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- IOTA is reported to be powering TWIN’s Virtual Watch Tower (VWT), which aims to decentralize access to primary data via a VWTnet project.
- Meanwhile, TWIN was recently lauded by the former prime minister of the UK, Sir Tony Blair, for presenting a cheaper and simpler way for Africans to execute international trade.
In its latest report, IOTA (IOTA) highlighted the key transformations of the Trade Worldwide Information Network (TWIN) in the supply chain and logistics sector. According to the report, this initiative is powering Virtual Watch Tower (VWT) with its secure and decentralized data sharing to solve the inefficiency challenges in the maritime industry. Additionally, it is digitizing cross-border trade and ensuring that outdated processes are replaced with trusted systems.
To shed more light on the VWT, IOTA explained that it was designed to digitally connect the individual monitoring hubs. Currently, it is building another project called VWTnet to ensure that supply chain actors and shippers are secured and provided with decentralized access to primary data. In the long term, VWTnet would, according to IOTA, significantly transform global logistics.
3/4 Now, VWT is building VWTnet, powered by TWIN architecture, to give shippers and supply chain actors secure, decentralized access to primary data. By fostering trust and transparency, VWTnet is set to transform how global logistics operate. 🌍 📦— IOTA (@iota) November 28, 2024
More About VWT
According to our research, VWT exists as a networked system-of-systems solution. Its uniqueness lies in its community approach as it was built, used, and governed via digital middleware. This ensures that the VWTs of different community members are linked to push collective intelligence and collaboration within the supply chain management ecosystem.
The project adopts a community-driven approach engaging a diverse set of project partners to collaboratively engage in defining and validating the networked-based and distributed solution for managing supply chain disruptions. The initiating community is highly engaged in co-creating a solution and we welcome anybody else to apply below to join the community.
On the official website, VWT Solutions is described as an initiative to improve the decision-making capabilities of companies by:
Filling a gap in cross-industry collaboration and intelligence building for better global supply chain and disruption management. The global VWT connects local VWTs of its diverse group of participants across the international supply chain community in a system-of-systems setup sharing, aggregating, and computing data to help the participating companies build collective intelligence and collaborate when needed across global supply and demand networks.
Meanwhile, IOTA’s TWIN is also transforming cross-border trade by targeting emerging markets. As an evolution of the Trade and Logistics Information Pipeline (TLIP), TWIN is facilitating the meeting of compliance and regulatory demands to improve costs and increase exports across these countries.
According to IOTA founder Dominik Schiener, TWIN is assisting them to connect the world in several ways by ensuring that barriers and friction are significantly removed. Fascinatingly, this initiative was recently endorsed by Sir Tony Blair who served as a prime minister in the UK from 1997 to 2007. As we reported, Blair lauded the TWIN project as a way for African countries to build faster, cheaper, and simpler systems to support the African Continental Free Trade Area.
Amid the backdrop of this, the price of IOTA (IOTA) is undergoing an incredibly bullish run as it surges by 4% on its daily price chart and 94% on its monthly price chart. At press time, the asset was trading at $0.23.