Foreign Trade Solutions

Trust Recovery and Reducing Financial Losses with Blockchain

Blockchain technology can be used in customs processes to save money from time and cost in foreign trade transactions, to speed up processes, to get rid of the paperwork procedure, to control all of them in the chain, to prevent false declarations, and to execute smart contracts contracts.

Especially foreign trade transactions are complex, costly and time consuming processes compared to domestic commercial transactions and there are many payment methods used in foreign trade today. With blockchain technology, export and import companies are expected to perform payment and logistics processes with speed and reliability without the need for classical financial instruments with smart contracts, so that transactions will be carried out in an intermediary and transparent manner without getting stuck in the global financial system and bureaucracy.

Thanks to the decentralized verification structure of blockchain applications and the fact that it is a distributed database where the records are connected to each other with cryptographic elements, it will be possible to monitor and manage the documents that are important in terms of the continuity of the process and payments in foreign trade by the users who are integrated into the system.

Both customers and the logistics sector will be positively affected by the more effective and widespread use of blockchain applications in foreign trade processes that require the approval of multiple parties and their integration with logistics activities. Mutual transactions between customers and vendors can be managed with smart contracts within the blockchain application.

The number of businesses benefiting from blockchain technology in the field of international trade financing and in transactions from the production of goods and services subject to international trade to the delivery to the buyer has reached a considerable level worldwide. By using blockchain technology in foreign trade processes, it is seen that payment transactions with smart contracts are completed in a shorter time compared to traditional methods in transportation, insurance and customs transactions.

Increasing regulatory requirements and disruptions in the mandate require organizations to stay alert, compliant and competitive.
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