Increasing trade wars are smuggling in cryptocurrency markets – but they also create new cases of use for blockchain networks, Truebit executives say cointelegraph.
On April 2, President Donald Trump announced plans to charge the sweeping of tariffs on US imports, motivating other countries to threaten retaliation measures. Trump eventually stopped the Tariff Rollout for some countries – but the possibility of a global trade war was still, especially after Trump rewrite his commitment to taxing Chinese goods.
If high tariffs are material, blockchain technology can play an important role in ensuring governments to apply them fairly, according to executives. Blockchain can “really help you to prove validation (…) proving the chain of caution,” Federico Katan, chief truebit technology official, said in the cointelegraph.
Trump’s suggested tariffs will change the global trade. Source: Statesman
For example, a company can “assemble or make some packaging in a low-tariff country and then import to the US to 10% instead of 58% … (but) the blockchain will help to establish where the product is from,” Katan said.
Blockchain networks can enhance the transparency of the supply chain by recording each transaction with an unchanged public ledger, which greatly limits the scope for fraud in trillion dollars worth that imported goods.
Trump’s suggested tariffs will affect the $ 2.4 trillion worth of import, According to In a Tax Foundation report. The retaliation steps of other countries can add to that figure.
Truebit is a Blockchain network that specializes in helping users add a selfless verification in a variety of applications.
It is already talking to software vendors that deliver the US government and working on a project funded by the European Union that explores the web3 potential role in the global supply chain, executives said.
“We have never spoken to the governments directly, but with the software sellers who are trying to get in touch with them -because of that we want to be,” said Jason Teutsch, CEO of Truebit.
The native token of Truebit has been struggling since launched in 2021. Origin: Co ringecko
Related: Trade tensions to accelerate the adoption of institutional crypto – exec
Truebit was launched in 2017 and launched its TRU token in 2021. The token has a fully melted market capitalization of $ 20 million, according to coingecko.
Dangers in War in Trade
However, many other crypto executives pay it Tariffs bring serious risk to integrity and accessing blockchain networks with users.
Worsening trade wars threatened to interrupt the physical infrastructure of networks, fragment regulations, and censor users, they said.
“Aggressive tariffs and revenge trade policies can create barriers for node operators, validators, and other major participants in blockchain networks,” Nicholas Roberts-Huntiy, CEO of Concrete & Glow Finance, said in cointelegraph.
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