IOTA, the cryptocurrency known for its IOTA DLT and tangle network, is venturing into the realm of practical applications with a pilot project in the UK. Partnering with the Trade Logistic Information Pipeline (TLIP), IOTA is aiming to streamline trade clearance for poultry imports from Poland.
This initiative leverages TLIP’s platform to digitize the exchange of crucial information like shipment history and temperature data. This pre-populated database allows UK border authorities to swiftly process incoming shipments, potentially granting immediate “green light” approval upon arrival. IOTA plays a key role in facilitating this process by managing the network infrastructure, digital identities, and central database.
The pilot, expected to conclude by September 2024, represents a significant development for the revolutionary network. Dominik Schiener, head of the IOTA Foundation, anticipates the possibility of coins being used for future fee payments within the TLIP platform. However, commentators point out that such functionalities hinge on the launch of a decentralized IOTA 2.0, whose arrival remains uncertain.
This project holds particular importance considering the post-Brexit trade landscape. With annual trade volumes between the UK and EU exceeding €500 billion, innovative solutions for customs clearance are in high demand. TLIP’s strategic positioning earlier this year highlights this need.
The success of the pilot will be crucial for the future. Investors are closely watching whether ventures like TLIP can positively impact the cryptocurrency’s price, which has dipped to annual lows. The much-anticipated coin EVM launch also failed to meet expectations, further dampening investor confidence. The elusive “Coordicide” project, aiming to achieve a decentralized IOTA 2.0, remains stuck in testing phases after years of development.
With a centralized coin structure and a controversial figure like Schiener at the helm, IOTA faces the challenge of regaining the crypto industry’s interest. The TLIP pilot offers a chance to showcase its potential in real-world applications, but only time will tell if it’s enough to turn the tide for the network.
At the time of writing, IOTA’s native token is trading hands for $0.177 after a price dip. Investors remains optimistic of hitting its all time high of $5.69 in the next bull market.