Yesterday Commerzbank published a whitepaper on trade and supply chain finance written together with research institute Fraunhofer IML. A considerable part of the paper explores the potential of blockchain and smart contracts, as well as AI, big data and other technologies. It concludes that blockchain technology can speed up trade finance, cut costs, and introduce new opportunities.
Another study by the World Economic Forum, Bain and HSBC estimated that the technology could enhance global trade by $1 trillion over the next decade.
One new potential use case includes sharing know your customer data between banks. The topic was mentioned in passing, but the EU is looking to harmonize rules to make this a reality. In the Netherlands, there is already a task force that addresses sharing data about money laundering, and the UAE has rolled a shared KYC solution that leverages blockchain.
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