By Pascal Minvielle, Chief Operating Officer of Webb Fontaine
International trade has always been a crucial aspect of global business. The rapid pace of technological advancements in recent years has changed the way companies approach international trade, making it more efficient, reliable and cost-effective. There are two tech trends right now that are dominating the space.
Artificial Intelligence (AI): AI is transforming the way businesses approach international trade by improving the accuracy and speed of trade predictions, risk assessment and decision-making. AI algorithms can analyze vast amounts of data and provide insights into market trends, consumer behaviour and supply chain dynamics. This helps companies make informed decisions and reduce the risk of trade-related challenges.
Internet of Things (IoT): The IoT has revolutionized the way companies track and manage their goods as they move across borders. IoT devices, such as sensors and GPS tracking systems, provide real-time data on the location and condition of goods, allowing companies to monitor their progress and ensure smooth and efficient delivery of suppliers’ components. IoT also enables predictive maintenance, reducing the risk of supply chain disruptions because of loss or damaged goods.
Blockchain technology can assist trade by providing a secure and transparent ledger for recording transactions. This ledger can be used to track the movement of goods and payments, and to verify the authenticity of products, enabling trust in supply chains. Additionally, blockchain can facilitate cross-border payments and trade finance, reducing the need for intermediaries and making transactions faster and more efficient. Overall, the use of blockchain can increase transparency, security, and efficiency in trade, leading to improved trust and more streamlined transactions.
International trade technology is constantly evolving, and trade hubs that embrace these trends will be better positioned to succeed in the global marketplace. The adoption of AI, IoT and blockchain has the potential to transform the way businesses approach international trade, improving the speed, efficiency, and reliability of trade transactions.
About Webb Fontaine:
Webb Fontaine is an AI company re-shaping the future of trade. Trusted by governments globally, Webb Fontaine provides industry wide solutions to accelerate trade development and modernization. The company uses unique technology including Artificial Intelligence to enable countries to emerge as leaders in the future of trade.
Knowledge transfer is at the core of Webb Fontaine; comprising a team of experts who work across the world, empowering local communities and governments.
As an industry leader with the largest R&D centres in the industry, Webb Fontaine is constantly developing international trade practices connecting countries, borders and people.