World Trade Organization (WTO) Shares Positive Blockchain Technology Future Outlook

World Trade Organization Positive About The Future Of Blockchain Technology

The World Trade Organization (WTO) has released a report in which it reveals that blockchain technology could have a deeply positive impact on global trade. The report highlights two virtual currencies, XRP and IOTA, which are both top virtual currencies in the market.

The WTO has also talked about blockchain scalability issues related to Bitcoin and Ethereum. At the same time, they talked about the benefits of the technology on supply chain networks.

WTO’s report is titled ‘The future of world trade: How digital technologies are transforming global commerce,’ and covers different topics related to international commerce and how it can be enhanced using blockchain technology. However, it mentions that there are some challenges that must be addressed and that are related to privacy and consumer protection.

For WTO Director-General Roberto Azevêdo, blockchain technology has the ability to benefit medium and small enterprises, allowing them to reduce costs and change the trade structure. At the same time, he mentioned that blockchain would allow new services to emerge.

On The Matter, He Commented:

“The report predicts that the share of services trade could grow from 21 per cent to 25 per cent by 2030. Other effects could include, for example, Blockchain helping smaller businesses to start trading by supporting them in building trust with partners around the world.”

Ripple is also growing all over the world in terms of adoption. The services and products offered by Ripple are being adopted by different financial institutions around the world and small and medium enterprises (SMEs).

Ripple wants to change the way in which the current banking system works. Banks would have the ability to convert funds into different currencies in just seconds and with reduced cost compared with current systems. Ripple is currently working with more than 100 banks and financial institutions.

The report includes other important cryptocurrency projects such as IOTA since it uses a different network. IOTA enables machine-to-machine communication and has been specifically designed for the Internet of Things (IoT). As more users join the network, it is possible to transact even faster, allowing for higher scalability.

There are different companies all over the world that are already working with distributed ledger technology. For example, the shipping giant APL has decided to implement a blockchain system to reduce costs.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

Currencycloud Partners with Ripple to Leverage RippleNet for Efficient Cross-Border Payments

Currencycloud - one of the global payment processing giants - has become the latest member of the RippleNet family and would help ripple in...

Coinbase Custody and IOHK Partner to Provide Institutional-Grade Staking For Cardano's ADA in Q4

IOHK, the lead developer of Cardano blockchain, and Coinbase Custody, the institutional-grade custodian launched by Coinbase Inc., announced a partnership to allow users to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today