Key Takeaways from the essDOCS Webinar on Paperless Trade in Metals & Minerals
Wonderful discussing the latest paperless trade developments in the Metals & Minerals market with Oswald Kuyler (ICC), Michel Alves (Rio Tinto) and Venkatraman P (HSBC), at the recent essDOCS Webinar on 27 October 2020.
Key takeaways from our discussion were:
- The new normal in trade is digital-first, and while it takes time for stakeholders to transition, we are at a point where the market is working on executing a digital trade strategy and no longer evaluating or planning for one
- Digital trade providers need to facilitate onboarding and anything else that can accelerate network growth
- Companies involved will need to use multiple solutions to digitize trade, so digital adoption will accelerate with increased interoperability amongst solutions/platforms which itself will be driven by standards & APIs (and ideally, standard APIs)
- When evaluating a new solution, it is critical to consider the solution’s maturity (i.e., operational, not proof-of-concept use), the size of the customer network, and its interoperability (i.e., APIs)
- Blockchain will be one part of many in the resulting digital solution ecosystem
- Education is key to allow other stakeholders to understand what is available and how to get involved
Access a video recording of the entire webinar session.
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