Topic: Cross- Border Trading in Blockchain (Read 126 times)

'Globalization includes expanding economies around the globe, transacting cross-border trade across national to international levels, advancing worldwide exchange of goods and services, people, information, technology, capital and so on.'

    It has benefited the interaction between individuals and companies on a worldwide scale.

    Whenever the goods and services involved in cross-border trade, data should be passed between appropriate parties, regardless of whether privately owned businesses or open bodies, including providers, customs, regulative and administrative offices, dealers and purchasers. Though the transfer is between the two parties, it is the collaboration between two potential partners in the vast geographical area, time zones, and boundaries.

    However,  cross-border trade has a lot of barriers to reducing this process and improving unnecessary costs. The main problem is the handling of documents relating to fraud, human misconduct, mismanagement in shipping, and delayed removal of unwanted expenses. The documentation revolves around zillions of international business transactions. The three major documents include-

    1.Commercial documents
    2.Transparent documents
    3.Government customs documents
 
http://www.blockchainexpert.uk/blog/cross-border-trade-blockchain
 
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