Escalating trade tensions are impacting cryptocurrency markets and opening up new applications for blockchain technology, according to executives from Truebit. Following President Trump's announcement of proposed tariffs on US imports, the possibility of a global trade war looms, especially with tariffs affecting up to $2.4 trillion worth of imports. Truebit executives suggest that blockchain can provide trustless verification of product origins, enhancing supply chain transparency and reducing fraud. By recording every transaction on an immutable ledger, blockchain can ensure fair application of tariffs. Truebit is currently communicating with software vendors serving the US government and exploring its potential in global supply chains with EU-funded projects. However, some industry leaders warn that aggressive trade policies could threaten the integrity of blockchain infrastructure and access for users, potentially fragmenting networks and impacting core participants.

Source 🔗