Foreign trade has, and can still revolve around business financial systems which include banks, regulatory bodies, and intermediaries. This system has worked, but did indeed have drawbacks such as frictions, impeded growth, transaction fees, tedious regulations, and prolonged processing times. The rise of blockchain and cryptocurrency technology is now set to change this by radically transforming the model to a decentralized, digital, and efficient system, while also easing the integration of cross border transactions.


