04-15-2025, 01:23 AM
Trade wars could spur governments to embrace Web3 — Truebit
<p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjM1ZDItNjYyNi03Y2Y4LTg2NzItZmU5MmYzZDEwYWYx.jpg"></p><p><p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjM1ZDItNjYyNi03Y2Y4LTg2NzItZmU5MmYzZDEwYWYx.jpg" alt="Trade wars could spur governments to embrace Web3 — Truebit"></p><p>Escalating trade wars are rattling cryptocurrency markets — but they are also creating new use cases for blockchain networks, Truebit executives told Cointelegraph. <p>On 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 — but the possibility of a global trade war still looms, especially after Trump reiterated his commitment to taxing Chinese goods. </p><p>If high tariffs materialize, blockchain technology can play an important role in ensuring governments apply them fairly, according to the executives. Blockchain can “really help you prove provenance [...] proving the chain of custody,” Federico Kattan, Truebit’s chief technology officer, told Cointelegraph. </p><figure><img alt="Trade wars could spur governments to embrace Web3 — Truebit" src="https://s3.cointelegraph.com/uploads/2025-04/019635ec-f6ca-7097-bf58-ae975e44d78f" title=""><figcaption style="text-align: center;"><p><em>Trump’s proposed tariffs would transform global trade. Source: </em><a data-ct-non-breakable="null" href="https://www.statista.com/chart/34236/average-effective-tariff-rate-on-us-imports/" rel="nofollow noopener" target="_blank" text="null" title="https://www.statista.com/chart/34236/average-effective-tariff-rate-on-us-imports/"><em>Statista</em></a></p></figcaption></figure><p>For example, a company might “assemble or do some packaging in a low-tariff country and then import into the US at 10% instead of 58%... [but] blockchain can help establish where the product actually came from,” Kattan said.</p><p>Blockchain 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. </p><p>Trump’s proposed tariffs would impact $2.4 trillion worth of imports, <a data-ct-non-breakable="null" href="https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/" rel="nofollow noopener" target="_blank" text="null" title="https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/">according</a> to a report by the Tax Foundation. Retaliatory measures by other countries could add to that figure. </p><p>Truebit is a blockchain network specializing in helping users add trustless verification to a wide variety of applications. </p><p>It is already in talks with software vendors servicing the US government and has been working on a European Union-funded project exploring Web3’s potential role in global supply chains, the executives said. </p><p>"We’re not yet talking directly to governments, but to the software vendors trying to interface with them — because that’s where we want to be,” Jason Teutsch, Truebit’s CEO, said.</p><figure><img alt="Trade wars could spur governments to embrace Web3 — Truebit" src="https://s3.cointelegraph.com/uploads/2025-04/019635eb-b0c2-7889-bd8a-de0bef4366c1" title=""><figcaption style="text-align: center;"><p><em>Truebit’s native token has struggled since launching in 2021. Source: </em><a data-ct-non-breakable="null" href="https://www.coingecko.com/en/coins/truebit-protocol/usd#:~:text=The%20price%20of%20converting%201,to%20USD%20is%20%240.1013%20today" rel="nofollow noopener" target="_blank" text="null" title="https://www.coingecko.com/en/coins/truebit-protocol/usd#:~:text=The%20price%20of%20converting%201,to%20USD%20is%20%240.1013%20today"><em>CoinGecko</em></a></p></figcaption></figure><p><em><strong>Related: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trade-tensions-speed-institutional-crypto-adoption-execs" rel="null" target="null" text="null" title="https://cointelegraph.com/news/trade-tensions-speed-institutional-crypto-adoption-execs"><em><strong>Trade tensions to speed institutional crypto adoption — Execs</strong></em></a></p><p>Truebit 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.</p><h2>Trade war risks</h2><p>However, several other crypto executives cautioned that <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/tariffs-capital-controls-could-disrupt-blockchains-including-bitcoin-execs" rel="" target="_self" text="null" title="https://cointelegraph.com/news/tariffs-capital-controls-could-disrupt-blockchains-including-bitcoin-execs">tariffs pose serious risks</a> to blockchain networks’ integrity and accessibility to users. </p><p>Worsening trade wars threaten to disrupt networks’ physical infrastructure, fragment regulatory regimes, and censor users, they said. </p><p>“Aggressive tariffs and retaliatory trade policies could create obstacles for node operators, validators, and other core participants in blockchain networks,” Nicholas Roberts-Huntley, CEO of Concrete & Glow Finance, told Cointelegraph.</p><p><em><strong>Magazine: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/financial-nihilism-crypto-over-dream-big-again/" rel="null" target="null" text="null" title="https://cointelegraph.com/magazine/financial-nihilism-crypto-over-dream-big-again/"><em><strong>Financial nihilism in crypto is over — It’s time to dream big again</strong></em></a></p><template data-name="subscription_form" data-type="defi_newsletter" label="Subscription Form: DeFi Newsletter"></template><p><br></p><p><br></p></p>
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https://cointelegraph.com/news/trade-war...er_inbound
