NAIROBI, Kenya, Aug 29 – First global logistics cryptocurrency, TMX Global coin is set to set up shop in Kenya.
TMX Blockchain Logistics is using blockchain technology to enhance cargo logistics business by having more open, transparent and democratic process as well as using a decentralized system, where all the users are able to talk to each other on an open platform.
“So many issues have been discussed around the export trading system in Kenya and how much it has inconvenienced buyers and sellers of commodities and has caused the hike of pricing due to the value chain,” said CEO of TMX Blockchain Logistics Anthony Njoroge.
Njoroge says blockchain will help consumers order and track goods online.
He says the consumer also 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.
TMX Blockchain Logistics 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.
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.
Kenya is ranked 23 globally in bitcoin trading volumes according to the recent localbitcoins.com volume charts.
The country traded $25 million in bitcoin, coming third after Nigeria and South Africa which traded $258 million and $98 million respectively.