- Watr's blockchain platform aims to automatically track tariffs on goods amid new Trump trade restrictions.
- It was founded by former Shell, BP, and JP Morgan executives with backing from crypto VCs.
- Recently, the platform migrated to the Avalanche blockchain network used by major financial institutions.
A blockchain startup led by former Shell executive Maryam Ayati believes it can revolutionize how tariffs are tracked amid President Trump's latest round of trade restrictions announced today, dubbed "Liberation Day" by the administration.
Watr's platform, already in use by mining companies and auto manufacturers, employs blockchain technology to validate commodities and potentially verify tariff requirements before transactions occur.
"With our system, the minute tariffs are due, even before money changes hands, the commodity can be checked for whether a tariff is due or not," explained Ayati, who previously led global origination at Shell Trading.
The timing is significant as Trump's new tariffs threaten to slow global trade. Watr's solution could streamline compliance by creating digital fingerprints for raw materials and decentralized IDs for institutions across the $20 trillion global commodities industry.
The company recently migrated to the Avalanche blockchain network, which provides "sovereign chains" tailored to specific industries.
This network is already utilized by major financial institutions including JP Morgan and Citibank.
While blockchain has been pitched before as a solution for commodities trading transparency, many earlier projects failed to gain traction. Industry observers remain cautious but intrigued.
"If Watr can truly bring pre-trade tariff validation 'onchain' to scale, this could mark a serious inflection point for blockchain adoption in global trade," noted independent web3 VC Keld van Schreven.
Edited by Annette George
