According to their official home page, TITA project seeks to power global trade through blockchain. The decentralized network supports globally traded commodities and finished goods with community enhanced financing.
What Exactly Is TITA?
The TITA project is Africa’s first, which makes it unique and the very first of its kind. It aims at creating a decentralized peer-to-peer marketplace for commodities and finished goods traded worldwide. Besides, it aims at creating a decentralized asset exchange base that will deal with crypto-to-commodities.
The project focuses on the two main communities, which will operate on the blockchain technology to provide security, and transparency. Additionally, it will lead to better financial settlement, efficient transactions, and improved financing structure that will work in favor of producers and producing communities.
Blockchain technology is revolutionary, as many sectors can already bear witness. The trade industry is not left behind. By utilizing Blockchain technology, physical trade execution will be easier, faster, and affordable. For instance, documents are an essential driver of international commodity and finished goods trade. However, the process often involves high processing costs, poor risk management tools, and limited automation. TITA bridges this gap through the following:
It is a decentralized platform: The project will include buyers, sellers, and third parties such as logistics and inspection companies, banks, brokerage firms and others on the same ledger.
Crowd wisdom: All participating parties can view, update, and share data about a physical delivery, payments, and document issuance. In blockchain, there is trust.
Rewards mechanism: With blockchain technology, there are improved risk management capabilities that will provide rewards on trusted platforms to individuals directly without using intermediaries.
The Major Problem TITA Seeks To Solve
Due to centralized trade barriers and structures, trade transactions are often reduced; indirect limited access to raw commodities as well as manipulated prices by governing bodies are some of the problems witnessed in the commodity market. This has caused a lot of damage to the market and the problem seems to be growing.
Africa's TITA Blockchain Global Trade Network Solution
The TITA network operates on the blockchain technology using smart contracts. The network’s ecosystem will improve the efficiency of the supply chain of finished or unfinished goods. The following are key components of the TITA network:
- Fraud reduction
- Next generation wallet
- Full transparency
- Very low fees
- Decentralized network
- Crypto payment