Is the Electronic Trade Documents Bill set to give added impetus for digital currencies?

Simit Naik, Director of Commercial and Strategy at nChain, has recently been quoted as saying: “Global trade today is highly complex. The number of companies, intermediaries, and workflows required to facilitate trade across global supply chains results in a very complex, expensive, and time-consuming process. Blockchain brings efficiency to this process, introducing concepts such as smart contracts, digital payments, and data integrity to reduce the number of intermediaries required in the end-to-end process, automatically trigger and collect payments and taxes, reduce settlement times of payments and minimise data compromise and redundancy. One of the biggest challenges in global trade is cross-border payments and the weakened global economy causing volatility and impacting the cost, time, and stability of payments. This is compounded by the necessity of having complex and expensive underwriting of credit across supply chains due to the higher counter-party risk. With blockchain, yo…