- The IOTA Foundation’s strategic partnership aims to improve the efficiency of global trade through the innovative Trade Logistics Information Channel (TLIP).
- Leveraging distributed ledger technology, TLIP promises secure and transparent data exchange, reducing fraud and streamlining customs processes.
The IOTA Foundation has announced a strategic partnership with several high-level organizations, the goal of this collaboration is to reshape the way international trade is conducted through the introduction of the TLIP Trade Logistics Information Network.
Historically, international trade has been plagued by inefficiencies, opacity and a complex web of regulations. These problems have led to delays, inaccuracies and fraudulent activities, hindering the cross-border exchange of goods. The TLIP deployment aims to solve these problems using IOTA’s distributed ledger technology (DLT).
#IOTA is one of the leading chains for industry and government adoption, recently joining forces with the World Economic Forum (@wef), Tony Blair Institute (@InstituteGC), @TradeMarkAfrica, @GATFnews and @IOExport to streamline global trade with @TLIP_io.https://t.co/0qyj2jFJ9q
— Bloom (@bloomwalletio) March 12, 2024
This technology ensures data security and permanence by effectively digitizing the authentication process that was traditionally performed using government seals on physical certificates. In this way, TLIP eliminates the need for physical documents, reducing the possibility of fraud and improving the clarity of transactions within the supply chain.
This agreement underscores the collective determination to move the TLIP initiative forward, with the goal of creating a governance structure that fosters cooperation between public and private sector stakeholders on a global scale.
The initiative aims to fostera digitally enabled ecosystem that benefits all participants, supported by an open source platform that ensures control of data while enabling seamless data exchange throughout the supply chain.
The rollout of TLIP, evidenced by its implementation in Kenya and the UK, offers valuable prospects for its continued refinement and expansion. The consortium leading TLIP welcomes the participation of governments, development agencies and private sector entities to shape the future of this digital trade infrastructure, as we have previously written in ETHNews.
This joint effort is poised not only to streamline trade procedures, but also to introduce a variety of applications that address today’s international trade challenges. These applications have the potential to transform trade finance models, create more accurate tools for calculating the carbon footprint of products, and support sustainable economic practices.
As we venture into this collaborative project, the opportunities to improve international trade are enormous. This initiative represents a step toward a future in which trade is not only more efficient, but also more inclusive, sustainable and adaptive.
With the IOTA Foundation at the helm of this venture, the Trade Logistics Information Channel is set to open new avenues for global trade, marking an important phase in the move towards digitized and paperless trade processes.
