Trade finance and blockchain: now is the time for a network of networks
A lack of regulation and standardization creates opportunities for businesses that can create a one-stop shop for all blockchain trade finance needs. So who is doing it?
What if corporates could go to just one place to access all trade finance blockchain services, to pick the best one for their needs, at the best price? What if you could create a sort of Compare the Market for trade finance blockchain – a network of networks?
You’d be onto a winner. Here’s why.
Blockchain offers the hope of something that has escaped the world of trade finance for the last 150 years or so – efficiency.
It has become a familiar idea. Bankers have applauded the arrival of end-to-end trade finance products via blockchain for their own operations and those of their corporate clients for the past five years or so.
Barely a week goes by without headlines about how innovative banks and corporates have successfully leveraged blockchain technology to revolutionize their businesses.
The most enthusiastic would have you believe that blockchain in trade finance is about to take off. In reality, however, it is often more an elusive idea than the new normal. There are a couple of reasons.