There is no better way to start than to let you know these five technologies are not strange. If you are reading this, we believe you are familiar with either one or all five of these technologies that are changing global trade. We’re guessing you’ve used your GPS this week or this morning on your way to work, a spa, a restaurant, or anywhere.
We are guessing you’ve recently tracked the location and condition of your shipments in real-time or used some AI-enabled platform (probably ChatGPT), and we believe you recently made some cryptocurrency transactions or used services like Coinbase Commerce and BitPay.
If any of our guesses are right, then you are already utilizing at least one of the five technologies that are changing global trade. What exactly are the five technologies we are talking about?
- Machine language
- Artificial Intelligence (AI)
- Internet of Things (IoT)
Cryptocurrency And Blockchain Are Streamlining Cross-border Payments
These two rapidly expanding technologies are revolutionizing how businesses send and receive money across borders. Gone are the days when companies and global traders relied on wire transfers and traditional banks when they needed to transfer funds across borders. Companies can now easily use digital currencies, decentralized currencies, and distributed ledger technology to facilitate faster, cheaper, cross-border payments.
Things have gotten easier with a pre-developed software solution known as white-label cryptocurrency exchange, which permits businesses to launch a branded cryptocurrency exchange platform so businesses do not need to develop from scratch. White-label cryptocurrency exchanges cost little to nothing.
They are very beneficial as they help businesses customize and personalize features, functionality, and branding to match their target audience needs. These techs are poised to revolutionize payments on a monumental scale. The future of payments and transactions lies in cryptocurrency and blockchain. No wonder many companies are beginning to accept digital assets as payments.
Artificial Intelligence (AI) And Machine Language Are Automating Trade Compliance
Decades ago, it was challenging for humans to keep up with trade compliance and regulations. Today, these two technologies, AI and machine language, enable trade compliance at an exceptional scale. Companies used to find it challenging to stay on top of requirements across borders due to trade regulations, which are constantly changing, complex, and difficult to decipher and understand. Today, the story has changed. With AI, global traders can now analyze thousands of trade documents in seconds, helping to identify potential compliance issues before goods are shipped.
AI systems are always learning. This makes the system smarter at detecting anomalies and flagging high-risk shipments for review. The best part of this is that AI-powered systems can offer solutions to help companies avoid fines, penalties, and delays and give remedies to human errors. Isn’t this amazing?
As you are reading, global traders and trading companies utilize AI and machine language to automate diverse routine trade compliance tasks, letting humans focus on more strategic management.
Internet of Things Is Enhancing Supply Chain Visibility And Efficiency
The Internet of Things (IoT) is simply the billions of devices around the globe connected to the internet, sharing and collecting data. IoT is revolutionizing global supply chains by giving companies outstanding visibility and control over business operations.
For example, IoT allows real-time tracking of the location and condition of shipments. This data provides insights to maintain the optimal conditions of temperature-sensitive cargo. IoT delivers enhanced security, too. IoT sensors increase supply chain security by detecting theft, tampering, diversion of goods, or unauthorized access. An alert can be triggered for suspicious activities, giving companies a heads-up to take quick action. This assures global traders that goods will reach their intended destinations securely.
IoT devices offer data that can be used to make predictions to improve planning and efficiency. This historical data from IoT devices helps companies make better demand forecasts, improve capacity planning, and optimize inventory levels.
These five technologies are going from strength to strength and would positively impact global trade.
A tech-driven global trade means increased efficiency, economic boost and growth, faster movement of goods and services, and seamless transportation across borders. With these technologies, the future will be bigger and brighter, so join the ride because it will be exciting!