HOW CAN BLOCKCHAIN TECHNOLOGY UPGRADE INCOTERMS?
Over the past decade, digital technology shaped international trade.
Block chain technology can help optimise the distribution of the Incoterms rules. Especially, block chain technology as how to scale back the Incoterms rules reliance upon paper. “Given block chain’s sensor technology [through the use] of sensors and drones, surely there’s how we will start reducing the paper load.
Block chain technology also has the capacity to scale back errors or misinterpretations of the Incoterms rules. We will see actually seen internal documentation from a number of the large trade companies showing literally tens of thousands of emails being traded just to coordinate, if we could digitalise, we could improve this process and make it more efficient.
The benefits of block chain technology and data aren't just limited to the Incoterms rules. “If you imagine a world in 10 years’ time with sensors, Nano satellites, drones, with all sorts of data collection which data to be within the block chain, so it’s immutable, then the longer term should be continuous multi-dimensional data, using AI and algorithms? By harnessing data and digital technology, the worldwide trade system can resolve pressing challenges, like global climate change.
The main mission is to believe how we bring some sort of truth and realistic planning and the way we use trade as becoming the anchor point for a sustainable world.
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