International trade is on the path of evolution. With the advent of modern technologies, the structure of trade itself underwent a drastic change. Innovative technologies are still advancing every day, offering new opportunities for the trade to find new business across the world. Global trade a decade ago is not the same as what we see today.
Technologies have always paved the way for the growth of global trade. The steam power revolution, invention of shipping containers, Optical Character Recognition (OCR), QR codes, Radio Frequency Identification (RFID), etc helped to elevate the process of trade. Here are the five technologies that will have a tremendous impact on global trade forever.
Blockchain and the technologies associated with it will have a huge impact on global trade. The leveraged blockchain technology has been accepted by organizations like the Dubai Chamber of Commerce and Industry citing the issues in global trade such as security, high costs, and lack of transparency. Blockchain technology is expected to bring a more reliable and efficient movement of goods. The financial sector will also have the effect of blockchain and difficult processes like acquiring the Letter of Credit (LoC) can be avoided in the near future with more efficient bitcoin payment mechanisms.
- Artificial Intelligence and Machine Learning
Both Artificial Intelligence and Machine Learning are ideal to optimize the shipping routes for trade, truck traffic, manage vessels, and also help you to easily translate the important e-commerce search queries efficiently. Artificial intelligence can be perfect to make international trade more sustainable. Global Fishing Watch launched by Google in 2016 is a very good example in this instance. It was very helpful for global fishing activities.
- Digital platforms
Online trade services using digital platforms help users to get service providers from all across the world. The platforms can serve as a single place for professionals around the globe to collaborate for global trade. Online coaching classes and training are helping a lot of people to actively participate in global trade. They serve as the best medium to connect customers and service providers which was not possible without technology.
3D printing is another technology that will have a huge impact on global trade. As 3D printing requires much less labor and is cheap when adopted massively, global trade is expected to experience a 25% decrease. But the mass manufacturing of 3D printing is still a question that has no clear answer. But one thing is sure that if 3D printing becomes affordable, there will be huge changes in global trade.
- Mobile payments
Mobile payments are bringing in more effective money transfers and thus connecting more customers to the market stocks. Studies show that mobile payments were the leading factor that led to the increase in people accessing bank accounts. With the advancement in technologies, mobile payments are also growing. When more and more people get connected to mobile payments, global trade can experience more participation. It can be as a business or as a customer.