Source: stockphoto-graf – Shutetrstock
- The IOTA Foundation in partnership with TradeMark East Africa (TMEA) has brought together different trade agencies to enable seamless cross-border trade.
- The IOTA ecosystem has enabled different technologies to align with the open standards, EPCIS 2.0, and the decentralized ID coming from W3C verifiable credentials.
The need for streamlined supply chain management is undeniably needed across Africa, and blockchain technology promises to revolutionize the siloed systems that consume not only time and resources but also slow down the continent’s developments.
The IOTA (MIOTA) ecosystem, a distributed ledger that uses a system of nodes dubbed Tangle to confirm transactions at a faster rate than conventional blockchain, and TradeMark Africa have come together to oversee the development of trade business activities in the continent.
IOTA Network and the Supply Chain Management
The IOTA Foundation began its venture into the African continent through the East African community, a growing economic bloc led by the Kenyan market, through a formal partnership with TradeMark East Africa (TMEA). Through the collaboration between the two entities, the challenges of digitizing the export process of different goods including flowers.
Interestingly, research conducted by TMEA found that in a single transaction, an African entrepreneur was completing an average of 200 communications – including 96 paper documents, thus complicating the entire process. José Manuel Cantera, Technical Analyst and Project Lead at IOTA Foundation noted.
As a result, the system developed by the IOTA Foundation and TMEA anchors the key trade documents on the Tangle and shares them with customs in destination countries. This expedites the export process and makes African companies more competitive globally.
Technically, the IOTA network is used to record every single event that takes place in a supply chain. Integrating data across a supply chain is crucial as there are different parties involved in the entire process. Verification of each identity is critical to preserving the authenticity and credibility of the entire supply chain management.
The IOTA network is used to eliminate the need for third-party trustees and efficiently enable traceability with compliance. For instance, cross-border traders are compelled to work with complex relations between several agencies and parties. Moreover, a cross-border trader has to deal with financial procedures, trade procedures, transportation procedures, and regulatory procedures.
With the IOTA and TMEA partnership, the different procedures have been brought together under one roof. Different government agencies and private organizations are now working together to facilitate a cost-effective trade. Cantera added.
We are allowing different actors, different government agencies, and the private actors (traders) to share documents and to verify documents in one shot.
The global business is huge and the IOTA foundation is committed to streamlining the entire process through a single click.
Market Outlook
The IOTA network has grown to half a billion U.S. dollar market valuation and an ROI of about 30,272 percent. According to our latest crypto market data, IOTA’s native coin MIOTA, exchanged around 17 cents on Tuesday, with a 24-hour trading volume of about $4.7 million.
The network continues to build robust infrastructure during the crypto bear market with Shimmer developments – including the successful launch of the ShimmerEVM Testnet, the Treasures of Shimmer Testnet campaign, and crucial propositions for governance – rocking the second quarter of 2023.
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