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Blockchain technologies have potential of accumulating over 1 trillion dollars

Blockchain technologies have potential of accumulating over 1 trillion dollars
Sep 14, 2018 by Rico Wise

According to the whitepapers revealed in the beginning of this summer, there has been an examination performed for the management of supply chain, and the crucial role to be played by the blockchain innovations in the upcoming future, especially with SMEs.

The estimation carried out by the Asian Development Bank displays that there is an enormous trade gap in the amount of 1.5 trillion US dollars, which, by extrapolation, might increase to almost 2.5 trillion US dollars in 7 years. The gap is attributed mainly to smaller businesses, which lack credit accessibility, especially having an impact on enterprises in the Pacific and the region of East Asia.

Importers are required to make advance payments for goods by the suppliers, and the 1.5 trillion USD gap is a reference to the artificially created deficit. It comes from the businesses’ inability to pay the money in advance, which would be able to generate the profit.

According to the report, the DLT can provide significant gap reduction, dealing with approximately 1.1 trillion US dollars of new trade volumes on a worldwide scale. All this becomes possible due to moving away from the paper-based bureaucracy, manual processes and complicated procedures that have become stalemate. Replacing them with distributed ledger technology will turn the tables and influence the world economy as well as the environment in a positive way.

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