China and the European Union have both said they will speed up negotiations to reach a China-EU investment deal by the end of this year, with its colossal Belt and Road infrastructure project at the center of it. an era of trade and growth for the economies of Asia and beyond.
The China Belt and Road Initiative (BRI), sometimes called the New Silk Road, is one of the most ambitious infrastructure projects ever conceived. Launched in 2013 by President Xi Jinping, the vast collection of development and investment initiatives would stretch from East Asia to Europe.
The original Silk Road originated during the westward expansion of China’s Han Dynasty (206 BCE 220 CE), which forged trade networks in what are today the countries of He Central Asia such as Afghanistan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan, as well as India and Pakistan to the south. These roads stretch over four thousand miles to Europe.
The Belt and Road Initiative (BRI) is today’s New Silk Road, a transcontinental passage that connects China with Southeast Asia, South Asia, Central Asia, Russia and Europe by land and a 21st century Silk Sea Route, a sea route connecting China’s coastal regions with Southeast and South Asia, the South Pacific, the Middle East and the ‘East Africa, as far as Europe.
One of the biggest challenges to its success will be overcoming the complexity of multi-material trading – there are a number of stakeholders, intermediaries and banks operating together to transact. These transactions are of enormous value and occur very frequently, with huge sums of money being transferred across borders to different parties all using different systems and having compliance requirements, data storage systems, currencies. , etc. different. The current system is expensive, slow, and offers virtually no transparency to customers.
Innovative digital systems using the Blockchain are being developed to facilitate fast and secure methods allowing these trades to take place.
LGR Crypto Bank of Switzerland is a leader in the b2b digital currency movement and end-to-end trade finance, and has launched a blockchain-based digital system to support supply chain finance in Road economies Silk. LGR has also launched a new Silk Road Coin cryptocurrency to enable transparent and instant trading along the belt and the road.
I think something we’re going to continue to see is the impact of emerging technologies on the industry. Elements such as blockchain infrastructure and digital currencies will be used to bring increased transparency and speed to transactions. Government-issued central bank digital currencies are also being created, which will also have an interesting impact on the movement of money across borders. said Ali Amirliravi, Managing Director of LGR Crypto Bank of Switzerland.
We were looking at how digital smart contracts can be used in trade finance to create new automated letters of credit, and it gets really interesting once you get into IoT technology. Our system is capable of automatically triggering transactions and payments based on incoming supply chain data. This means, for example, that we could create a smart contract for a letter of credit that automatically releases payment once a shipping vessel reaches a certain location. Or, a simpler example, payments could be triggered once a set of compliance documents are uploaded into the system and verified LGR. In addition, the documents related to the letter of credit can be shared with different business partnerships using the blockchain platform, which further improves transparency and reduces trading risks. Automation is such a huge trend – was going to see more and more traditional processes disrupted. he said.
Data will continue to play a major role in shaping the future of supply chain finance. In the current system documents are on paper, data is siled and the lack of standardization really interferes with the overall possibilities of data collection. However, once this issue is resolved, an end-to-end digital trade finance system would be able to generate large data sets that could be used to create all kinds of predictive models and industry insights. Of course, the quality and sensitivity of this data means that the management and security of data will be extremely important to the industry of tomorrow.
Ali Amirliravi is optimistic about the opportunities that the Belt and Road Initiative will bring.
For me, the future of monetary movement and trade finance is bright. Entering the new digital age, and that would mean all kinds of new business opportunities, especially for companies that embrace next-generation technologies.
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