Report: Blockchain Technology Could Reduce Uncertainty in Foreign Trade

Published at: Sept. 29, 2018

In its new policy brief, the Austrian Research Center International Economics (FIW) has examined the possible effects of digitization, including blockchain technology, on the export economy, Cointelegraph auf Deutsch reports today, September 28.

The report was prepared by Bernhard Dachs from the Austrian Institute of Technology on behalf of the Austrian Federal Ministry for Digital and Economic Affairs and draws a positive image of blockchain technology and artificial intelligence (AI).

Dachs states that blockchain technology could make transactions in exports safer and thereby reduce uncertainty. In addition, decentralized technology could help to "substantially reduce the cost of processing export guarantees".

Dachs also noted that blockchain must first be widely accepted, especially in the banking sector, before Austrian import and export relations can reasonably benefit from the technology.

Austria is ranked 11th among member states of the E.U. on the Digital Economy and Society Index. Therefore, the report stresses that science and industry should be strengthened in the development of new digital opportunities so that Austria can take a leading role in future innovation. Bernhard Dachs summarizes at the end of the 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 ".

Major companies globally have begun to apply distributed ledger technology (DLT) to logistics and supply chain operations. The first pilot projects of IBM and the logistics company Maersk to map existing freight documents in a blockchain, are already running. The port of Hamburg, Germany is also currently developing a project called HanseBloc, which will purportedly ensure the secure electronic exchange of bill of lading via blockchain

Tags
Adoption
Blockchain
Economy
Austria
Related Posts
Coinbase and Ripple Execs Unveil Master Plan to Drive US Crypto Adoption
Two executives at Coinbase and Ripple are leading a push for smart regulations and transparency in the crypto-sphere that would arguably drive adoption and take blockchain technology mainstream. Market integrity must improve The Market Integrity Working Group’s co-chairs want regulators to grasp how they can advance the cryptocurrency industry. In an official company statement, Coinbase senior director and associate general counsel Rachel Nelson, in conjunction with Ripple’s head of global institutional markets Breanne Madigan, wrote: “To improve market integrity and provide consumers the confidence they deserve, Congress may need to enact legislation to support the orderly and secure functioning of …
Adoption / Jan. 27, 2020
Largest Austrian Energy Provider Debuts DLT-Based E-Car Charger
Wien Energie, the largest energy provider in Austria, has announced a charger for electric cars based on distributed ledger technology (DLT), Cointelegraph auf Deutsch reports on March 29. Per an official press release, Wien Energie in partnership with blockchain tech firm Riddle & Code are testing an electric vehicle charging station with “integrated secure machine identity” in Vienna. The new machines purportedly aim to provide immutable data interfaces that connect various aspects of the power supply chain, including smart meters, producers and consumers. In its initial stages, the station will purportedly allow real-time settlement of charging transactions. Once the system …
Adoption / March 29, 2019
Crypto News From the German-Speaking World: Nov. 17-23
The past week has seen a range of crypto- and blockchain-related developments in the German-speaking world. The German Federal Ministry of Justice and Consumer Protection is planning to sponsor a research project of the University of Marburg on legal issues surrounding blockchain technology, the Swiss online bank Swissquote began offering its customers the trading of a real estate portfolio-covering security token, and an Austrian research project provided proof of profitability for blockchain technology-based decentralized marketplaces. Below is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph auf Deutsch. The German Ministry of Justice donates …
Adoption / Nov. 23, 2019
Post offices adopting NFTs leads to a philately renaissance
Philately? If you are a millennial, there is a good chance you used Google to find out that there is a word dedicated to collecting and studying postage stamps. This same search also paints the picture of a hobby in decline, as younger generations are increasingly preoccupied with their screens and the constant stream of dopamine hits served up by TikTok, Instagram, Twitter and other popular social media platforms. Two European postal services have looked to capitalize on the popularity of nonfungible tokens (NFTs) in recent years to reinvigorate the philately sector. Cointelegraph caught up with Netherlands’ PostNL and the …
Adoption / Sept. 23, 2022
Crypto technology will shift towards 'steadier hands' in 2023: Circle CSO
Circle's chief strategy officer and head of global policy, Dante Disparte, believes that the turmoil in the crypto sector over the last year could mark the handover of crypto technology to more durable companies and "steadier hands" in 2023. In a Jan. 2 post for The World Economic Forum (WEF), Disparte highlighted the growing use of crypto in the financial services sector and opined that the ongoing bear market and exchange collapses may ultimately be a boon for the industry, paving the way for "responsible, always-on internet finance." "Just as it took the dot-com bubble bursting in the early 2000s …
Adoption / Jan. 3, 2023