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ulya ilhami
@ilhami
Blockchain technology can significantly address settlement delays in international trade. By enabling decentralized, transparent ledgers, it ensures real-time transaction recording, reducing reliance on intermediaries like banks. Smart contracts automate payment processes, triggering instant settlements upon meeting predefined conditions, minimizing delays from manual verification. Blockchain's immutability enhances trust, as all parties access a single, tamper-proof data source, reducing disputes and reconciliation time. Cross-border payments, often slowed by currency conversions and compliance checks, benefit from blockchain’s ability to streamline processes and lower costs. For instance, platforms like RippleNet use blockchain for faster, cheaper remittances. However, challenges like scalability, regulatory alignment, and adoption hurdles remain. Integrating blockchain with existing trade systems could transform efficiency, cutting settlement times from days to minutes while ensuring security and complia
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