The banking trade association BAFT has shared the results of a trade technology survey conducted during the summer with technology firm CGI. It listed five popular trade finance networks, of which four are blockchain networks. However, the 200 survey respondents favored the Trade Information Network (TIN) by a reasonable margin and TIN does not use blockchain.
In a sign of network effects, the more popular networks already adopted are also more popular with those planning to join a network. The order of the blockchain platforms is Marco Polo, we.trade, Contour and komgo. Almost two-thirds of respondents were unaware of the national trade platforms in Singapore and Hong Kong (eTradeConnect).
Nearly 30% of survey participants said they had some blockchain involvement, either with a trade network or a blockchain provider.
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