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Smart Trade: Cisco Is Helping Revolutionize Legacy Trade Practices Around the World

Trade (also known as “commerce,” “financial transaction,” and “barter,” among other terms) involves the transfer of ownership for goods and services from one person or entity to another by receiving something in exchange from the buyer. A network that allows trade is called a market.

Trade originated with the start of communication in prehistoric times. Trading was the main facility of prehistoric people, who bartered goods and services long before the introduction of modern-day currency. Peter Watson traces the history of long-distance commerce to 150,000 years ago (source: The Mediterranean in History, David Abulafia, Getty Publications, 2011).

Practices in modern cross-boundary/country trade have remained relatively static for the past 150 years. The only widespread implementation of technology to facilitate trade has been the advent of phone, fax, and (since 2002) EDI – Electronic Data Interchange (source: “Integration of Electronic Data Interchange (EDI): A Review,” Gengeswari, K. and Abu Bakar Abdul Hamid). More recently, widespread use of email has augmented phone- and fax-based communications.

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