Developing Digital Approaches To Trade Finance

Introduction

The digital revolution affecting so much change across the world is coming to international trade processing and logistics. The transition to all digital documentation and processing from formerly inefficient analog systems is well underway. To comply with the World Trade Organization (WTO) Trade Facilitation Agreement, most countries have implemented "single window" customs processing of imports and exports electronically through a single electronic website, although the efforts vary widely as to filing requirements and means. Sensors allow tracking of goods and data collection from mine or farm to the ultimate sales outlet. Blockchain systems allow decentralized storage of information with high security and transparency. Machine learning and AI offer empowered analytical techniques for businesses to extract value and implement advanced strategy with their competitors. This article explores the transformation of trade finance enabled by the confluence