Global Trade Set To Quadruple by 2030 with Use of Blockchain Based Collaborations

Blockchain Global Trade Set To Quadruple by 2030 with Use of Blockchain Based Collaborations

Angela Scott-Briggs

Global economy is highly dependent on global trade. However, for a long time global trade has been characterized by physical movement of papers and goods through different mediums which is less secured, less transparent, and very tedious. With the introduction of Blockchain, global trade is beginning to take a new turn. More and more companies are collaborating with Blockchain based platforms to bring effectiveness transparency and security to transactions across different borders on the globe. If these collaborations continue to increase, global trade is set to quadruple by the year 2030.

Sometimes in 2017, the shipping industry which is a notable industry facilitating global trade had one of its largest shipping company launch a Blockchain project. Maersk and IBM are also coming into a joint venture that applies Blockchain to global trade. In this same manner, more and more Blockchain based collaborations are ongoing, with a few others still to come up. This is why the most important question to ask is; how can Blockchain fast track global trade to a quadruple state in 2030?

Blockchain Saves Time and Cost

The traditional manual way of global trading requires much documentation which usually costs a whole lot of time and money to effect and maintain. A lot of papers need to be signed and forwarded from person to person, approved by another before trading activities take place. With Blockchain collaboration, a new workflow is introduced. The Blockchain is programmed in such a manner as to allow for easy flow of activities in the most effective and quick manner. This is helpful in checking time used, and cost implied. Working on Blockchain will mean more trade will be done in the shortest of time which is a sign that global trade is at the edge of a boom.

Blockchain Is More Secured and Transparent

Security in global trade is well enhanced on Blockchain because it uses the smart contract which is programmed to aid transaction payment free from any sort of hacks or fraud human errors can produce. Blockchain facilitates payments in such a way that traders are able to know who they are trading with. With Blockchain, traders who put forth their products for sale are being scrutinized, and proof of manufacturing process is being put out. Transactions on Blockchain are kept as records and can be traced at any point in time. This way, trust, transparency, security and efficiency are all introduced to global trade through Blockchain technology.

The more countries accept this Blockchain technology, the more trading activity is being facilitated with and in that country. Notwithstanding, there is still more technical barriers to be ironed and fixed before Blockchain can effectively claim mainstream. On Blockchain improvement, innovations are being put in place from time to achieve that. If there’s a wide acceptance of Blockchain technology, and more trading companies continue partnering with Blockchain based platforms, global trade is not just going to be more effective, more trustworthy, more transparent and most secured, it is set to quadruple by the year 2030.

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Goldman is reportedly getting into bitcoin and crypto trading

Global banking giant Goldman is setting up up a trading desk focused on bitcoin and other cryptocurrencies, according to a report from Bloomberg.

The bank is said to be in the early stages of setup, which means hiring and figuring out the logistics, including how the bank will hold the assets and keep them secure. The ultimate goal, Bloomberg claimed, is to begin trading by June 2018.

“In response to client interest in digital currencies, we are exploring how best to serve them,” the bank told Bloomberg in a statement.

The move would make it the first major bank to embrace trading bitcoin and cryptocoins, which have surged in value in 2017, with bitcoin itself getting close to the $20,000 mark before falling this week. It’s current price is $14,633, according to Coindesk, a huge jump on $998 on January 1 2017.

Goldman is one of a handful of financial organizations to offer Bitcoin Futures for selected clients. CBOE was first to offer the trading option on December 10, and it has since been joined by CME. There has been opposition from some banks who expressed concern at a lack of transparency and regulation around Bitcoin Futures.

The involvement of financial institutions has coincided with a bumpy ride for bitcoin owners, with price moving close to $20,000 in the past week only to dip below $15,000.

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Is Litecoin The Future of Cryptocurrency?

Litecoin’s Origins

Litecoin was launched in the shadow of bitcoin, yet was inspired by the ‘King Coin’, particularly by its decentralized approach to currency. The founder of Litecoin, Charlie Lee, is a former Google employee and Director of Engineering at Coinbase, one of the largest exchanges and the first to list Litecoin alongside bitcoin and Ethereum. Though many see Litecoin as a bitcoin clone, it has technical differences that separate the two in the eyes of many. It is largely these differences that inform Litecoin’s price alongside the favorable image it maintains with traders and businesses alike.

