Kenya’s First Cryptocurrency to Improve Logistics
August 31, 2018 12:26 pm
There has been a consistent growth in the world of blockchain and cryptocurrency-related businesses. New projects are being introduced to the market every day. These projects demonstrate the potential of the Distributed Ledger Technology (DLC) in our daily lives.
TMX Global Coin is a prime example of this kind of use-case-scenario. TMX as a company is focused on being the first cryptocurrency originating from Kenya. It is dedicated towards making a currency that is not held back by physical borders.
TMX Global Coin is working towards finding a solution to Kenya’s logistics failures and incompetence when it comes to tracing transactions and packages.
Anthony Njoroge Njenga, CEO, TMX talked with Daily Nation, the Kenya news portal to discuss the challenges that are faced by the logistics industry. The portal aims to streamline the logistics business globally using blockchain-based specialized tokens.
Anthony said, “We are using blockchain technology to enhance cargo logistics business to have more open, transparent and democratic process using a decentralized system, where all the users are able to talk to each other on an open platform.”
The development of the TMX Global coin had started in 2017. Though, it wasn’t until mid-2018 that the product reached its maturity and credibility in the marketplace.
The TMX has developed contact-based partnerships to establish business connections in Asia and Europe based on the reports that were published by the local media. Though this is a move in the right direction, the exact date for the implementation is yet to be decided. As per the roadmap, the pre-ICO phase begins in September 2018. The projected launch date of the product is expected in May 2019.
Kenya has been employing blockchain technology to boost its political and economic development. Recently, Wafula Chebukati, Chairman, Independent Electoral and Boundaries Commission (IEBC), Kenya publicly stated that the government is planning to implement DLT. The implementation of the Distributed Ledger Technology (DLT) will be used to enhance the efficiency and transparency of the country’s electoral system.