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- IOTA, through its TLIP infrastructure, boosts trade in Africa.
- Investors are positive about IOTA as seen in its price growth.
For years, the open-source distributed ledger IOTA has helped facilitate innovative solutions worldwide. The protocol is already powering trade in Africa, specifically with its Trade and Logistics Information Pipeline (TLIP) infrastructure.
IOTA Kicks Off Digitize Trade in East Africa
IOTA will showcase its innovations and impact across East Africa as one of the sponsors of the African Customs & Trade Conference (ACT). The conference will take place in Kenya’s capital, Nairobi, from October 7 to October 9.
TLIP, a digital infrastructure built on IOTA, will be presented at the conference as a key enabler of digital trade. Speaking about the event, IOTA’s co-founder Dominic Schiener says TLIP is a reminder of how blockchain can transform some of the world’s systems.
Let’s connect the world, with @TLIP_io (built on #IOTA)
I’m in Kenya right now and it’s really refreshing to speak with our partners here, government and those who are adopting our solution to digitize trade. This has reminded me how Blockchains can really change something about… https://t.co/z9XCBmN7E0
— Dominik Schiener (@DomSchiener) October 4, 2024
Schiener emphasized that IOTA’s integration, which is already underway, will help to reduce costs and remove friction in international trade. This will be done by facilitating traceability, digitalization, and certification of trade documents, digital identities, asset tokenization, and trade finance.
The co-founder noted that launching TLIP’s solution in Kenya is the beginning of IOTA’s expansion plans. He highlighted IOTA is already working with other countries on integrations. “Step by step, we are bringing the real world on-chain to IOTA,” Schiener stated.
The ACT event, organized by Kenya’s tax agency, KRA, will bring together industry thought leaders. Participants will include the heads of revenue collection agencies from all 54 African countries, policymakers, academia, research organizations, trade experts, and tech providers.
Tony Blair Institute for Global Change, Germany’s major development agency, GIZ, and the Africa Export-Import Bank are among the sponsors joining IOTA.
TLIP on the IOTA Blockchain
TLIP will promote IOTA on the African continent. The infrastructure enables secure and efficient cross-border collaboration between multiple parties on the IOTA network. With TLIP, users across the supply chain can share and access digital trade documents in real time. They can also source data and information from local databases, such as Kenya’s tax agency and global data ledgers.
Over the years, concerns have been raised regarding the tedious and unreliable manual processes and paperwork involved in global trades. Digital procedures have failed due to a lack of trust and the inability to verify and authenticate information independently. Thus, blockchain has emerged as a perfect solution, with the feeless and scalable IOTA at the forefront of this transformation.
As CNF mentioned in a report, IOTA has facilitated global interconnected and sustainable trade through TLIP for some time. In July, the protocol was used in maritime operations via an EU-funded MISSION project to address fragmented IT infrastructure challenges.
Positive developments in the IOTA ecosystem have ignited bullish sentiment in the native token. As of this writing, IOTA is up 2.8% in 24 hours to $0.1245. The trading volume increased by 35% to over $6 million, suggesting investors’ renewed positive sentiment to accumulate the token.