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A web3 startup aims to change the game in the tariff wars
A Web3 startup, Watr, aims to automate tracking of tariffs on commodities entering and leaving the USA using a blockchain platform. Founded by experienced executives, Watr has significant industry backing. Its innovative system could enhance speed and transparency in global trade, particularly in the context of President Trump's tariffs. The platform is migrating to Avalanche, highlighting a focus on scalability and real-world application.
Key points
- Watr, a Web3 startup, developed a blockchain platform to track tariffs automatically.
- The platform is already validated by industry leaders like JP Morgan and Citibank.
- Watr aims to modernize global commodities trade worth $20 trillion by enhancing trust and traceability.
- The startup is migrating to Avalanche blockchain to improve scalability.
- The system plans to pre-check tariff obligations before transactions occur, potentially speeding up trade.
- Historical precedents of blockchain applications in commodities exist but have often faced challenges.
Why it matters
- Watr's system could align with trends in the digital transformation of trade driven by blockchain technology.
- The 2022 ESG considerations in commodities tracking indicate a shift towards regulatory compliance and tariffs.
- Previous blockchain initiatives in commodities faced skepticism, with a mix of successes and failures, impacting current perceptions of blockchain's credibility.
- In 2025, the emergence and integration of blockchain in supply chains could redefine trade practices amidst evolving global trade policies.
Watr's innovative approach could redefine tariff management and enhance efficiency in global commodities trade, but its success will depend on real-world validation and broader industry adoption.