Kenya’s TMX Global Coin Cryptocurrency Looks to Improve Logistics with Blockchain
Logistics Industry in Kenya to Get a Boost from the First Kenyan Cryptocurrency
As the blockchain technology continues to grow, many businesses are aligning to this growth adopting this technology into their systems. A lot of new projects and ventures are coming up every day indicating the potential DLTs (Distributed Ledger Technology) have of promoting the economy without distinctions.
A good example of crypto money that has no borders is TMX. This is a company behind TMX Global Coin. This company aims to establish itself as the first digital currency in Kenya. The team behind this crypto aim at solving a malignant problem that has been affecting Kenya for a very long time. These challenges include logistics failure and the challenge of keeping track of packages and company transactions.
Speaking to the Daily Nation portal, the Chief Executive Officer (CEO) of TMX, Anthony Njoroge, says he is hopeful that his development will transform the cargo logistics business, not only in Kenya, but also all over the world using the specialized tokens on the blockchain technology.
In his statement, the CEO said that they are using the blockchain to improve cargo logistics business, by creating an open and transparent forum and democratic process that will provide users with a platform to communicate openly and effectively using a decentralized system.
In a video uploaded on the company’s official website, the digital token uses various ERC20 tokens that enable the execution of smart-contracts among various parties in one particular transaction. Such a system provides a platform in which parties can communicate in real time, thus being able to track the status of packages and other transactions. Njoroge asserts that such a payment system provided by TMX ensures a high level of security than most of the existing systems.
The CEO says that all the parties involved, including the consumers is privy on the amount of money needed throughout the process that the cargo goes through and the time it will take for it to get processed. When the clearing process is finished, the system automatically indicates it as complete and moves it to the next step.
Good Future Prospects, But Still a Long Way to Go
TMX Global Coin began developing in 2017, and has been growing steadily ever since. In mid-2018, the development process reached a level enough to generate a significant level of credibility in the crypto industry.
A local media firm in the country reports that TMX has established various contracts to create partnerships in Europe and Asia, but there is no official communication of such alliances as yet. According to the company’s development plan, the Pre-ICO phase is set to take place in September this year, while the official launch is expected around May 2019.
Kenya, is among the countries in the world that is working towards using the blockchain technology in political and economic development. Recently, Wafula Chebukati, the Chairman of the country’s Independent Electoral and Boundaries Commission (IEBC) released a statement saying that the Kenyan government is working seriously towards the utilization of this technology in its electoral system.