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.
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.