A new event of the 2021 Global Trade and Blockchain Forum The workshop examined how blockchain technology can be leveraged to increase transparency and efficiency in supply distribution and business processes. It also considered the role governments can play in unlocking the potential of these technologies.
The World Trade Organization (WTO), in collaboration with the International Chamber of Commerce (ICC), organized the meeting held on March 30, 2021 and was held under the title "Accelerating business digitalization through distributed ledger technology".
In his opening remarks, the Deputy General Manager Xiaozhun Yi He said that “the pandemic has highlighted the archaism of business processes that are still largely paper-based, with serious consequences for business operations in times of lockdown. We urgently need to digitize these outdated paper-based processes. The past twelve months have shown that Digitalisation is no longer an option. It is a question of survival for many companies, particularly smaller ones., which have been severely affected by the current crisis."
In that line, the Secretary General of the International Chamber of Commerce, John Denton, added: "The economy cannot simply freeze indefinitely (…) We have talked for years about the potential of digital platforms and solutions Blockchain to democratize access to the global trading system. With struggling SMEs in desperate need of new sources of demand, it is time to finally deliver on that promise if we are to achieve a truly resilient and long-lasting recovery in the years ahead.” He stressed: “In this regard, governments must lead from the front.”
«We must try to harmonize our policies and legal frameworks, and align ourselves with open technology standards.. These are the basic foundations for ubiquitous digitalization," he said. Lew Chuen Hong, CEO of Infocomm Media Development Authority of Singapore, upon completion of the opening session.
Publication
In a later panel, the publication "Accelerating trade digitalization to support financing for MSMEs"with the aim of identifying some of the most pressing challenges related to trade finance for micro, small and medium-sized enterprises (MSMEs) and exploring the potential application of digital technologies to address these challenges.
Technologies discussed include cloud computing, optical character recognition, the Internet of Things, big data analytics, artificial intelligence, quantum computing, distributed ledger technology, and application programming interfaces.
In addition, the paper examines some of the challenges related to MSME financing and the impact of the COVID-19 pandemic in this area; and presents case studies of companies using these technologies, the challenges they face and recommendations to overcome them.
The publication highlights the need for a multi-pronged approach. This includes the development of globally accepted standards and a common framework to leverage data to better assess financial risk. There is also a need for an enabling regulatory framework that recognises electronic signatures and documents and is in line with the United Nations Commission on International Trade Law Model Law on Electronic Transferable Records. A trusted global digital identity system for businesses is also required. The importance of bridging the digital divide and raising awareness among MSMEs through education is also highlighted.
Training
At the end of the event, the online training course was presented «Introduction to Blockchain for Commerce", a joint project between the WTO and the International Trade Centre, designed for a variety of audiences, including representatives of MSMEs, legislators and regulators who assign a fundamental role to blockchain technology.
Registration is now available here
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
