018 Singapore Fintech Festival, experts discussed the many opportunities that blockchain brings to the table, with Jim Sullivan, deputy assistant secretary for services at the US Department of Commerce of International Trade Administration, citing two core areas for blockchain: trade finance and supply chain. Sullivan spoke about an advisory committee for the US Secretary of Commerce that is working to evaluate different standards across the world and the feasibility of leveraging blockchain in trade finance…………
Smart contracts built on blockchain technology may eliminate the need for middlemen. Energy grids could use that tech to increase cybersecurity. And aerospace suppliers look to blockchain as a potential investment in keeping track of their supply lines and boosting efficiencies. But perhaps one of the most unexpected – and impactful – applications of blockchain may be in agriculture…………
Presented by Waves
Blockchain is a revolution in technology, a grassroots phenomenon that’s gone from being a curiosity for nerds and cryptoanarchists to something that is actually impacting the real world.
Blockchain enables tokenisation, which means that you have the power to to digitize any form of value you own from property rights and money to energy and your vote. And when that value is digitised, decentralised and tokenised, it’s ready to be transferred or traded instantly, peer to peer, across the world — changing the world for good. This isn’t a technology that belongs to enterprises — this is as close to democratizing disruption as it gets.
Companies like Waves, which is celebrating release of smart contracts in May, are springing up to build fast, low-cost, secure and user friendly blockchain platforms to open the revolution up to everyone, individuals and companies alike.
How are we already changing the world?
Check out the infographic below and you’ll see all the ways blockchain is impacting the world right now — and what’s it poised to do very shortly.
By: VB Staff