Main Trading Technology Innovations of the Past Decade
When it comes to the financial market or trade, this is when we feel the power of innovations in the 21st century. It may sound cliche but technology is playing the biggest role in our lives and we do not imagine our everyday lives without using them. Imagine, you want to communicate with your friends, and the first thing we do is texting them on social media. Do you want to buy something? You go on Amazon and buy whatever you want without even going out.
Technologies have affected our lives in many different ways, some of them are normally used daily but some of them are created for special use. For example, trading technologies are used by those who are interested in trading and some people may not even know changes that are happening in this field, however, it is still very important and revolutionary, this is why the following article will focus on the innovations/changes in the trading field.
The invention of shipping containers led the trade to become an important part of globalization. Does not matter where you are located, you can buy anything from anywhere in the world, anytime you want. It may sound exaggerated, but it is true for today’s reality.
It might not be a surprise for many readers that the list starts with the mentioning of Blockchain technology which can have a significant impact on the international trade supply. Numerous computers are involved in this network and transactions are made from one to another without keeping open records. This technology allows making transactions at a high speed and with absolute safety. This is why the technology is widely used for cryptocurrency transactions.
Artificial Intelligence and Machine learning
The phrase might sound blurring for the first time, but its functional purpose is very obvious and vivid. It is used to optimize trade shipping routes, manage vessel and truck traffic at ports, and translate e-commerce inquiries. It is quite an auxiliary innovation for the governments to use for identifying suspicious behaviors and conducting proper policy.
The use of AI in our century is already widespread, and the trend of its growth and development instills fear in some people in terms of its ability to learn and control things. Financial institutions are mostly adapting AI to their platforms, and some users seem skeptical about trusting “smart metal machines” with their finances. This fear is probably just a fear of something new and different, and skeptics will overcome it over time when they realize they are using AI products on a daily basis.They may not even know that they used Forex strength meter analysis when deciding which currency is the most stable and safest to keep in their bank account. Fear seems to be less relevant to millennials and younger generations.
Trading services via digital platforms
Some of you might be surprised by the fact that people are selling their services somewhere in another part of the world. This is true and the guarantor of your trustworthy work is the platform you are accountable for. Take an example of Upwork for example. You can tell the copywriter in France from China to write an article for you and you can get your demand accomplished even without having any face-to-face interaction with her/him.
Last but not least, mobile payments play a huge part in our lives. Mobile payment accounts were a major driving effect for financial inclusion, especially for developing countries. It makes the involvement in global trade easier, for customers as well as for businesses.
The main driving factor to make international trade diversified and digitized in every branch of trading, is to make the process easier for both, client and the supplier. New changes and innovations give us the opportunity to make any of our desires accomplished without putting too much pressure or effort into it. Even though it generally becomes an important part of our lives very easily, there is a lot of tiresome working hours behind creating it, thus we all need to realize how many advantages we have now, compared to even 20 years ago.