New Age Nationalism
The fourth industrial revolution was going on fine and dandy until Covid-19 spoilt the party. The jolt was not just limited to the supply chain but it started a movement of trade protectionism as countries and businesses had put all their eggs in one single basket. Everyone had a country that had lax environmental and labor laws, the prices were so competitive that all the decisions were from a financial standpoint and not from a strategic standpoint. The situation worsen when medical equipment, pharmaceutical products, and COVID-19 vaccine-related research was placed on precarious international trade conflict. This led to countries banning several companies that might have set global communication systems in their countries. This tense environment has become a matrix where innovative management tools and workflows for supporting responsible corporate business decisions and risk management practices. Governments across also need to come with appropriate responses to any global incidence, not just limited to a pandemic. A counterpart to trade protectionism has emerged called techno-nationalism and Trade Tech is spearheading this movement.
What is TradeTech?
TradeTech is broadly technologies that can fill in the void of trade left by trade protectionism. TradeTech is technologies such as 5G, cloud-based platforms, internet of things (IoT), artificial intelligence (AI), and technologies born out of the Fourth Industrial Revolution. These technologies are used from large-scale industries to governments, a grip on these IPs means that country cannot move forward from a technological perspective without capitulating to political and economic pressures. Below are some of the measures of how Trade Tech while being isolating factor between countries but it cab bridge many gaps.
Supply Chain 2.0
The pandemic showed that the existing supply chain systems are vulnerable to shocks, these shocks amplify into political and economic tensions via civil unrest and job losses. Given the tensions, transparency, and visibility of the trade can trump political differences. By implementing the best of the latest technologies, Trade Tech solutions can bring in a new system chain where customer satisfaction and responsibility is placed above the profit margins.
In India, the banking systems were overhauled in a short time, many citizens were introduced into the Indian banking system providing a financial identity and financial stability. These are the kind of revolutions Trade Tech can bring. Trade Tech can tackle problems on a global scale, no doubt but for a local area, it can create smart cities, create efficient public transportation systems, overhauled public health systems, and more. Even if Trade Tech will be the tools industry giants or the most technologically advanced countries. Developing countries can use the same technology to overhaul their local infrastructure.
The data collected from the new infrastructure can countries to plan better for their future endeavors and policies. Data can drive development into other fields as well, such as public transportation services based on population data, thus reducing costs and saving the environment. Smart cities that survive natural calamities reducing damage costs and so on.
Techno-nationalism, accelerated by the COVID pandemic, has disrupted economic systems, trade deals, supply chains, and global travel. Trade Tech solutions will bring transparency and accountability which can counteract the existing aura of international tensions. Trade Tech has the ability to organically spill over into nearby systems, hopefully, cooler heads will prevail as Trade Tech cannot do anything about it.