Bitcoin Uses In Import/Export Trade: Are There Any Chance?

Bitcoin Uses In Import/Export Trade: Are There Any Chance?

Are there any possibility that bitcoin uses in import/export trade can be implemented? It’s been few years since the bitcoin creator Satoshi Nakamoto released the digital cash into the world. And the debate whether this type of money have some sort of sustainability and and real value is still ongoing.

Still, transaction involving bitcoin grows annually and you can expect that it’ll make it’s way into a worldwide trade.

The Thing About Bitcoin

Surprisingly, bitcoin have a number of features similar to gold and in a way it’s more superior thanks to being portable, durable, and divisible features.

The only downside is this cryptocurrency is not interchangeable.

Other Downsides Of Bitcoin

Up until now, bitcoin it mainly use for a number illegal transactions (you get the idea), until a censorship-resistant transactions were first implemented to see if bitcoin have a place in the real world.

bitcoin uses in import/export trade
http://thegovlab.org

And does that includes bitcoin uses in import/export trade?

Are There Any Possibility To Have Bitcoin In International Trade?

Import/export is a type of business that’s bureaucratic, complex and inherently expensive to carry on (one shipment can have as many as 30 different papers to complete). that said, fraudulent activities still happens, likely due to the ignorance and not paying attention how these documents are serious matter).

Because of this issue, bitcoins are predicted to be able to prevent these unfortunate incidents, from the beginning. And as for this moment, electronic documents (particularly for Bill of Lading and Airway Bill) are used instead of the physical papers.

In a way, bitcoin uses in import/export trade is seen to be able to minimize international fraud by creating smart documents with blockchain attributes to ensure transactions are auditable and can’t be altered, personnel involved with the goods are verified, as well as malicious parties won’t be able to make disputes unnecessarily.

These smart contracts work to verify parties involved, execute the terms agreed beforehand, as well as enforcing the terms without our intervention.

On The Other Hand, Implementing Bitcoins For Real Is Not Easy

Currently the cryptocurrency is not in a full circle, yet. There’s a lot of possibilities and undocumented risks and it would be unwise to leave it at chance as the money involved is not small.

Conclusion

While bitcoin uses in import/export trade have a number of features that looks promising, it’s best to leave it to the authorities to create regulations around it and implementing it for our safety. Who knows, bitcoin will be as regular payment terms, just like your credit card.

As for us, using payment terms currently available (T/T, L/C, CAD, DP and etc) is what we use and honor.

At Venturette Solutions, we honor our agreement between buyers and suppliers with transparency

Reference: 1,2,3

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