New research predicts that sweeping advances in tech and finance will fuel global trade over the next decade. The research, commissioned by DMCC, highlights the emerging impact of digital transformation for importers and exporters, along with the ongoing shifts in global economic power.
UK businesses leaders say blockchain technology has the potential to revolutionise their businesses.
- One in 7 UK firms are already using tech behind cryptocurrency to improve supply chains as well as sourcing trade finance.
- 40% plan to introduce technology to reduce costs and improve efficiency.
- However, 6 in 10 firms fear the new-found benefits of blockchain technology could be impacted by GDPR.
- And three quarters of UK businesses want the government to regulate the technology more closely.
Blockchain is ripe for adoption - not just providing faster, more secure and effective ways to handle workflows in order to move goods across international borders - but also helping reduce up to 20% of paper costs associated with global trade, currently estimated at $1.8 trillion.
Building on research conducted over 12 months, The Future of Trade brings together the collective thinking of 250 global industry leaders, academics and experts across 6 leading commodity trade hubs in addition to comprehensive quantitative research by The Centre for Economics and Business Research.
This webinar on the Future of Trade, chaired by Declan Curry, features Guatam Sashittal, CEO of DMCC, the world’s largest and fastest-growing Free Zone, Nina Skero, Head of Macroeconomics at the Centre for Economics and Business Research and Sinan Ozcan, Senior Executive Officer, Maersk. [Recorded 15 May 2018]