Applying IOTA in Global Trade and Supply Chains: Mission Possible

This article was first published on IOTA - Medium
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Trade facilitation, track & trace, provenance… There are many opportunities to apply Distributed Ledger Technologies (DLT) to international trade and build true innovation. An innovation leveraging the features offered by DLTs, can address current business challenges, create more efficient systems while also establishing the grounds for new business models in the future. See also the earlier blogpost: The Challenges Facing Today’s Supply Chains.

In the past few months the IOTA Foundation has engaged with a large number of stakeholders and discussed a variety of problems that IOTA’s technology could help solve. We have identified Minimum Viable Ecosystems of actors, and engaged in piloting activities, starting with small Proof of Concepts, all part of a bigger effort aiming to revolutionize the trade community and bring trade processes into the 21st Century. As result of these activities, we have learned where and how IOTA can be integrated with existing systems to add an interoperable trust layer for data exchange. The IOTA Foundation has supported partners to use IOTA technologies and created general guidelines and blueprints that will help other interested parties to replicate similar and more advanced solutions by using IOTA open source code. We will like to share some examples and guidelines for IT developers to get started, and for trade practitioners and policy makers to be inspired; see end of this blogpost.

DEMO — INTERNATIONAL TRADE AND CONTAINER FLOWS

The demo allows the tracking of a container as it moves between different ports and across borders. The presented process has been simplified for demonstration purposes as it introduces only four different actors in this supply chain.This includes the Shipper, a Forwarder, the Customs officials and the Port operator. For them to plan and operate as effectively as possible, high real-time visibility on the current status ...

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