Trade finance, crucial for over $30 trillion in global commerce, often remains unnoticed. Its outdated, paper-based systems hinder small and medium-sized enterprises (SMEs) from accessing necessary financing. A recent Cointelegraph Research report highlights the growing interest in blockchain as a solution, particularly through the XDC Network. Despite advancements in technology, only 2% of bills of lading were electronic as of 2022, contributing to a $2.5 trillion trade finance gap that primarily affects SMEs in emerging markets. Legal barriers have also impeded digitization, but G7 countries are beginning to align with the UNCITRAL Model Law to enhance the legal status of digital documents. The XDC Network aims to facilitate a transition to fully digital bills of lading by 2030, offering a hybrid blockchain solution that integrates with existing systems. It supports over 2,000 transactions per second and allows for tokenization of trade documents, enabling automation and access to non-bank capital. While challenges remain, initiatives like XDC are paving the way for a more efficient trade finance landscape. Read more AI-generated news on: https://app.chaingpt.org/news