Escalating trade wars are rattling cryptocurrency markets — but they are also creating new use cases for blockchain networks, Truebit executives told Cointelegraph.
On April 2, President Donald Trump announced plans to charge sweeping tariffs on US imports, prompting other nations to threaten retaliatory measures. Trump later paused the tariff rollout for certain countries — but the possibility of a global trade war still looms, especially after Trump reiterated his commitment to taxing Chinese goods.
If high tariffs materialize, blockchain technology can play an important role in ensuring governments apply them fairly, according to the executives. Blockchain can “really help you prove provenance […] proving the chain of custody,” Federico Kattan, Truebit’s chief technology officer, told Cointelegraph.
Trump’s proposed tariffs would transform global trade. Source: Statista
For example, a company might “assemble or do some packaging in a low-tariff country and then import into the US at 10%