Foreign Trade To Get Efficient and Reduce Uncertainty using Blockchain Technology. The Austrian Research Center International Economics (FIW), in its new policy brief, has examined the possible effects of digitization. This includes blockchain technology, on the export economy, Cointelegraph auf Deutsch reported on September 28.
Bernhard Dachs, the researcher at the Austrian Institute of Technology, formulated the report on behalf of the Austrian Federal Ministry for Digital and Economic Affairs knowing the possible effects of blockchain technology as a form of digitization and its potential benefits in the export economy draws a positive image of blockchain technology and artificial intelligence (AI).
Dachs is of the view that blockchain technology could make transactions in exports safer and largely reduce the uncertainties associated. Additionally, decentralized technology could help to “substantially reduce the cost of processing export guarantees”.
Dachs also noted that blockchain must first be widely accepted, especially in the banking sector, before Austrian import and export relations can reasonably benefit from the technology.
Blockchain Needs To Be Widely Accepted
Foreign Trade To Get Efficient and Reduce Uncertainty using Blockchain Technology. The report also categorically noted that there’s a need for wide adoption of blockchain technology, especially in the banking industry, before import and export relations in Austria can reasonably benefit from it.
Austria is ranked 11th among member states of the E.U. on the Digital Economy and Society Index. Therefore, the report stresses that science and industry should be strengthened in the development of new digital opportunities so that Austria can take a leading role in future innovation. Bernhard Dachs summarizes at the end of the report:
“Services, in particular, can expect significant gains in automation and traceability from new technologies such as blockchain or AI. This will provide significant momentum to these industries. The development of new service offerings could prove to be a growth driver for Austrian companies “
Major organizations globally have commenced applying Distributed Ledger Technology (DLT) to logistics and supply chain operations. The first pilot projects of IBM and the logistics company Maersk that map existing freight documents in a blockchain are already running. The port of Hamburg, Germany, is also currently developing a project called HanseBlocw. This purportedly ensure the secure electronic exchange of a bill of lading via blockchain.