Technologies And Trends Reshaping The Future of Global Trade

Here are the Top technologies & trends that help global trade transform in a post-pandemic world. From AI & ML to Blockchain & e-signatures. Read the full blog.

The global pandemic of Covid-19 has accelerated the speed of adopting digital technologies for businesses to further sustain in the market. It has made one thing very clear that businesses cannot afford to be dependent on traditional paper-based trade flows if they are seeking to construct a solid client base across the world in a post-pandemic period. Thanks to the sudden outbreak of the global crisis, the trade finance industry is considering DLT adoption amid COVID-19. Several technologies are playing a crucial role in keeping our economy resilient & functional in a post-pandemic period. Many of these technological advancements are expected to stay for longer. The way companies in all sectors and regions operate business has been significantly changed in the post-pandemic period.

As an initiative in this regard, G7 nations also formed an opinion of implementing electronic systems for processing trade documents within the next 18 to 24 months. This initiative would further trigger the incorporation & implementation of electronic and digital systems among global traders.

In this blog, we are explaining some of the top digital technologies & advancements that are helping to transform global trade and trade finance. Here they are as follows:

Electronic Signatures Are An Updated Way To Establish Trade Reliability & Save Time

Electronic signatures are faster, convenient & simpler than traditional wet ink signatures. They can be defined as a set of letters or characters highlighted in an electronic format to be used as a method of authentication of any data or information. A variety of forms can be used for an electronic signature including a digitized fingerprint, a retinal scan, a PIN, a scanned image of a handwritten signature or a name typed at the end of an email address, etc. Signatures in electronic format are beneficial in three ways for the parties engaged in a transaction. First, it identifies the sender. Secondly, it demonstrates the sender’s intent, and finally, it implies the reliability of trade documents.