Made in the image of bitcoin in its early days, Litecoin was one of the first to take its predecessor’s formula and tweak it. The first change relates to Litecoin’s blockchain, which uses the Scrypt protocol instead of SHA256. While this matters little to traders, miners who use hardware to run bitcoin’s network cannot switch over to Litecoin. This keeps bigger mining conglomerates away from Litecoin because they cannot easily optimize their profits by swapping to another coin, contributing to a more decentralized experience. Litecoin also has bigger blocks, and more coins in circulation, making it more affordable and swift when transacting. Naturally, Litecoin has enjoyed an increasing rate of adoption within cryptocurrency services and in the retail market as well that corresponds with its distinct advantages.

Litecoin Gains Momentum

The most prominent characteristic of Litecoin is also one that gives it the most potential for disruption and inspires much confidence within the cryptocurrency community. As soon as Segregated Witness was released as a proposed blockchain upgrade to allow speedier off-chain transactions, Litecoin threw its full weight behind the proposal and was the first to integrate it. SegWit will allow Litecoin and others who adopt it to use the Lightning Network, which is nearing completion, empowering participants to exchange cryptocurrencies at virtually no cost.

Developers are quickly making headway on the Lightning Network, and it has recently passed almost all the quality assurance tests required to be released to the public. In a recent dry run, an alpha version was used to purchase coffee in Starbucks with no fees: a result hard to obtain with any other payment solution.

Cryptocurrency enthusiasts with many coins to explore have increasingly highlighted Litecoin due to its speed. In tests where one user compared the speed of coins being transferred from an exchange to a hardware wallet like Trezor, Litecoin performed best, transferring 23 coins in under 10 seconds. Businesses paying attention to Litecoin’s fast advancements on the payment front are increasingly adopting it into their own ecosystems as well.

The ease of transacting with Litecoin makes eCommerce one of the most suitable environments for adoption, and stores like BTCTrip, Bitify, AllThingsLuxury, and (as well as others) have joined in. Even popular retail ecommerce giant is accepting Litecoin as a form of payment.  People can easily pay for gifts, vacations, household appliances, and even precious metals and gems with their Litecoin. While retail adoption is encouraging, cryptocurrency, merchants, exchanges, wallets and other infrastructure are also integrating Litecoin in growing numbers.

How It’s Viewed by Participants

Ultimately, any cryptocurrency’s success is the function of its applicability and the problems it solves.  Even though traders may not fully understand the differences between Litecoin’s and bitcoin’s DNA, they are increasingly moving to Litecoin, regardless. All they see is how prices behave relative to other coins. Litecoin is just as accessible as bitcoin in this regard because it’s been a centerpiece in the market for almost as long, meaning that any service leaving Litecoin out of the equation is ultimately limiting their own audience and appeal.

Apart from the obvious advantages from a design perspective and trading appeal, participants themselves are benefiting from the ecosystem thanks to growing adoption in ecommerce.  As one of the major cryptocurrencies, Litecoin is quickly becoming a contender for the top three spots, even as a funding tool. Bankex, a unique platform designed to validate and tokenize more illiquid assets like real estate and venture capital portfolios, is accepting Litecoin alongside bitcoin and Ethereum during its token sale.

Platforms like Bankex almost unanimously accept Litecoin because many customers will exchange their other cryptocurrencies for Litecoin in anticipation of a transaction. Until the Lightning Network levels the playing field, investors who want to participate in Bankex’s plethora of autonomously evaluated Smart Assets may prefer to fund the ICO with Litecoin to save on fees.

Although Ethereum still takes the cake in the fundraising sphere due to ERC20, Litecoin likely makes it to one of the top three spots on the Bankex token sale list because of its rapidly broadening appeal and more affordable transfer costs. Between high demand as both an asset and as a currency, it behaves as a hybrid with much more potential longevity than its aging brother.

Litecoin’s drama-free community and even keel give it less volatility and a steady trend, making it great for arbitration, trading, spending, or even fundraising. Savvy cryptocurrency enthusiasts have compared bitcoin’s market capitalization to Litecoin and done the math based on its maximum number of coins and other traits and have almost unanimously declared that it is undervalued. Even so, with much progress being made on the Lightning Network, Litecoin may one day soon evolve into the truest form of cryptocurrency yet, and leave the others in the dust.

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