<p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjM1ZDItNjYyNi03Y2Y4LTg2NzItZmU5MmYzZDEwYWYx.jpg"></p><p><p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjM1ZDItNjYyNi03Y2Y4LTg2NzItZmU5MmYzZDEwYWYx.jpg" alt="Trade wars could spur governments to embrace Web3 — Truebit"></p><p>Escalating trade wars are rattling cryptocurrency markets — but they are also creating new use cases for blockchain networks, Truebit executives told Cointelegraph. <p>On 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 — but the possibility of a global trade war still looms, especially after Trump reiterated his commitment to taxing Chinese goods. </p><p>If high tariffs materialize, blockchain technology can play an important role in ensuring governments apply them fairly, according to the executives. Blockchain can “really help you prove provenance [...] proving the chain of custody,” Federico Kattan, Truebit’s chief technology officer, told Cointelegraph. </p><figure><img alt="Trade wars could spur governments to embrace Web3 — Truebit" src="https://s3.cointelegraph.com/uploads/2025-04/019635ec-f6ca-7097-bf58-ae975e44d78f" title=""><figcaption style="text-align: center;"><p><em>Trump’s proposed tariffs would transform global trade. Source: </em><a data-ct-non-breakable="null" href="https://www.statista.com/chart/34236/average-effective-tariff-rate-on-us-imports/" rel="nofollow noopener" target="_blank" text="null" title="https://www.statista.com/chart/34236/average-effective-tariff-rate-on-us-imports/"><em>Statista</em></a></p></figcaption></figure><p>For example, a company might “assemble or do some packaging in a low-tariff country and then import into the US at 10% instead of 58%... [but] blockchain can help establish where the product actually came from,” Kattan said.</p><p>Blockchain 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. </p><p>Trump’s proposed tariffs would impact $2.4 trillion worth of imports, <a data-ct-non-breakable="null" href="https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/" rel="nofollow noopener" target="_blank" text="null" title="https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/">according</a> to a report by the Tax Foundation. Retaliatory measures by other countries could add to that figure. </p><p>Truebit is a blockchain network specializing in helping users add trustless verification to a wide variety of applications. </p><p>It is already in talks with software vendors servicing the US government and has been working on a European Union-funded project exploring Web3’s potential role in global supply chains, the executives said. </p><p>"We’re not yet talking directly to governments, but to the software vendors trying to interface with them — because that’s where we want to be,” Jason Teutsch, Truebit’s CEO, said.</p><figure><img alt="Trade wars could spur governments to embrace Web3 — Truebit" src="https://s3.cointelegraph.com/uploads/2025-04/019635eb-b0c2-7889-bd8a-de0bef4366c1" title=""><figcaption style="text-align: center;"><p><em>Truebit’s native token has struggled since launching in 2021. Source: </em><a data-ct-non-breakable="null" href="https://www.coingecko.com/en/coins/truebit-protocol/usd#:~:text=The%20price%20of%20converting%201,to%20USD%20is%20%240.1013%20today" rel="nofollow noopener" target="_blank" text="null" title="https://www.coingecko.com/en/coins/truebit-protocol/usd#:~:text=The%20price%20of%20converting%201,to%20USD%20is%20%240.1013%20today"><em>CoinGecko</em></a></p></figcaption></figure><p><em><strong>Related: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trade-tensions-speed-institutional-crypto-adoption-execs" rel="null" target="null" text="null" title="https://cointelegraph.com/news/trade-tensions-speed-institutional-crypto-adoption-execs"><em><strong>Trade tensions to speed institutional crypto adoption — Execs</strong></em></a></p><p>Truebit 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.</p><h2>Trade war risks</h2><p>However, several other crypto executives cautioned that <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/tariffs-capital-controls-could-disrupt-blockchains-including-bitcoin-execs" rel="" target="_self" text="null" title="https://cointelegraph.com/news/tariffs-capital-controls-could-disrupt-blockchains-including-bitcoin-execs">tariffs pose serious risks</a> to blockchain networks’ integrity and accessibility to users. </p><p>Worsening trade wars threaten to disrupt networks’ physical infrastructure, fragment regulatory regimes, and censor users, they said. </p><p>“Aggressive tariffs and retaliatory trade policies could create obstacles for node operators, validators, and other core participants in blockchain networks,” Nicholas Roberts-Huntley, CEO of Concrete & Glow Finance, told Cointelegraph.</p><p><em><strong>Magazine: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/financial-nihilism-crypto-over-dream-big-again/" rel="null" target="null" text="null" title="https://cointelegraph.com/magazine/financial-nihilism-crypto-over-dream-big-again/"><em><strong>Financial nihilism in crypto is over — It’s time to dream big again</strong></em></a></p><template data-name="subscription_form" data-type="defi_newsletter" label="Subscription Form: DeFi Newsletter"></template><p><br></p><p><br></p></p>
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https://cointelegraph.com/news/trade-war...er_inbound