Blockchain Can Add $1 Trillion to World Trade by 2028, Says World Economic Forum
Yes, that’s correct. The World Economic Forum (WEF) has published a report in 2018, titled “Trade Tech – A New Age for Trade and Supply Chain Finance,” which predicts that blockchain technology could add $1 trillion to global trade by 2028. The report suggests that the technology has the potential to transform international trade by reducing barriers, increasing efficiency, and improving transparency and security.
Blockchain technology can provide a secure and decentralized system for recording and verifying transactions between parties without the need for intermediaries such as banks. This can significantly reduce transaction costs and processing times, as well as improve security and transparency in global trade.
According to the WEF report, blockchain technology could lead to a 15% reduction in trade costs, saving up to $1.1 trillion in international trade annually. This would be achieved through a reduction in processing times, increased automation, and improved fraud prevention.
The report also highlights the potential of blockchain technology to enable small and medium-sized enterprises (SMEs) to participate in global trade, which is currently dominated by large corporations. The technology can provide a level playing field for SMEs by reducing barriers to entry, such as high transaction costs and limited access to finance.
Overall, the report suggests that blockchain technology has the potential to transform global trade by reducing costs, improving efficiency, and promoting inclusive growth.
Who is the head of Blockchain in World Economic Forum?
As of my knowledge cutoff date of September 2021, Sheila Warren was the Head of Blockchain and Data Policy at the World Economic Forum. However, it’s possible that there may have been changes since then. It’s always a good idea to check the official World Economic Forum website for the most up-to-date information.
What is blockchain world economic forum?
The Blockchain World Economic Forum is an annual event organized by the World Economic Forum (WEF) that focuses on exploring the potential of blockchain technology and its impact on various industries and sectors. The forum provides a platform for leading experts, policymakers, business leaders, and academics to discuss and debate the latest developments in blockchain technology, including its opportunities, challenges, and implications for the global economy.
The forum typically features keynote speeches, panel discussions, and workshops covering topics such as blockchain adoption, regulation, and governance, as well as the use of blockchain in finance, supply chain management, healthcare, energy, and other industries. The forum also provides networking opportunities for attendees to connect with peers and explore potential collaborations.
The Blockchain World Economic Forum is part of the larger annual World Economic Forum event, which brings together leaders from across the globe to discuss economic, social, and environmental issues facing the world today.