The joint stock company Aragón Exterior (Arex) worked with the Aragón Blockchain Association to disseminate and promote the possibilities of blockchain technology in the field of foreign trade. This was done through a webinar organized on Thursday entitled: “Examples and Keys for Using Blockchain Technology in Foreign Trade”. They made this known through a statement on the Arex website.
The conference, organized by the joint stock company in collaboration with Blockchain Aragón, highlighted the advantages of this tool, with which data can be securely exchanged due to the unique and direct contact between the parties involved. At the event, 70 participants from Aragonese companies were able to get to know the contribution of “Distributed Registry Technologies” from Daniel Labeaga, President of Blockchain Aragón, as well as from Paula Pascual, Vice-President of the association, and Juan José González, Keyhash, of Industry 4.0 in this unit.
Arex Managing Director Ramón Tejedor and Blockchain Aragón President Daniel Labeaga have signed a collaboration agreement to encourage the use of this tool that can enrich foreign trade-related operations.
They also stated that in internationalization processes it “offers the possibility to put only the information of the actors involved on the same platform in order to simplify and reduce the lack of fluidity”, explained Labeaga.
In international business development, this mechanism enables 100% secure exchange of information, since the contact between the parties is unique and direct and “the data used is exchanged between numerous agents and intermediaries in a conventional manner”. assured the expert.
Blockchain technology removes many operational hurdles
However, Blockchain technology makes it possible to simplify the international trade relations of SMEs and large companies across borders, thereby adding a new instrument to the internationalization of Aragonese companies.
According to the World Trade Organization, the progressive implementation of blockchain technologies enables the removal of many operational, logistical, administrative, regulatory, financial or technical obstacles that make it difficult to establish a fluid relationship on both sides.
During the event, held at 12:00 noon yesterday, attendees were able to learn about some of the key projects that use this technology, such as: B. Raw materials, real-time traceability, fraud elimination, documentation of documents or commercial financing. Almost thirty companies are already registered by this date.
Blockchain improves processes and removes obstacles in international trade
As mentioned earlier, the ongoing implementation of technologies like blockchain removes many of the operational, logistical, administrative, regulatory, financial and technical barriers that make foreign trade difficult to flow. In other words, these technologies will go a long way towards simplifying trade relations outside the borders themselves and have a positive impact on the related activities of large, medium and small businesses..
This webinar analyzed what the emergence of so-called distributed ledger technologies or blockchain in the field of international trade requires. Some of the main projects were also known, both from international consortia and from individual companies examining different use cases.
The seminar speakers provided attendees with various practical cases of using this technology in completely different areas and the possibilities offered by different applications built for its use.. This webinar was the first event after the cooperation agreement between the two companies was signed last week.
Aragón Exterior (AREX) is the instrument of the government of Aragon to internationalize the Aragonese economy. They support Aragonese companies in their internationalization process through the team of industry consultants in Aragon and their network of experts in more than 100 countries.
In addition, they promote Aragon as a destination for foreign investments and accompany foreign companies that want to set up in Aragon.