Trade costs are a major constraint for companies wanting to scale their trade. A significant share of these costs comes from the time and money that need to be spent on paperwork and in multiple submissions of the same information.
As the fake documents look like the originals, it is hard for the layman to identify the real and duplicate. And to no wonder, Service providers burn millions to verify the documents of candidates.
Studies suggest that digital windows have made the document processing times in border agencies easier while cutting the trade compliance to one-third & improving the transparency and user experience for border clearance.
Research data also says that the shipment that took about 34 days from farm to retailers, includes the 10 days waiting for documents to be processed. Apart from that, there are many challenges that a trader face during cross border transactions.
Challenges Trader Face During a Cross-Border Transaction
- Adoption of common International Standards
- Harmonization of legal frameworks
- Lack of inter-governmental coordination mechanism
- Capacity gaps among the parties
- Cooperation between public and private sectors
Now you know what are the common issues that arise while trading globally, you need not scare and stop working on global expansion. Rather through a better understanding of requirements & challenges, you must make a smarter shift. A shift of digital document issuance & verification system that will not just make processes fast but also build authenticity in your domain.
And, to do that here are a few terms that you should know:
TradeTrust — An Online Document Verification Platform
TradeTrust is a digital global platform that uses blockchain technology to support the exchange of electronic trade documents. It follows the international commerce standards and eliminates the constraint trader face in document verification.
It also provides a set of Governance & Legal Frameworks, and future-ready Digital Infrastructure, that inclusively facilitates the interoperability of electronic trade documents exchanged between different digital ecosystems.
Backed by Blockchain Technology TradeTrust Brings these key benefits:
Increased Speed & Reduced Errors
Real-Time -TradeTrust provides instant & spontaneous shipment status to the relevant stakeholders.
Fewer delays- As blockchain-based solutions do not require any physical transportation of paper documents, they lead to fewer delays.
Reduced errors- The eliminated rekeying of data ensure lesser error in the ecosystem.
Privacy & Transparency
Privacy- Limits the view of information to the targeted parties.
Transparency- With end-to-end visibility of cargo information for all relevant stakeholders, it builds transparency among all.
Network neutrality- No single owner of the network can easily plug into the information value chain to enable a trade.
Ecosystem adoption- Neutral network lowers the adoption barrier for key participants.
Resiliency- Blockchain’s decentralized ledger is immutable & validated by all participants fostering trust.
How to Get Your Trade Contracts Issued on TradeTrust
You must have understood that if you are also in trade and want to expand your reach, then sooner or later you need to adopt the blockchain-based tool like TradeTrust to ensure a secure, fast & most efficient document verification process.
Wondering From where and how to get this done!
Don’t worry! Hashstudioz will do every setup for you.
We have already done it for our various clients based on Singapore & Germany. And They are now successfully issuing tamper-proof documents that can be verified in an instant.
From issuing documents to placing it on the Ethereum blockchain, we take care of all the legal & technical aspects. For education institutions too, we have delivered the document verification system based on OpenCerts.
We are proud to say that we broke the trade barriers for them.
Interested in knowing how all the procedures work Contact Us or checkout our dedicated page here.