Blockchain for SMEs
September 16th, 2020 – The diffusion of blockchain is intensifying globally. This was evident during the virtual launch of a report titled ‘Blockchain for Small and Medium Enterprises (SMEs) and Entrepreneurs in Italy’ by the Organisation for Economic Co-operation and Development (OECD).
Speakers at the launch acknowledged the growing need to enhance transparency, safety, traceability and efficiency as important to national competitiveness of the country’s large, diversified and export oriented industrial base. They emphasised that Italy is well positioned to leverage the potential of distributed ledger technologies (DLTs) for her competitiveness.
The potential of blockchain for SMEs lies in four areas: access to finance such as syndicated loans; financing through tokenisation and crypto assets; trade facilitation especially in trade financing; logistics and shipping as well as custom processes.
Other areas are global supply chain management focusing on the visibility of the supply chain and verification of authenticity; and innovation in business models as the adoption of industry 4.0 starts particularly of the technologies that will drive it such as Internet of Things (IoT) and artificial intelligence as well as advanced manufacturing.
Written by Business Daily
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