The IOTA Foundation, known for its open-source distributed ledger technology (DLT), is tackling a major challenge: digitizing the global supply chain. In collaboration with TradeMark East Africa (TMEA), they’re streamlining the export process for East African businesses, making them more competitive globally.
The Problem:
- African entrepreneurs were completing an average of 200 communications, including 96 paper documents, for a single transaction.
- This inefficiency hindered their ability to compete in the global market.
The Solution:
- The IOTA Foundation and TMEA developed a system that anchors key trade documents on the Tangle, IOTA’s unique DLT, and shares them with customs in destination countries.
- This expedites the export process and increases transparency.
The Technology:
- EPCIS 2.0: Enables data interoperability across different systems and actors.
- IOTA Distributed Ledgers: Records every event within the supply chain, ensuring traceability and immutability.
- ScyllaDB NoSQL: Provides scalable and resilient storage for the massive amount of data generated.
Use Cases:
- Cross-Border Trade: Streamlines document sharing and verification between different actors, including government agencies and private traders.
- End-to-End Traceability: Tracks the provenance of trade items, allowing for verification of claims about sustainability, safety, and other factors.
Key Challenges Addressed:
- Multiple Actors and Systems: IOTA enables secure data exchange and verification between various stakeholders.
- Complex Relationships: The DLT provides a single source of truth for all actors, regardless of their location or relationship.
- Verifiable Data: Traceability ensures trust and transparency throughout the supply chain.
IOTA’s Approach:
- Data Interoperability: Leverages standards like EPCIS 2.0 and UN/CEFACT to ensure compatibility across different industries.
- Scalable Data Stores: Utilizes ScyllaDB NoSQL to handle the immense volume of data generated by every supply chain event.
- Permissionless DLT: IOTA’s public, feeless DLT provides a decentralized platform for data storage and verification.
Conclusion:
IOTA’s innovative use of DLT and ScyllaDB offers a powerful solution for digitizing the supply chain. By addressing complex technical challenges and ensuring interoperability, scalability, and trust, IOTA is paving the way for a more efficient and transparent global trade ecosystem.