Servntire Blog Cross Border Trade made easier with blockchain

Cross Border Trade made Easier with Blockchain Globalization has benefited the world we live in as it has increased the interaction between people and companies on a worldwide scale. These advancements in international trade have helped economic interdependence of national economies through cross-border movement of goods, services, technology, and capital. However international trade has a lot of barriers which slows down the process and increases unnecessary cost. One major issue is the handling of documents which is subject to fraud, human error, and delay which leads to mishandling shipping and unnecessary costs inherited. Documentation is numerous and plenty in an international business transaction. These documents include- Commercial Documents: Quotation - Price, Quantity and Quality of Product, Trade Terms, Delivery Terms and Payment Terms (Prepared by exporter) Sales Contract - Agreement of the details of transaction between the buyer and seller (Prepared by both exporter and importer) Pro-forma Invoice - Invoice containing exact quantities and characteristics of good exported. Important for arranging foreign currency payments and for import licenses etc. (Prepared by exporter) Commercial Invoice - Payment terms and Trade Terms which will be used for clearance of goods and Foreign exchange purpose for importer (Prepared by exporter) Packing List - Packing [...]The post Cross Border Trade made easier with blockchain appeared first on Servntire Global.