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Data for this episode of Truth In Data provided by Mercator Advisory Group’s report – Blockchain B2B Is Starting to Turn the Corner
- The World Economic Forum projects that blockchain will create $1.1 trillion in new trade value over 5 years
- There are 8 process improvements expected, including:
- credit risk assessment
- reducing human error in document checks
- improved verification
- records reconciliation
- automated “smart contracts”
- real-time, secure, low-cost exchange of data
- Bank consortiums dealing in Trade Services include:
- Voltron – 12 banks launched by R3 for document presentation and now letter of credit processing
- We.Trade – designed for SME’s in Europe, meant to simplify trade finance by managing procure-to-pay processes
- Marco Polo – employs the Corda platform of API’s, designed to facilitate open account trade before and after shipping for the global market
About the report
The scale remains small, but blockchain technology is moving beyond pilots into the next phase. Financial institutions have invested much in the applicable corporate solutions, and real solutions will start to bear fruit in the near future.
