According to WTO and ICC experts, blockchain-based trade finance platforms can help global trade overcome the current virus-led economic crisis. Decentralised technologies have already started to improve international trade, similarly to how the widespread adoption of containers transformed the industry in the second half of the 20th century. Decentralized technology platforms facilitate interaction between banks, suppliers, and buyers. Within this framework, transaction information is available only to the platform’s participants.
There are 36 financial institutions connected to the Factorin platform, including seven of the top ten banks. The platform addresses the key issue of complex workflows, data privacy, and security which have combined to interfere with the financing of small and medium-sized businesses. Two major retailers, Magnit and Dixy with USD 20 and USD 5 billion annual turnover, respectively, have become Factorin’s clients within the first year of operation.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now