Blockchain Could Improve Multiple Spheres of Global Economy

If recent reports come to fruition, blockchain technology has the potential to have a massive financial impact on the global trade industry.

The World Economic Forum released an optimistic outlook for the global economy, which would be driven by the impact and adoption of blockchain technology in the next 10 years.

According to the organization, blockchain could bolster global trade to the tune of $1 trillion by 2028.

Whether it's at the preliminary stage of waiting for confirmation of finance or tracking the physical position of goods that are being traded, blockchain technology gives everyone with the necessary permission access to this data.

In May 2018, HSBC claimed to have completed the first trade finance deal using blockchain technology.

As recently as September, a new trade and finance blockchain platform, backed by the People's Bank of China, launched pilot operations for a blockchain-powered ecosystem for cross-border trading.

As Orzan suggests, both blockchain and cryptocurrency development will benefit from more measured legislation.

The organization is taking a multistakeholder approach toward its activities and policy suggestions, and blockchain provides a chance to improve governance across a wide spectrum of private and governmental functions.

"The WEF just published the report 'Building Block(chain)s for a Better Planet', describing several contexts where it's possible to harness this technology to address environmental challenges. Being myself strongly involved in both policy and environmental matters, I definitely support looking deeply into every opportunity to start - quickly and proactively - exploring blockchain uses which can help improve the conditions of our planet and use of its resources."

What remains to be seen is which part of the world will truly drive a blockchain revolution in the coming years.