If there is something that puts most business leads in dilemma, it is trade finance. Consulting various clients at Webmob Software Solutions Pvt Ltd, I’ve come across many businesses that are unable to harness the true potential of trade finance.
→ Trade finance comprises 3% of global trade, which is about $3tn per year. Being a combination of export and supply chain finance, it drives a huge part of economic development.
→ But in reality, multiple intermediaries cause delays in the shipments and payments.
→ Financials are handled manually and due to the presence of several entities, the risk of miscommunication, fraud, duplicate bills, etc. increases.
So how can one ensure the maximum advantage out of trade finance in 2020? Blockchain answers this for you:
→ With a decentralized ledger, it speeds up transaction settlement time and increases transparency between all parties.
→ Reduces intermediaries, cuts down the need for multiple copies of contracts, transactions occur in real-time and location and ownership of goods stays updated.
Have you considered accelerating your business with Blockchain yet? If not, let’s discuss more on this.
#tradefinance #fintech #blockchain