Saturday, June 15, 2024

Kenya mulls first blockchain cryptocurrency to boost logistics industry


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Kenya is ready to launch its first blockchain cryptocurrency in what is set to be a game changer for the logistics industry.

The developers believe that the technology will save the logistic business in Africa from the problems in the import and export sector such as price hacks.

TMX Blockchain Logistics Chief Executive Officer Anthony Njoroge says the company uses blockchain technology to enhance cargo logistics business to have more open, transparent and democratic process using a decentralised system where users are able to communicate to each other through an open platform.

“We get a lot of complains from the import and export industry like loss of property during the process of importation, unaccountability, corruption and illicit trade,” this is what we intend to solve with this technology,” he said.

This is achieved by having a decentralized system, where all the users are able to talk to each other on an open platform.”

Under  blockchain cryptocurrency  platform, consumers are able to order their goods online, track down their goods and go through the required documentation individually even before the trading process begins.

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The consumer also 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.

TMX Blockchain Logistics is a decentralized protocol that uses smart contracts based on Blockchain technologies and solves the problems of both local and international logistics in a much more scaled way.

Using a convenient interface, an importer/customer can find the best online stores from the thousands of options and then choose a suitable freight forwarder to coordinate the cargo shipping.

TMX Blockchain Logistics objective is to reduce costs and increase shipping efficiency by integrating information about shipments onto a secure platform accessible to shippers, carriers, freight forwarders and others in the supply chain.

To solve the problems of both local and international logistics, the cryptocurrency was initiated in 2017 as a decentralized protocol that uses contracts based on blockchain technologies.
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