International News
Blockchain Could Bring $1.1 Trillion in New Global Trade, Says WEF
A new report from the World Economic Forum has high hopes for blockchain with revenue growth predicted to be over $1 trillion in world trade.The white paper published in June examines supply chain management and the enormous role that blockchain will play in the near future, particularly with SMEs (small or medium-sized businesses). The Asian Development Bank estimates that there is a $1.5 trillion trade gap/trade deficit which is projected to increase to $2.4 trillion by 2025. The gap is largely due to smaller businesses having insufficient access to credit, particularly affecting businesses in East Asia and the Pacific.Suppliers require importers to pay for goods in advance, and the trade gap of $1.5 trillion refers to the by a ...