Blockchain News

Blockchain tech can resolve inefficiencies in current trade finance system

Sat Mar 17 , 2018 at 07:38:00 UTC

Implementing digital technologies such as blockchain, artificial intelligence (AI), machine learning and robotic process automation can resolve inefficiencies in our current trade finance system, and make the process efficient at the bank?s, buyer?s, seller?s, as well as the SME?s/MSME?s end, noted a recent ASSOCHAM-Deloitte joint study. ?Blockchain?s application for identity management and know your customer (KYC) looks quite promising,? stated the study titled, ?Role of trade finance for inclusive growth,? jointly conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and global professional services firm Deloitte.

How the blockchain works

Thu Mar 08 , 2018 at 15:28:00 UTC

The blockchain is basically a distributed database. Think of a giant, global spreadsheet that runs on millions and millions of computers. It?s distributed. It?s open source, so anyone can change the underlying code, and they can see what?s going on. It?s truly peer to peer; it doesn?t require powerful intermediaries to authenticate or to settle transactions.

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