The role of technology in international trade

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5 Terms

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Technologies impacting international trade (list)

1. Blockchain
2. Artificial intelligence and machine learning
3. New digital platforms
4. Mobile payment

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Blockchain

Technology that records financial transaction in the form of bitcoin & other cryptocurrency. This technology speeds up finance arrangements between businesses and reduces the cost of trade finance.

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Artificial intelligence and machine learning

A computer system that aids in finding the most cost-effective trade routes, manages ship and truck ports effectively, and translate e-commerce search inquiries from one language to others.

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New digital platforms

Bringing together service providers, educators, web developers etc. with global customers. The digital platforms are revolutionizing international trade services.

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Mobile payment

A type of smartphone app that lets an account holder pay people and businesses using a cell phone. It enables people to buy more products online and also allows low-income customers can be global customers.