Tmx Global Coin, a cryptocurrency payment and logistics platform is set to be launched in Kenya. The company is the first blockchain cryptocurrency company to set up its operations in Africa.
The new venture 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 the new technology, 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. This will create transparency and effectiveness for the buyers and the sellers.
“A lot of traders complain of loss of property during the process of importation. We are using blockchain technology to enhance cargo logistics business to have a 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,” says the CEO of Tmx Anthony Njoroge.
Various issues have been raised around the logistics business and mostly because of the
unaccountability, corruption and illicit trade.
“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 through Tmx Global Coin worldwide partners from Asian and European countries,” adds Njoroge.
Through the platform, a consumer is able to order their goods online and track down them individually. This will help the consumer get to understand all documentation required for the process to be complete even before they begin.
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 task as complete and starts the next process, most probably shipping.
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