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Business Idea - Crypto International Trade Settlement - Verification Institutions

In traditional international trade, banks act not only as the payment settlement facilitator, also as guarantor of fulfillment via a method of payment called documentary credit. In over-simplified terms, the bank guarantee the availability of fund upon documentary credit issued, and will check the confirmation documents to verify fulfillment before releasing payment. Usually, at least 2 banks are involved, and each may charge up to a few percentage of the total payment amounts. Smart contract may become a cost efficient way of doing international commerce.

To facilitate smart contract operation in the upcoming future, the current verification via confirmation documents will be obsolete. So, all the third-party verification must transit into operates in crypto smart contract way. Many new opportunities may arise, and current institutions need many new talents or equip current talents with appropriate skills.

PS: Every year, trade transactions of over US$1 trillion are conducted on the basis of these ICC rules on documentary credits—now known as UCP600. Starts from 2019, International Chamber of Commerce (ICC), the institution that stipulate common rules of international trades & payment rules, already working on the framework of including BlockChain technologies to the rules: https://iccwbo.org/media-wall/news-speeches/tag/blockchain/
Still, banks are highly involved.

    1. Smart Contract Analysis, Verification & Interpretation for "Physical Commerces" Consultation & Training

    Talents may needs skills in understanding International Trade jargon & practices, such INCOTERMS, ICC UCP etc., plus the knowledge in Smart Contract programing.
    These talents/consultants will be needed in all related parties.

    2. Development of "GUI"/"EDI" for Smart Contract Confirmation Operations

    While smart contract is the bottom-layer (or lower-layer), a human interoperable interface must be developed for various point-of-operations. Some of which could be interfacing & integrating with current tools with EDI etc.

    3. Legals professions also needs to understand smart contract & able to verify the code of smart contract is/are the same as the intention of both (or more) contract parties. Also, determine the related R&R for all parties involved.

    4. Bridging the physical & crypto-digital operations

    5. Cargo Inspections, Verifications & Confirmations in Smart Contract

    May involves: surveyor/inspector, quality assurance agencies, customs operator

    6. Logistics Operations

    May involves: current logistics operators: shipping line, air liner, multi-mode freight forwarder etc

    7. Freight Insurance

    8. To be continue...

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