International Chamber of Commerce’s New Blockchain Tools: Cognitive Trade Advisor (CTA) and AI Intelligent Tech & Trade Initiative (ITTI)
New Tech Tools from Intelligent Tech & Trade Supports Integration of AI and Blockchain Technology
The US is working to keep up with the rest of the world in technology, which is why the International Chamber of Commerce has decided to create a new prototype. The project is being called a “Cognitive Trade Advisor“, and it has been developed with the help of the Intelligent Tech & Trade Initiative (ITTI). The project is planned to involve the use of blockchain technology to advance technology regarding trade negotiations.
While there is little information regarding the role that blockchain technology will actually take on, the project will hopefully use it to its full capacity. The beauty of using distributed ledger technology primarily is the transparency. When using it to track trading, consumers are able to see the source and the destination of every single cent involved, which means there is a drastically lowered risk of fraud or missing funds. The fact that this technology permanently posts transactions also ensures that there can be no tampering.
The Goal of the CTA is to make it easier for trade negotiators to learn about the strategies that other trade partners use. To make this a reality, the project will analyze that will gather details from previous trade agreements involving any country that they select. There will also be opportunities for users to evaluate particular trade agreements for the standards of rules that the applicable industries applied.
New users can expect the launch of the CTA to start on October 2nd, 2018 at 2:30pm CET, for attendees of the WTO Headquarters.