{"id":127164,"date":"2025-04-14T21:21:09","date_gmt":"2025-04-14T21:21:09","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127164"},"modified":"2025-04-14T21:21:09","modified_gmt":"2025-04-14T21:21:09","slug":"trade-wars-could-spur-governments-to-embrace-web3-truebit","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127164","title":{"rendered":"Trade wars could spur governments to embrace Web3 \u2014 Truebit"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsEscalating trade wars are rattling cryptocurrency markets \u2014 but they are also creating new use cases for blockchain networks, Truebit executives told Cointelegraph.\u00a0<br \/>\nOn April 2, President Donald Trump announced plans to charge sweeping tariffs on US imports, prompting other nations to threaten retaliatory measures. Trump later paused the tariff rollout for certain countries \u2014\u00a0but the possibility of a global trade war still looms, especially after Trump reiterated his commitment to taxing Chinese goods.<br \/>\nIf high tariffs materialize, blockchain technology can play an important role in ensuring governments apply them fairly, according to the executives. Blockchain can \u201creally help you prove provenance [&#8230;] proving the chain of custody,\u201d Federico Kattan, Truebit\u2019s chief technology officer, told Cointelegraph.\u00a0<br \/>\nTrump\u2019s proposed tariffs would transform global trade. Source: StatistaFor example, a company might \u201cassemble or do some packaging in a low-tariff country and then import into the US at 10% instead of 58%&#8230; [but] blockchain can help establish where the product actually came from,\u201d Kattan said.<br \/>\nBlockchain networks can enhance supply chain transparency by recording every transaction on an immutable public ledger, greatly limiting the scope for fraud across trillions of dollars worth of imported goods.<br \/>\nTrump\u2019s proposed tariffs would impact $2.4 trillion worth of imports, according to a report by the Tax Foundation. Retaliatory measures by other countries could add to that figure.<br \/>\nTruebit is a blockchain network specializing in helping users add trustless verification to a wide variety of applications.<br \/>\nIt is already in talks with software vendors servicing the US government and has been working on a European Union-funded project exploring Web3\u2019s potential role in global supply chains, the executives said.<br \/>\n&#8220;We\u2019re not yet talking directly to governments, but to the software vendors trying to interface with them \u2014 because that\u2019s where we want to be,\u201d Jason Teutsch, Truebit\u2019s CEO, said.<br \/>\nTruebit\u2019s native token has struggled since launching in 2021. Source: CoinGeckoRelated:\u00a0Trade tensions to speed institutional crypto adoption \u2014 Execs<br \/>\nTruebit was launched in 2017 and launched its TRU token in 2021. The token has a fully diluted market capitalization of $20 million, according to CoinGecko.<br \/>\nTrade war risks<br \/>\nHowever, several other crypto executives cautioned that tariffs pose serious risks to blockchain networks\u2019 integrity and accessibility to users.<br \/>\nWorsening trade wars threaten to disrupt networks\u2019 physical infrastructure, fragment regulatory regimes, and censor users, they said.<br \/>\n\u201cAggressive tariffs and retaliatory trade policies could create obstacles for node operators, validators, and other core participants in blockchain networks,\u201d Nicholas Roberts-Huntley, CEO of Concrete &amp; Glow Finance, told Cointelegraph.<br \/>\nMagazine:\u00a0Financial nihilism in crypto is over \u2014 It\u2019s time to dream big again<a href=\"https:\/\/cointelegraph.com\/news\/trade-wars-could-spur-governments-embrace-web3-truebit?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsEscalating trade wars are rattling cryptocurrency markets \u2014 but they are also creating new use cases for blockchain networks, Truebit executives told Cointelegraph.\u00a0 On April 2, President Donald&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127164"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127164"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127164\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127164"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}