What’s the latest and greatest in news in regards to blockchain and trade finance? Recently, only a few months ago, a couple of banks began teaming up with IBM to build new blockchain and trade finance as a way to track goods for those who purchase and release payments from all around the world as the products are traveling all over by plane, train, and other methods. Some of the banks included in this partnership include Erste Bank, the Bank of Montreal, and more. The trade finance technology has officially been named “Blockchains” and it allows data to be encrypted on almost everything technological that you can think of.
In our modern times, everything you can think of is linked to lowering the costs of many aspects in our everyday lives. Sometimes we feel the impact of expensive services when thousands of things are happening at once. Wouldn’t you love a simple system that does everything that you ask it to? With so many blockchain startups, and blockchain technology in startups that we see more and more often in our modern times, we are integrating a system that can’t be beat.
Many companies know that they will have to compete with Blockchain, which seems to be making them nervous. They know that they will have to worry about much more than the technology itself, but also the many shipping companies, shipping agents, freight providers, ports, insurers, and more. IBM took this initiative to team up with its newest partner, Maersk, where they have worked together to launch a blockchain platform designed to track shipments from all over the entire nation.
The best part of this new blockchain and trade finance take on things is that it is saving us money, yes, but it is also saving us time. Even large transactions are taking only hours when they would have normally taken many days to come through. This shows us that, as technology grows, it gives us many more benefits and saves us precious time in moments where time means everything due to our busy lifestyles. The future is well on its way!
