Deep rooted culture creates barriers when it comes to modernizing the oldest industry in the world.
But just because technology is available, does not mean that it will be fully adopted. Take international trade for example. It would seem that blockchain would solve many of the legacy and manual processes in selling and shipping containers. To help us better explain why there is still resistance to this technology within international trade, we reached out to serial entrepreneur HadariOshri. With a background in buying and selling containers of fast fashion excess inventory, Hadari has pivoted to helping hospitals and other organizations source much-needed medical supplies and PPE from suppliers around the world.
Virtually sitting down with Hadari, I asked her some questions to better understand why there is still such resistance to adoption of blockchain technology. Hadari shares three factors that she says explains why.
- Cultural resistance
Hadari shared that part of the resistance to blockchain when it comes to import and exports is rooted in the culture of the shipping industry. “Sometimes the deals are closed just because the partners have been doing business together for many years,” she explained. “Many older players just don’t seem to be open to change.” She tries to talk with them about the benefits of blockchain, and how it can help support transactions by building trust. But most are not ready to listen, or simply stop the conversation saying that it’s just not going to happen.
The idea of digitization for some is a direct threat to the way that they have always done business. Some fear that it takes the personal elements out of the transactions. Hadari tries to explain how blockchain could help to build more trusted relationships through transparency.
“Digitalization is already happening in the industry, but mixed with older more traditional methods, the issue becomes how to ensure that the digitized data is not only highly secure, but also accessible throughout the whole process, allowing for existing relationships to strengthen not separate.”
- Imports and Exports is data driven, with manually inputted data
If you boil it down, there are two parts to global trade. There are the things that move and the tracking data about those things. Tracking these moving parts for containers that are shipped globally are traditionally maintained in ledgers. The primary method of maintaining these ledgers has been a manual process done by humans, documenting on paper, and more recently on computers.
“Blockchain is a digital decentralized ledger, where multiple transactions are put into a block and stored across multiple devices,” Hadari explains. “Hence the name blockchain. They are good at maintaining informational states and if used could help the shipping industry create ledgers that are more transparent and trustworthy. Over time, if ledger data is entered into the blockchain, it lessens the chance for human error, making it nearly impossible to create false information.”
“The biggest problem is that the current antiquated system of manually filling out multiple data points along the supply chain is that it creates a significant risk of human error,” said Hadari. “It does not have to be malicious, it could just be a mistake. But one mistake could cause a lot of problems that ripple through the supply chain. Imagine if a human error resulted in shipments being put on the wrong ships or containers with perishables that sit on a dock so long that they go rotten.” This is one of the core reasons that she believes that the adoption of blockchain will improve on existing processes in a number of ways. But even if she got the buyers and sellers to buy into the idea, there are still the banks to convince.
- Resistance from banks
Hadari told me that above all else, “This is a cash-in-hand industry.” She shared a story about a friend who is an independent broker who is bullish on using cryptocurrency, and he suggested using crypto in some of her trade transactions. She laughed and explained that the guys she deals with are very adverse to anything other than cash. She sees the lack of understanding in sellers, buyers, and brokers being a major hurdle to broad adoption of cryptocurrencies becoming mainstream as a means to pay for trade deals.
To try to get banks on board, Hadari looks for opportunities to point out how the blockchain can help improve speed of transactions. She talked about the fact that with larger deals, you are oftentimes transferring money between banks that take multiple days, which leaves the buyers
and sellers monies tied up and vulnerable to unfavourable changes in exchange rates. With the blockchain and verified transactions, money can be moved much quicker.
She explained that there are also a lot of issues around interbank trust. You can trust your buyer, but the sellers bank might have issues in completing the funds transfer. The use of blockchain enables a transparent repository of funds in escrow which can also help build trust.
Using blockchain technology in the imports and exports global industry leads to a higher level of confidence for all. But that is not enough to convince the industry to change. One of the challenges for anything driven by technology is to make that technology easy to understand and use. If it is going to work, Hadari says that blockchain will need to interface with how people are used to do business in a seamless way. And right now, that is not a reality, at least until there is a major cultural shift, an understanding how the technology can build trust, and banks that are willing to deal in cryptocurrency.
5 Common Personal Injury Case Types You Ought to Know
If you have ever been in a car accident or suffered a trip, slip, or fall incident, you know the end result can be weeks, months, or years of pain and suffering. As you seek to get back to full health, or at least to something close to normal, you’ll want to know what help is available to you.
The good news is that recourse is available should you suffer a personal injury due to another person’s negligence. But you’ll need the help of a personal injury lawyer to, first, determine if you have grounds to pursue a case and, second, build a solid case on your behalf.
