The world’s first blockchain-based trade settlement is completed. What group is the threat?

According to foreign media Reuters, recently Barclays Bank and an Israeli start-up company jointly completed the world's first trade transaction based on blockchain technology. Through blockchain technology, it completed the transaction process that traditionally required 7 to 10 days in 4 hours.

The trade settlement was performed on the blockchain platform developed by Wave Corporation, a subsidiary of Barclays Bank, which secured cheese and butter products valued at approximately US$ 100,000 that were shipped by Irish Ornua Company to Seychelles Trading Company.

Blockchain technology is equivalent to an electronic record and transaction processing system that enables all trading participants to track each transaction on a secure network without the need for third-party authentication. This paperless, decentralized transaction method is faster, more reliable, and easier to audit than traditional bulky, paper-based document-based transaction processing .

In the past, such import and export transactions had to be settled through the bank's letter of credit. The letter of credit system was equivalent to Alipay in international trade, and the interests of buyers and sellers were guaranteed in a third-party manner. However, such a system was rather cumbersome in practice. Export documents, etc., need to be transmitted by mail between the banks of the import and export sides and customers. In addition to the risk of lost parts on the way, falsification of trade documents also occurs from time to time, and the processing time can sometimes be up to 1 month.

With blockchain technology, both parties to the transaction will be able to exchange mailing, insurance and other original information with each other via an encrypted blockchain.

Baihas Baghdadi, Head of Global Trade and Working Capital at Barclays Bank, said, “We have confirmed the feasibility of this technology. This shows that the entire process is very friendly.”

Blockchain technology has been widely accepted today, but many people believe that this technology still needs 5 to 10 years to gain popularity. However, due to its alternative nature to the bank and trading company’s documentary staff, the operational nature of the handling of document services may or may not be history.

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