Technologies with the Potential to Change Global Trade Technology Landscape

Call it the fact that a global pandemic had us by our necks, or that despite supposedly being ‘solid’ in terms of infrastructure, supply suffered one setback after another with the kind of restrictions in place, there seemed to be a big gap in how such emergencies had to be taken care of.

For a few reasons like these and more, international trade has dominated headlines for a better part of these past two years. However, it’s a little unfortunate that a major part of this discussion has been around trade wars, tariffs, and a supposedly complex global trade sequence. 

However, global trade technology has been a big missing plus from these discussions. There are a few challenges definitely, but the degree of innovation we have witnessed with the Fourth Industrial Revolution has been nothing short of promising, where existing processes have been made more inclusive and efficient.

If we take the global trade scenario into perspective, technology and innovation have played a pretty significant role in completely changing the landscape of how the overall machinery of international trade chugs along. From ensuring proper document management to delivering accurate invoices efficiently, things have been very different from how they were a couple of decades ago. 

With such changes in the global trade technology and the super-quick adoption of digital transformation among organizations, resource allocation has found new meaning, and we haven’t reached its proper implementation yet. 

International trade entails with it the involvement of not just an organization or company per se, but also the national governments. This is why having the right kind of understanding about the technology and tools will be essential for staying ahead of the competitive curve. 

Be it an outsourced trade service absolutely anything else, the following technologies can potentially change the global trade technology landscape forever- 

1- Artificial Intelligence and Machine Learning

The world has surely become smarter, and Artificial Intelligence and Machine Learning have a lot to contribute to the trend. It goes without saying that there will be a lot of impact of these technologies in international trade too, with AI-enabled solutions giving out better and smarter trade routes, traffic management at ports, and also help with product and service language translations for e-commerce platforms. 

While better customer support and efficiency are the obvious takeaways, AI is also being used to make international trade more sustainable. With the right digital platform, connecting for the provision of products and services is easier than ever before. 

2- Blockchain

As a complete technology and also the distributed ledger systems using it, Blockchain is a tremendous innovation for the global trade supply chain. International trade has grappled with issues like high costs, reduced efficiency as well as security, and the use of Blockchain involves taking care of them. 

For providers of outsourced trade services, trade finance also plays a very important role and the right Blockchain-based solutions make the long and tiring process of getting the Letter of Credit(LoC) simpler, a payment document used in international trade. 

3- Access to Mobile Payments

With digital tools and easy Internet access, mobile payments through digital wallets have become very common. Mobile payments have also provided customers with an increased number of trade market opportunities. 

With such flexibility, trade is no more just limited between different organizations, but also an inclusion to the financial nature of everything that international trade encompasses, making the access of everyone with digital payments a participant into global trade.  

Conclusion

Every new technology poses a big threat to the overall challenge in terms of its governance and management. With the right infrastructure in place, it’s not difficult to leverage the right technology to make trade as seamless and simple as possible. 

With document preparation services and tailor-made international trade solutions from Trade Technologies, it is easier than ever to scale up and grow business with the relevant trends.