Today in this episode, we explore benefits and solutions blockchain, provides.
Blockchain, at its most basic level, is a way to store data. Data has been and can be stored in many ways, starting from as simple as writing it in a book to getting a little more modern and technical with storing data in file systems that then kind of went to storing data in databases. I mean, the databases came within multiple types like relational non-relational, etc, and then blockchain is another way to store data, which has some very nice properties.
By applying Blockchain technology to trade finance, new emergent players like SimpIyFI Softech Pvt. Ltd. has been able to reduce the complexity and eliminating paper-based work with their first blockchain-enabled International Trade Finance platform called S I M B A. The solution helps in converting non-digitized International Trade documents into machine-readable format through Optical Character Recognition (OCR), which also identifies and classify trade document types.
Link's mentioned in today's episode:
SimplyFI Softech India Pvt. Ltd.
Properties of Blockchain
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