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Blockchain technology adds more fidelity to foreign trade: Bernhard Dachs

As per the study, the Austrian Research Center International Economics (FIW) performed a lot of research work to examine the effects of digitization, including the blockchain technology, on the export economy in the existence of the new policy.

Bernhard Dachs made efforts from the Austrian Institute of Technology in favor of the Austrian Federal Ministry for Digital and Economic affairs and prepared a brief report. It imparts a positive image of blockchain technology and Artificial Intelligence(AI).

In his report, Dachs briefly specified that business with blockchain could make the transactions safer and reliable in exports thereby reducing uncertainty. Also, the decentralized technology could help to “substantially reduce the cost of processing as well as export guarantees.”

Dachs also proclaimed in his report that the banking and financial sectors must widely accept blockchain. This will make it possible to set up Austrian import and export relations with other nations and can take advantage of the decentralized technology.

In the Digital Economy and Society Index, Austria is ranked at 11th position among member states of the E.U. In the report, Dachs has given much more emphasis on science and industry development. The news has created more opportunities in the digital world so that Austria can take a leading role in future innovation. Bernhard Dachs concluded at the end of the investigation report.

“Services, in particular, can expect significant gains in automation and tradability from new technologies such as blockchain or AI, which will provide significant momentum to these industries. The development of new service offerings could prove to be a growth driver for Austrian companies “.

Global business leaders have already started implementing distributed ledger technology (DLT) to logistics and supply chain operations. IBM incorporation with logistics company Maersk has already initiated their pilot project to map existing freight documents in a blockchain, which is already in process. Besides this, the port of Hamburg, Germany is also at present developing a project called HanseBloc. The project will ensure secure electronic exchange of bills of lading via blockchain.

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