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Blockchain To Promote Development Of Foreign Trade — Research

12:38 01/10/2018

The advantages of using blockchain technology in trade and other industries were reported in a study conducted by the specialists of the Forschungsschwerpunkt Internationale Wirtschaft (FIW), an Austrian research center, Cointelegraph reports.


Bernhard Dachs, a representative of the Austrian Institute of Technology, has prepared the study under the aegis of the federal agency responsible for the economy and the development of digital technologies. Particular attention was paid to blockchain and artificial intelligence (AI).


Dachs stated that distributed ledger can make export trading safer and cheaper. Moreover, in his opinion, it is necessary to make efforts for blockchain to be recognized in the banking sector.


Austria ranks 11th among the EU countries on the Digital Economy and Society Index. The authors of the report see a great potential of the country to take a higher place on this indicator among the European countries. Austria can become one of the leaders in the field of innovation.


Blockchain and AI can give a powerful impetus to the automation and trade development. The creation of new solutions in these areas will raise the Austrian economy to a new level, Bernhard Dachs concluded in the report.


Major companies from all over the world have begun to use distributed ledger in trade and logistics. In August, a joint pilot project of IBM with the logistics company Maersk was launched in this area. United Parcel Service, an American express delivery company, has applied for a patent to use blockchain in this business.

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