The Evolution of Technology in Trade

To date, efforts to digitize and connect global trade, supply chains, and trade finance have been unsuccessful. A major reason for this has been the limitations of the legacy trade platforms and networks supporting such efforts. While technology has made some internal processes more digital and efficient over the past several decades, trade transactions involving multiple parties remain extremely costly, complex, risky, and heavily dependent on paper-based processes and financial instruments that are, in many cases, hundreds of years old.

These disconnected, inefficient technology systems have put hard limits on businesses and business models and restricted how, where, and with whom we conduct and finance global trade.

After several decades and countless attempts, we must ask ourselves the question; can global trade really become digital and connected? Fortunately, the answer is yes. However, there are three key requirements that must be met simultaneously to make it happen. Those key requirements are to:

  • Support seamless and secure multi-party transactions across independent software systems, platforms, and networks.
  • Enable users to manage, control, and secure their own data and support all types of deployment configurations.
  • Enable users to connect-once-to-connect-to-many (COCM).

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