A digital identity for businesses in the global context has the ability to save time and other resources.
Overcoming Trade Challenges With Blockchain Technology
In domestic transactions, most countries utilize national identification numbers for individuals to verify identity, as well as business registration numbers to verify businesses for purposes such as banking, tax and business registration. However, in the international arena, companies struggle to verify their identity across borders without time-consuming and costly processes such as document attestation from one consulate to another.
In addition to complexities around how to verify the identities of corporations efficiently and effectively in an international context, the issue of trust is ever-present. The ability to gauge and measure how much trust to afford an unknown foreign business becomes difficult in the world of international trade where there are many more small and medium-sized players than large multinational corporations with a global presence.
The opportunity to resolve the issue of third-party verification and trust in international trade transactions lies in blockchain technology. The characteristics of the blockchain, specifically immutability and transparency create a unique opportunity to leverage digital identities for companies in cross-border transactions.
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