The IOTA Foundation is partnering with a Kenyan firm to bring paperless trade to the region, and following a successful pilot, the initiative is expanding to various other trade destinations.
Through the partnership, the IOTA Foundation removes the cumbersome paperwork that interferes with trade and transfers all the data to the IOTA tangle.
The IOTA Foundation announced the successful completion of the first phase of its partnership with an East African firm to bring paperless trade to the region.
In a single trade transaction, an African entrepreneur is likely to fill 96 documents, all on paper.
We're thrilled to extend our partnership with the @TradeMarkEastA until December 2022 to improve cross-border trade processes. https://t.co/B8BTp9s5hH#IOTA #SupplyChains pic.twitter.com/73IcRWYaBC
— IOTA (@iota) July 6, 2021
The IOTA foundation has teamed up with the East Africa brand for a project to replace the cumbersome and costly paper-based processes in the region’s supply chain. IOTA replaced this system with an efficient digital system based on Tangle, IOTA’s ledger data structure.
The foundation partnered with a Kenyan firm, Trademark East Africa (TMEA) in Nairobi to create a connectivity technology infrastructure for East African organizations to “communicate transparently, securely and instantly with each other and with international partners.”
Trademark East Africa is a non-profit agency that works to stimulate trade growth in the region. TMEA estimates that an African entrepreneur must complete an average of 96 paper documents for a single transaction. For exporters, the process is even worse. Because they have to share documents manually, sometimes they lose them, and this leads to delays that are always costly. The IOTA Foundation is working with TMEA to change that.
Iota.org writes:
“In a single trade transaction, an African entrepreneur is likely to fill 96 documents, all on paper. The IOTA Foundation has extended its partnership with Trademark East Africa to facilitate paperless trade, cutting costs and delays while improving efficiency. Today we are testing the system with government agencies in Kenya, to be followed by a roll-out of testing in neighbouring countries.”
Sr. Director Trade Environment, TradeMark East Africa, Alban Odhiambo said:
“COVID19 challenged the project as travel became impossible. Despite many challenges the IOTA Foundation has proven to be a steady partner in development and we are excited to enhance our collaboration with the IOTA Foundation”.
Watch Video:
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
