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The key to reducing fraud in world trade

Blockchain technology can help put an end to the problem of commodities paper documentation.

Bills of lading for goods transported on ships can be copied, forged or misused to create "double financing" or phantom trades, thereby enabling the goods to be paid twice.

THE wheels of trade finance have moved on paper documentation for more than 600 years. As a commodities lawyer, I often have the unenviable task of assisting those who have become victims of trade documents that are fictitious or have been misused. These paper documents, such as warehouse...