TradeMark East Africa (TMEA) is by far the most respected organization which is known across the globe for its efforts on improving livelihoods via improving trading conditions.
TMEA has an impressive track record covering more than eight countries. It covers the developmental strategies related to infrastructure development such as roads and border posts; upgrading government agencies’ systems and processes and makes considerable improvement in the regulatory environment.
IOTA Newsletter #19 – Strategic Partnership with TradeMark East Africa, Dev Update, Research Update & more. Read everything at https://t.co/TpWv2wXq0N
— IOTA (@iotatoken) April 6, 2020
IOTA Foundation Receives an Approval From TMEA
After a long discussion and ideation strategies, the IOTA Foundation received long-awaited approval from the board of TMEA and is now a strategic partner with it. Both organizations follow the same set of values. Both the organizations are transparent and inclusive, uses their individual capabilities for public welfare and both the organizations are directed by not-for-profit authorities.
This partnership primarily aims to improve trade through technology. The partnership allows IOTA Foundation to work with TMEA to work upon initiatives on using Tangle to improve the management of data and make collaborations with traders.
Make innovative efforts to ensure digital solutions that are inclusive and ensure profit for both large corporations as well as smaller traders. Along with this, the partnership works towards increasing the global competitiveness of East African Products whether being economically feasible or mainly providing a more transparent supply chain to the end consumer.
Primary Focus: Public Infrastructure Development for Trade
The primary focus is to develop public infrastructure for trading. By introducing Tangle, which is an underlying data structure, which ensures data security. The IOTA’s technology is open source, is economically feasible and is a decentralized platform. It ensures that one can build an infrastructure for government-to-government interactions and government-to-business interaction that is impartial to corporate interests and let them avail the ability of the software to exchange and make use of that information with other corporate and public systems.
Using Tangle for making data transactions is cost-effective, as it requires no fee, neither does it require anyone to buy tokens and avoids scrutinizing about the cryptocurrency regulations.
On talking about the partnership in the official press release, Alban Odhiambo, Senior Director, Trade Environment, TMEA said,
“It is key to us that introducing new technologies is not a lock-in but puts the control into the hands of the government and the traders. Public infrastructure must avoid any potential to monopolize the control or the data with a few private actors – and give value to all actors independent of size. This partnership provides us access to a technology where we can test the value of decentralized data management and have control mechanisms of the underlying infrastructure. Equally important, it provides training of staff and local developers in East Africa.”
IOTS’s digital ledger technology can immensely improve the processing of getting goods to their markets via transparent and verifiable chain f custody. The information on Tangle is immutable and guaranteed.