President Donald Trump’s
“Liberation Day”
marked the release of new tariffs, but amidst the chaos, a web3 startup called Watr emerged with a grand vision. Imagine a world where tariffs on imported goods are tracked automatically using blockchain technology – that’s Watr’s ambitious goal.
While bold claims are common in the web3 space, Watr stands out. The company’s platform is already trusted by major players in industries like mining and automotive manufacturing to validate commodities. Founded by seasoned executives from Shell, BP, and JP Morgan, including Maryam Ayati who spearheaded global origination at Shell Trading, Watr has credibility.
“We will soon augment reported data with machine-sourced insights from satellites and sensors,”
Ayati explained eagerly during a recent call. She painted a vivid picture of how their system could prevent tariff-related disputes before transactions occur.
The potential impact is huge; global trade worth $20 trillion could be revolutionized by Watr’s blockchain tools that ensure transparency and efficiency in tracking commodities. Ayati emphasized that their focus isn’t on hype but on reshaping trust and traceability in economic transactions.
Initially designed to monitor factors like CO2 emissions for ESG compliance, Watr has pivoted to tackle tariffs and sanctions amid changing market demands. Their recent move to the Avalanche blockchain network signals scalability ambitions aligned with industry needs.
Blockchain technology has long been touted as a game-changer for commodity trading. Past initiatives like ‘The Seam’ and ‘komgo’ aimed at enhancing transparency faced challenges along the way. However, experts believe that Watr’s approach backed by key industry players might just be what the market needs.
Keld van Schreven from KR1 highlighted the importance of testing Watr’s solutions in real-world scenarios to gauge their effectiveness:
“If Watr can deliver pre-trade tariff validation at scale with strong industry support, it could redefine blockchain adoption in global trade.”
As we witness this digital transformation unfold within global trade dynamics through innovative solutions like Watr’s blockchain platform, one thing becomes clear – change is inevitable and necessary for progress in an ever-evolving marketplace.
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