Saudi Arabia Proposes a Blockchain-Based Business Passport
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Answer Saudi Arabia Proposes a Blockchain-Based Business Passport
In an initiative to solve the trade finance problems caused by the Coronavirus, business leaders in Saudi Arabia, the official representative of the business community of the Group of Twenty, and the Business Advisory Committee of the Organization for Economic Cooperation and Development announced a blockchain-based commercial passport with the aim of reducing the impact of the Corona virus and breaking through the prevailing routine .
The new Commercial Passport (GVC) will allow companies that already follow the host country’s financial rules guide to promote their credentials elsewhere, facilitating trade and increasing financial access globally.
According For the Saudi proposal announced last Wednesday by a group of business leaders in the Saudi G20 and in partnership with the Organization for Economic Co-operation and Development, the proposed business passport’s blockchain technology will provide a reliable, real-time distributed source for global regulators to verify business accreditation claims.
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As a result, there will be a more efficient financial system with companies – especially small and medium-sized companies that usually lack a global presence – that is free from redundant and redundant regulatory burdens, and will be cross-border, according to the group’s statement.
Mr. Youssef Al-Bunyan, President of the Group of Twenty (B20) stated:
SMEs represent 90% of companies and 50% of employment worldwide, and therefore are significantly affected by the events of the past nine months.
The initiative will help small and medium-sized businesses in the recovery stage.
The passport will use blockchain technology and artificial intelligence to allow companies to operate seamlessly across borders, eliminating geographic barriers, reducing red tape and enhancing benefits for societies.
The Saudis presented the global passport to global business leaders at the B20 Summit held last Wednesday.
They noted that it is a long-term proposal that could be accelerated if there is close international support, so they asked the business community and the G-20 to join in.
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