Kenya’s cryptocurrency project seeks to improve logistics quality
Several days after Kenya’s electoral agency decided to integrate blockchain into its voting system, the East African country is now reportedly preparing to launch its first blockchain-based cryptocurrency for value supply chain by the end of September.
According to the Daily Nation report, the cryptocurrency project, called TMX Global Coin, aims to solve the problems in the logistics industry in Africa.
TMX Global Coin was reportedly developed in 2017 as a decentralized platform that utilizes smart contracts to eliminate problems associated with both domestic and international import and export business.
Speaking to nation.co.ke, TMX Global CEO Anthony Njoroge pointed that the numerous reports and complaints arising from the supply chain sector especially in Africa, led to the development of Kenya’s own cryptocurrency. He said, “We are using blockchain technology to enhance cargo logistics business to have more open, transparent and democratized process using a decentralized system where all users are able to talk to each other on an open platform.”
With the TMX platform, customers can place their orders online and monitor the whole supply chain process. They can also review all of the required documentation before they start the trading. According to Njoroge, “The consumer as well gets to know the amount of money required through the different processes the cargo goes through and the estimated amount of time.”
Kenya’s landmark crypto project is set to launch by the end of September 2018, with a goal of gaining adoption in the trading sector by May 2019.
Kenya has recently turned to blockchain for help in its bid to boost its economic and political development. The East African country’s Independent Electoral and Boundaries Commission (IEBC) chairman Wafula Chebukati announced that the government is eyeing distributed ledger technology (DLT) to improve the efficiency and transparency of Kenya’s electoral system.
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