Blockchain Integration In Trade Finance

Introduction to Trade Finance

Trade finance represents the financial instruments and products that are used by companies to facilitate international trade and commerce. Trade finance makes it possible and easier for importers and exporters to transact business through trade. Trade finance is an umbrella term meaning it covers many financial products that banks and companies utilize to make trade transactions feasible.

Trade finance is the backbone for international trade. So much so that the Director-General of the World Trade Organization, Roberto Azevedo, even stated, "Today, up to 80 percent of global trade is supported by some sort of financing or credit insurance".

Challenges in the Trade Finance Industry