Trade wars could spur governments to embrace Web3 — Truebit

Escalating trade wars are creating both opportunities and risks for blockchain technology. Proposed tariffs could transform global trade, impacting trillions of dollars in imports. Blockchain can help ensure fair application of tariffs by proving provenance and enhancing supply chain transparency. Truebit executives believe their network can assist governments in verifying product origins. Truebit is in discussions with software vendors serving the US government and participates in an EU-funded Web3 supply chain project. They are not directly talking to governments, but rather to the software vendors interacting with them. However, tariffs also pose risks to blockchain networks' infrastructure and accessibility. Trade wars could disrupt network operations, fragment regulations, and censor users. Crypto executives warn that aggressive trade policies may hinder node operators and other core participants. Truebit, launched in 2017 with its TRU token in 2021, aims to provide trustless verification for various applications.