Blockchain technology could radically shake up trade finance, one of the most archaic corners of the financial world, by reducing its reliance on paper documents.
On average, a cross-border transaction requires the exchange of 36 documents and 240 copies, says Kerstin Braun, president of Stenn Group, which provides trade finance.
By 2050, experts suggest blockchain could provide a digital record of transactions. This would streamline the paper trail and improve transparency between parties, allowing the introduction of practices such as “dynamic factoring”, where interest rates change as goods approach their final destination.
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