Blockchain in Trade Finance: Breakthroughs on the Horizon
Chain Business Insights' new 35-page research brief "Blockchain in Trade Finance: Breakthroughs on the Horizon"explains the evolution of trade finance methods to date and the potential for blockchain applications. The Brief also provides a summary of current development projects and a recent market survey conducted with industry professionals to measure blockchain technology adoption.
Enterprises are close to realizing potential benefits of the technology, survey shows
Nearly 45% of survey respondents were either planning or working on a proof-of-concept (POC) or pilot project in the trade finance area, and over one-quarter expected to investigate blockchain for this use case in 2018. Respondents were primarily involved in POCs (45%), but a significant percentage had moved to the pilot stage (31%).
Lowering processing costs, familiarization with the technology and improving process transparency were the top benefits cited by respondents, although more than half cited faster payment processing and enhancing trust as important benefits. On average, respondents anticipate a reduction in transaction processing times of some 41%, as well as significant reductions in costs – including lower inventory costs owing to more efficient trade finance processes.
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