Trade and Logistics Information Pipeline – East Africa
The IOTA Foundation is piloting a system with Trademark East Africa that will connect border agencies with overseas customs and local traders for smarter and more efficient trade.
Today’s trade is still based on paper documents and outdated processes.
IOTA’s technology is set to radically transform international trade and supply chains with a permissionless distributed ledger technology (DLT), which improves visibility, control, and efficiency.
Global trade and supply chains are highly complex and involve many actors – both public and private.
Information is pushed between actors re-keyed into new systems leading to loss of data integrity and authenticity. Emails, phone calls, and uncertainty are the daily details of moving goods.
The supply chain of the future is supported by DLT. Original documents and events are reported in real-time and made available to authorized actors. This way, everyone has access to the original data instead of duplicated data in multiple siloed systems.
Different Types Of Communication
Lost In Global Inefficiencies Annually
IOTA creates “a shared resource”. Traders can own, control, and leverage their data to negotiate better trade deals with business partners. Government agencies can have full control over their data and how it is shared, removing reliance on third-party infrastructure.
TradeMark East Africa is providing a platform for regional governments and actors to collaborate and build a shared infrastructure. By working together, traders in East Africa become better connected to the wider region and overseas markets. Early indications suggest it can add more than 5% to the region’s GDP through new economic opportunities and job creation.
Improved coordination and simplified requirements for public and private actors in the supply chain.
“Saving time increases quality in the market, reduces costs, increases competitiveness”
“We need one holistic platform in which all data is available - facilitating all aspects of trade”
“For our region, we want a platform that is owned and managed locally by local stakeholders and the government”
“Any electronic solution should be able to communicate effectively with all systems”
Government authorities and agencies exchange information, communicate and carry out joint inspections of goods. This coordinated effort streamlines the overall process, reduces redundant steps, and reduces the amount of time it takes to verify and ensure compliance.
All actors in the trading process can access consignment and status information. Buyers, exporters, logistics players, and authorities know what is happening and can predict and optimize efforts or resources. When issues arise, it’s easy to identify the problem and take action.
The global vision is to ensure customs systems, national single window systems, and other cross-border authorities are connected through IOTA. The goal is to build an infrastructure with low costs and high throughput, accessible to all.
If you are interested in joining the journey and becoming part of the global setup, please send us an email.
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