Background:
Global cross-border trade has grown exponentially over the last century, particularly in the previous two decades. Due to the complex nature of operational processes in international trade and the reliance on manual and paper-based processes, massive inefficiencies increase cost, slow down transactions, and lead to errors. There is an increasing need for digitalization using robust and innovative technologies to make these processes faster, more efficient, and secure. In particular, because of the nascency of secure data exchange, international trade frameworks have been slow to adapt to digital cross-border trade. There is a need for stakeholders worldwide to securely connect and facilitate data exchange underpinning cross-border trade. Blockchain technology is ideally suited to enable this digitalization of cross-border trade and is considered the key to the future of international trade.
Today, we invited blockchain experts to conduct in-depth analyses of the role of blockchain in cross-border trade from various perspectives.
Panellists:
Scott Thiel, Partner at DLA Piper
Roy L., Emerging Technology Innovation Lead at EY
Yifan He, CEO at Red Date Tech and Executive Director of BSN
Moderator:
Tim Bailey, Vice President of Global Sales at Red Date Technology
▬▬▬▬ Contents of this video ▬▬▬▬▬▬▬▬
0:00 - opener animation
00:20 - intro
02:20 - International trade is under tremendous pressure. The global pandemic has sparked fears that have resulted in increasingly stringent border controls and, ultimately, escalating trade costs. All parties involved, including manufacturers, trading companies, transportation companies, and banks, are looking to mitigate the situation. Do you think blockchain technology is the solution? If the answer is yes, why can blockchain be a "booster" for global trade?
09:19 - Why a large global law firm would come up with an asset tokenization platform? (to Scott)
12:25 - Why type of assets are you looking to tokenize? What's the business? (to Scott)
14:57 - Can you share some examples of blockchain applications in cross-border trade based on your experience? Also, consider their respective limitations.
25:18 - With a myriad of stakeholders from various jurisdictions involved in cross-border trade, it is paramount that the exchange of all digital assets and trade information be managed securely. In the meantime, businesses must adhere to both local and international data laws in cross-border transactions. What role can blockchain play in this?
36:40 - Blockchain regulations are still evolving, with most major jurisdictions developing new rules to supervise and govern the digital asset ecosystem. Could you please discuss various regulations pertaining to active global trade participants as well as the most recent regulatory updates? What do you see as the future of blockchain regulation in cross-border trade?
Scott Thiel:
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Roy L.:
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Yifan He:
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