The East African country of Kenya is preparing to launch its first blockchain-based cryptocurrency. It is expected that by the end of September 2018, the initial phase of the cryptocurrency will roll out and by May 2019, it is anticipated that it will be fully adopted in the trading sector.
According to Daily Nation, Kenya is preparing to launch its first-ever blockchain based cryptocurrency called TMX Global Coin. The developers of this cryptocurrency strongly believe that the technology is going to save the logistics business in Africa from the problems they are currently facing in the import and export sectors.
Anthony Njoroge, the CEO of TMX, told Nation.co.ke that among all the grievances which they receive in the import and export sectors, the most pressing issue is the loss of property during the importation process. He believes that blockchain technology can resolve this and other issues plaguing the industry, including lack of accountability, corruption, and illicit trade.
Njoroge states:
We are using Blockchain technology to enhance Cargo logistics business to have more open, transparent and democratic process using a decentralized system, where all the users are able to talk to each other on an open platform.
TMX global coin has been able to close up the value chain with transparency through the help of its worldwide partners from Asian and European countries.
This cryptocurrency will enable the importers and customers to search for the best online stores among thousands of available options and then select an appropriate freight forwarder which can coordinate the cargo shipping. This is possible due to the availability of a convenient interface.
How Will It Work?
Njoroge explained that, with the TMX blockchain platform, customers can place orders for the goods online and then keep track of their goods individually during each step in the supply chain. They will also be able to review all of the required documentation before they even begin the trading process.
He explains:
The consumer as well gets to know the amount of money required throughout the different processes the cargo goes through and the estimated amount of time. Once the cargo successfully goes through a process the system ticks in the system as complete and starts the next process.
The objective of TMX Blockchain Logistics is to streamline supply chain processes, reduce costs, and improve shipping efficiency by compiling all of the data about users’ shipments on a secure platform that is accessible by shippers, carriers, and anyone else in the supply chain.
This is not Kenya’s first foray into blockchain technology, however. Earlier this week, the Independent Electoral and Boundaries Commission (IEBC) of Kenya decided to use blockchain technology in order to increase the efficiency, trust, and integrity of its election voting process.
Do you think a blockchain platform like TMX is what Kenya needs to improve the company’s import/export industries? Let us know in the comments below.
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