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The WTO has included the Russian blockchain project among the regional leaders

  • Regional blockchains are particularly effective

  • In the future, decentralized technology could affect international trade, says investment company Digital Horizon

  • Customs will remain a weak link in digitalization of trade, WTO notes

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The Russian blockchain project Factorin entered the top regional blockchains according to the experts of the World Trade Organization

The World Trade Organization (WTO) has included the Russian blockchain project Factorin in the list of regional leaders in the category of supply chain financing (SCF) projects. In particular, the WTO noted in its new report on the development of the blockchain that new developments are aimed not so much at the global as at the local market..

“Other SCF initiatives target specific geographic regional market segments, like Factorin, which targets the Central and Eastern European market,” the WTO report says..

WTO experts believe that projects based on decentralized technologies can help world trade not only overcome the crisis, but also accelerate market development.

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Decentralized trade

International investment firm Digital Horizon, which helped develop the Factorin project, believes that Distributed Ledger Technology (DLT) is an electronic database system distributed across multiple network nodes or…

The WTO has included a Russian blockchain project ...

More can significantly affect international trade, Experts draw parallels with the introduction of container transport in the second half of the XX century.

“COVID-19 Crisis Heightens Lack of Safe Automated Trade Finance Tools.

The WTO has included a Russian blockchain project ...

And this is the area where blockchain technology is showing its best, ”said Alan Waxman, Managing Partner at Digital Horizon..

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Andrey McLean, co-founder and CEO of the Factorin platform, notes that the demand for unique Factorin products is confirmed by the growth of the project:

“Since January, the monthly funding on the platform has increased fivefold to over $ 165 million in October,” McLean said..

Weak link

The WTO notes that despite the significant market in terms of capital, most projects are still “in the early stages of real use.”.

The WTO has included a Russian blockchain project ...

For international trade, according to the WTO, blockchain is useful as a guarantor of transparency and digitalization of trade.

At the same time, the organization recognizes that customs will remain the weakest link in the digital chain..

The WTO has included a Russian blockchain project ...

Despite the fact that the governments of several countries are actively testing or considering the possibility of using blockchain for their customs operations, many projects remain at the concept or pilot stage, the WTO experts note..

How the blockchain failed to revolutionize the Ukrainian cadastre market – read in a special material from BeInCrypto.

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