Basics of Blockchain: How these Two Key Factors will Innovate Trade

Blockchain is steadily growing in popularity, as is the speculation surrounding it. Experts and skeptics alike are flooding the internet with articles discussing where they see the technology going in the next five, ten, and even twenty years. While this in-depth analysis is all well and good, there’s no denying that it can be a little hard to keep up with.

Blockchain is sure to make major waves in the years to come, but for the time being it’s still just a vague buzzword to the average joe. Most people haven’t heard of it, and many of those who have don’t want to learn about it.

But you’re not most people, and neither are we.

You know that any technology this popular is sure to have an effect on the trade industry, you know that any development that could potential improve your import/export business is worth learning about, but we know you don’t have the time to sift through all the complicated charts and graphs trying to figure out how exactly all this matters to you.

With that in mind, we’ve gone ahead and outlined the two key factors that you need to understand about Blockchain:

Transparency: Your parents don’t tell you everything when you’re a child, and neither do your government or major corporations when you’re an adult. They keep secrets, they work behind the scenes, they leave you in the dark about very important matters, and for the most part we accept this, presuming they have our best interests at heart.

While it’s always good to have a little faith, it’s even better to have some facts to back it up, and that’s where blockchain comes in. With Blockchain technology, there is a greater level of transparency, and therefore, accountability. It will allow both individuals and small groups with access to ledgers to have a firmer grasp on what large parties are doing, but also demonstrate what actions the smaller parties themselves are taking, which leads to the second point.

Simplification: A good business makes things as simple for their customers as they can, those that can offer less complication than their competitors can undermine their rivals and seize control of the market.

Blockchain streamlines many of the otherwise complicated and redundant backend processes, especially when it comes to trade, which will allow smaller independent groups to not only stand a chance against their larger more established competitors, but can even offer an edge to those that utilize it correctly.

That’s where Export Portal comes in.

Export Portal has been perfecting our own private blockchain trade solution for the past seven years, and are using this system we’ve developed to help secure a safer, smoother, and faster transactions on a global scale. We implement a strict verification process and guarantee our buyers that the businesses they trade with and products they purchase are all verified, protecting our partners from being hacked or scammed by fraudulent companies.

Blockchain stored data and real time access to digital supply chain records and assets ensures that, while all information is delivered to all parties involved, the details are protected and tamperproof. And keep in mind, all this is only the beginning.

Despite being such a recent development, blockchain is already showing a wide range of possibilities, and once more parties being utilizing it, even more applications are sure to be discovered. It may be some time before blockchain becomes a household name, but by working with Export Portal, you’ll be well ahead of the curve when it does.