Enterprise Blockchain Trends in #TradeTech

Enterprise blockchain is at a nascent stage. The hype around Crypto & Bitcoin has continued and is not going away anytime soon. The blockchain technology underpins Crypto and that is only one use-case of the deep-tech. Blockchain technology can be used to solve other real world problems across many different industries.  

Blockchain is an Internet-connected program that monitors data and triggers actions relevant to the contract’s terms. For example, a crop-insurance smart contract might use a trusted Internet feed of weather data. If the temperature goes above 85 degrees Fahrenheit in April, the smart contract will automatically trigger a crop-insurance pay-out, again via the Internet. This total automation eliminates ambiguity and promises large savings in time and effort for all parties involved. 

Although the field of smart contracts is still emerging, and a blockchain is only one of many ways to enable smart contracts, blockchain technology is catalysing interest in smart contracts. Having been building one of the earliest participants in the field, there are many blockchain startups welcomes this interest and is continuing to work at the forefront of research into smart contracts.

Enterprise blockchain technology is fast moving and futuristic. It helps businesses improve transparency, increase security & authenticity, reduce fraud, digitise cross border contracts and ensure sustainable sourcing.

Blockchain platforms can be used by global companies to ensure supply chain sustainability and sustainable sourcing. Large enterprises are investing in sustainability efforts to ensure sustainable materials are used and sourced such as tracing recycled plastic, tracking reliable information about chemical composition of products, tracking and tracing of food produce quality, usage of reusable, recyclable or compostable packaging products, responsible water consumption, forest preservation, ethical labor practices etc. 

Blockchain platform for banking industry will enable banks and their trade network partners to digitise supply chain finance and digital trade finance. Blockchain technology helps banks with increased security, prevent fraud, improved transparency thus offer faster trade finance transactions. 

Traders, commodity companies and financiers can use SaaS based blockchain platform for validation and authentication of trade contract documents faster for multi-party cross border trade flow and trade finance transactions.

Global enterprises are increasingly investing in blockchain technologies to create trade network to execute smart contracts. SaaS based enterprise blockchain platforms can be used to create trade network bringing various industry players together including banks, traders, commodities, logistics, ports and large enterprises.

#blockchain #enterpriseblockchain #tradetech

@varunc360