The launch of new trade finance platforms is gaining momentum across the world. Market players have been offering blockchain-based platforms for trade finance for gaining various benefits including transparency, traceability, and efficiency.
The entire documentation related to shipments, factoring, and receivables can be analysed without any threat posed related to data tampering and the threat of compromising passwords. A great deal of trust can be built as the information on the network can be distributed without being copied. Moreover, blockchain offers simplicity in tracking information regarding contracts for multiple businesses with various stakeholders. As the decentralized model is employed in the blockchain, it improves the efficiency of the entire trade cycle. In addition, monitoring time is reduced, bills are generated automatically, and settlements can be carried out with the intervention of any agent.
