The IOTA Foundation announced a strategic partnership with the World Economic Forum and several global organizations to revolutionize foreign trade with the transparency and security offered by DLT technology.
New technologies can be used to transform different industries, not just finance.
In the case of international trade, blockchain and other technologies, such as DLT, offer a unique opportunity to simplify operations, optimize processes and ensure transparency in all logistics activities. For this reason, several organizations, such as the World Economic Forum, are increasingly interested in the advantages offered by these new technologies.
Recently, this non-governmental organization partnered with the IOTA Foundation to explore the potential of distributed ledger technology (DLT) to transform the way transactions are made and recorded in global trade.
Revolutionizing global trade
Using a release, the IOTA Foundation announced that it has partnered with the World Economic Forum and several organizations around the world, including the Trademark Africa program, the Tony Blair Institute for Global Change, the Institute of Export and International Trade and the Global Alliance for Trade Facilitation, to explore the positive impact that new technologies can have on global trade.
The objective of this alliance is Revolutionizing global trade with TLIP technologyOrganizations want to leverage IOTA's technology and innovation to ensure secure and transparent data exchange in international trade, and eliminate the need for physical documents that are prone to tampering and fraud.
According to the Foundation, the aforementioned organizations, which are part of the alliance, signed a collaboration agreement on Tuesday, formalizing the commitment of all parties to revolutionize international trade through technology.
The collaboration agreement was signed during the 13th Ministerial Conference of the World Trade Organization, which took place in Abu Dhabi this week.
TLIP, an IOTA technology for secure business data exchange
TLIP, which stands for Trade Logistics Information Pipeline, is a digital infrastructure designed for the trusted exchange of trade data.
The IOTA Foundation explained that this technology was developed, together with TradeMark Africa, to offer an efficient solution to the problems facing international trade.
Currently, cross-border exchange of commercial documents is a slow, costly and error-prone process. However, thanks to technologies such as blockchain and DLT, an infrastructure can be provided that can store data in a decentralized and secure manner, that can connect with current systems and that maintains a transparent and immutable record of processes, providing trust, accuracy, efficiency and reduced operational costs.
“TLIP aims to streamline information exchange and promote collaboration across borders,” the IOTA Foundation said.
TLIP is built using IOTA's distributed ledger technology, providing data immutability and security.
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