How Covid-19 Accelerated The Trade Tech Boom
Modern nationalism
The fourth industrial revolution was proceeding smoothly until Covid-19 ruined the festivities. As governments and corporations had placed all of their eggs in a single basket, the shock did not simply affect the supply chain; it also sparked a movement of trade protectionism. Everyone had a country with loose environmental and labour rules, and the costs were so low that all decisions were made from a financial perspective rather than a strategic one. When medical equipment, pharmaceutical products, and COVID-19 vaccine-related research were placed in a perilous international trade war, the situation deteriorated. This resulted in countries prohibiting various corporations that may have installed worldwide communication systems. This stressful environment has evolved into a matrix where novel management tools and workflows support responsible business decisions and risk management approaches. Governments worldwide must also develop proper responses to any global incident, not just a pandemic. Techno-nationalism has evolved as an alternative to trade protectionism, and Trade Tech is at the forefront of this movement.
What exactly is TradeTech?
TradeTech often refers to innovations that can fill the trade hole left by protectionism. TradeTech consists of technologies such as 5G, cloud-based platforms, the internet of things (IoT), artificial intelligence (AI), and technologies spawned by the Fourth Industrial Revolution. Large-scale enterprises and governments rely on these technology; therefore, a country that controls these intellectual property rights cannot advance technologically without yielding to political and economic pressures. Below are a few indications of how Trade Technology, despite being an isolating factor between nations, may yet transcend numerous divides.
2.0 Supply Chain
The pandemic demonstrated that the existing supply chain systems are susceptible to shocks, and that these shocks compound political and economic tensions through civic unrest and job losses. In light of the tensions, trade transparency and visibility can override political differences. Trade Tech solutions can introduce a new system chain in which customer satisfaction and accountability are prioritised over profit margins by applying the most cutting-edge technologies.
Local Revolutions
In a short period of time, the banking systems in India were restructured, and a large number of residents were introduced to the Indian banking system, which provided them with a financial identity and financial stability. These are the types of revolutions that Trade Technology can bring about. Without a question, Trade Tech can solve global problems, but it can also develop smart cities, efficient public transportation systems, and revamped public health systems on a local level. Even if Trade Tech will be the industrial leaders in the tool business or the most technologically advanced nations. The same technology can be used by developing nations to revamp their local infrastructure.
Contagious Effects
Using the information gathered by the new infrastructure, nations can better plan their future initiatives and policies. The development of other industries, such as public transportation services based on population statistics, can be driven by data, thereby cutting costs and protecting the environment. Smart cities that are resilient to natural disasters, decreasing damage costs, etc.
Conclusion
The COVID pandemic has expedited the rise of techno-nationalism, which has disturbed economic systems, trade agreements, supply networks, and international travel. Transparency and accountability will be introduced via Trade Tech solutions, which will combat the current atmosphere of international tensions. Trade Tech has the ability to naturally spread to neighbouring systems; however, Trade Tech is powerless to prevent this from happening.
