In an initiative, Saudi Arabai was praising an own #blockchain solution proposal.
As for sure we know, that the Eastern Region awakes in blockchain and other future technologies in a run to become worldwide leadership. For this reason, they submitted a request to discuss a proposal over a so-called Business Pass.
In the statement that was released by Saudi Arabia, it noted that the main aim of the new blockchain technology cross border trading is to make sure investments comply with international financial rules.
In the defense for the technology, the Asian country says it would make sure investments and businesses strictly abide by the laid down rules. In the proposal that was submitted, Saudi Arabia noted that deploying the technology will remove major geographical obstacles to cross border trading. To make this achievable, the country asked that a law be initiated which would allow only businesses that own business passports to be a part of the GVC (Global Value Chain). Interestingly, this proposal was submitted to the G20 group and the Business at Organization for Economic Co-operation and Development (OECD) by the Business leaders. See the full article here. As we know there is a high demand for #DLT technology for the international #trading sector. This is going to be established by governments and the economy soon.
Knowledge is a key factor.