Trade Technology, or tradetech is seeing a boom in recent years. So much so that technology is reshaping trade flows faster than policies can adapt. Disruptions from emerging technologies such as blockchain, artificial intelligence (AI), 3D printing, and Internet of Things (IoT) will accelerate in the coming decades. As we are amidst our 4th Industrial Revolution (4IR) and accompanying technologies, the means to facilitate international trade are growing too.
Digitalization and advanced technologies have the potential to significantly reduce processing times and the cost of cross-border movement of goods, and further facilitate trade in services. As of 2021, IoT solutions applied across the supply chain, digital payments, and e-commerce platforms were the most commonly implemented tradetech solutions in the industry.