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.