Doing Business Overseas Is Now Easier With Blockchain
Expanding your business overseas always comes with a handful of risks. It doesn’t mean you’re 100% safe when doing business within your state, but on an international market, you have to handle much more issues.
The first of them is a matter of proper understanding of your business partners. Even the best interpreters make mistakes, so situations of misunderstanding happen every now and then. And it may cost you time and money.
The second issue is mutual trust. You definitely want to ensure the safety of your transactions and shipments, don’t you? Of course, there are fraudsters everywhere, and you have a chance to run into them at your domestic market. But in this case, all the legal proceedings will be held within your own jurisdiction and according to your laws. And when you make international business, chances are the case will be pending before a foreign court. And it means not only having to deal with foreign laws, that can be very different from yours, but also additional expenses. You’ll have to hire a skilled interpreter, translate all the papers into a foreign language, fly abroad and stay there, etc. In many cases, even with a good outcome of the proceedings, the compensation payment hardly covers the expenses.
All these issues are something a huge company can easily handle, but for smaller businesses or startups, it is out of their depth. But it doesn’t mean that small companies cannot go international. Luckily, blockchain-based technologies offer enterprises of any scale a big variety of tools to improve safety and trust when dealing with partners overseas.
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