You might be surprised to learn about the different kinds of personal injury cases recognized by law.
According to the National Safety Council, there were 62 million injuries and almost a quarter of a million preventable deaths in 2021. So, severe mishaps happen more often than you might think.
Keep reading to see five common types of personal injury cases to know about.
- Motor Vehicle Accidents
The National Safety Council notes that there were 5.4 million medically consulted injuries due to motor vehicle mishaps in 2021, and the total costs for motor vehicle injuries were estimated at $498.3 billion. Costs include things like wages and productivity losses, administrative expenses, medical expenses, employer costs, and motor vehicle property damage.
If you’re involved in a car accident, the injuries sustained can be substantial. You’ll be fortunate if you’re left unscathed or perhaps with a few minor bumps and bruises. But severe injuries are an unfortunate possibility as well.
Another thing to remember about motor vehicle incidents is that it’s not just about drivers on the road — pedestrians, too, can file personal injury claims. Of the 1.3 million or so people who die each year in vehicle accidents worldwide, around half of them are pedestrians, motorcyclists, and cyclists.
- Slip, Trip, and Fall Accidents
Did you know that one out of four Americans who are over 65 years old suffer a fall annually? Owners of private residences and public establishments are required to ensure their properties don’t present safety hazards to others. But falls don’t just occur when people are out and about. They often occur in the workplace.
In fact, slips and falls are the main reason for lost work days. And falls are the cause of over 8 million hospital emergency room visits each year.
- Dog Bite Accidents
You might be surprised to hear that about 4.5 million people in the U.S. are bitten each year by dogs. Of that amount, around 800,000 people have to pursue medical attention after a dog bite. If a dog bites you, the costs could add up when you consider hospital visits, doctor appointments, and time off work.
- Workplace Accidents
Many personal injury accidents take place when people are on the job. In such instances, you’ll need to file a workers’ compensation claim. Filers won’t have to prove that their employer was at fault, but they’re unable to sue for non-economic damages like pain and suffering under the workers’ compensation system.
A personal injury lawyer can, however, launch legal action outside of workers’ compensation to sue for non-economic damages you’re entitled to.
- Product Liability Accidents
Another type of personal injury case involves product liability situations. If someone suffers an injury due to a consumer product deemed to be dangerous, a product liability case is possible. To prove such a case, you have to show there was a manufacturing defect, design defect, or inadequate warnings detailing the product’s dangers.
It’s also vital to know that a case can be launched by someone who, while injured by the product, didn’t buy the product.
These are five of the most common types of personal injury cases. If you’re injured and want to find out if you have a case, the best thing you can do is contact a personal injury lawyer. You can book a consultation and determine whether you have a case and the best course of action.
- Fitness Dating Brand, FITFCK, Expand Into Influencer Management November 27, 2023
- Mark Anthony Williams-Ruling the Real Estate Sector of The United States November 26, 2023
- Essential Steps to Start Off Entrepreneurial Leadership November 26, 2023
- The Subtle Cues in Our Environment that Encourage Healthier Living November 26, 2023
- Healthy Home Upgrades That Won’t Break the Bank November 24, 2023
- Andriy Dovbenko’s TechExchange: Advancing AgriTech and DefenceTech Startups November 24, 2023
- Mobile Commerce Trends: Do You Need a M-Commerce App in 2023? November 18, 2023
- 5 Ways to Make your Next Car More Affordable November 16, 2023
- How Domestic Travel Insurance Can Protect You On Your Australian Adventure November 14, 2023
- 5 Common Personal Injury Case Types You Ought to Know November 14, 2023
Tech3 years ago
Effuel Reviews (2021) – Effuel ECO OBD2 Saves Fuel, and Reduce Gas Cost? Effuel Customer Reviews
Tech4 years ago
Bosch Power Tools India Launches ‘Cordless Matlab Bosch’ Campaign to Demonstrate the Power of Cordless
Lifestyle4 years ago
Catholic Cases App brings Church’s Moral Teachings to Androids and iPhones
Lifestyle3 years ago
East Side Hype x Billionaire Boys Club. Hottest New Streetwear Releases in Utah.
Tech5 years ago
Cloud Buyers & Investors to Profit in the Future
Lifestyle3 years ago
The Midas of Cosmetic Dermatology: Dr. Simon Ourian
Health5 years ago
CBDistillery Review: Is it a scam?
Entertainment4 years ago
Avengers Endgame now Available on 123Movies for Download & Streaming for Free