WTO talks about blockchain and acknowledges russian blockchain-based project Factorin
The World Trade Organization and Trade Finance Global have joined together in publishing an update on global trade and the impact of blockchain or distributed ledger technology (DLT) on this sector of commerce.
Factorin’s innovative technology and fast growth has been acknowledged by the blockchain experts of the annual report “Blockchain & DLT in Trade”.
The World Trade Organisation (WTO) has included the Russian blockchain project Factorin in the list of regional leaders in the supply chain finance (SCF) category. In particular, WTO noted in its new report on the development of the blockchain project that new developments are aimed at the local market rather than at the global market. WTO experts believe that projects based on decentralised technologies can help world trade not only to overcome the crisis, but also to accelerate market development.
The international investment company Digital Horizon, which helped develop the Factorin project, believes that distributed register technology can have a significant impact on international trade. Experts draw parallels with the introduction of container shipping in the second half of the 20th century.
Alan Waxman, managing partner of Digital Horizon:
“The crisis caused by COVID-19 has exacerbated the problem of the lack of secure automated tools for trade finance. And this is an area where blockchain technology is proving to be at its best.”
WTO notes that despite the significant market in terms of capital, most projects are still “in the initial stages of real use”. For international trade, WTO believes that blockchains are useful as a guarantee of transparency and digitalisation of trade.
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