The cryptocurrency is a decentralized protocol that uses smart contracts based on Blockchain technologies.
Kenya is set to launch its first Blockchain cryptocurrency known as tmxglobalcoin.com coin.
Its developers believe that this technology will save the logistic business in Africa from the problems experienced in the import or export sector such as price hikes caused by value chain in the sector.
Speaking to Nation.co.ke, the CEO of TMX Anthony Njoroge said that among the complains they get in the import and export industry include loss of property during the process of importation and they hope the Blockchain technology will enhance the way traders do business.
“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,” said Njoroge.
He adds that, various issues have been raised around the logistics business and mostly because of the unaccountability, corruption and illicit trade.
TMX global coin, through worldwide partners from Asian and European countries has been able to close up the value chain with transparency. Using a convenient interface, an importer or customer will now be able to find the best online stores from the thousands of options and then choose a suitable freight forwarder to coordinate the cargo shipping.
Mr Njoroge says that the consumer is able to order their goods online, track down their goods individually, and get a chance to go through and understand all the required documentation even before they begin their trading process.
“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,” he adds.
The cryptocurrency was developed in 2017 as a decentralised protocol that uses smart contracts based on Blockchain technologies and solves the problems of both local and international logistics.
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.
The first phase of the currency will be rolled out towards the end of September 2018 and it is hoped that by May 2019, the currency will have been adopted fully in the trading sector.