Kenya is set to launch a cryptocurrency that will aid logistics by the end of September. This is according to a report seen on the Daily Nation. The blockchain based crypto coin will go by the name TMX Global Coin. Its developers believe it will solve the current issues faced by the import and export sectors in Africa.
The crypto coin is a product of the TMX Blockchain Logistics which is utilizing the distributed ledger technology to enhance the cargo logistics business. They aim to create a more transparent and democratic process which is decentralized where every user will be able to communicate on an open platform.
The CEO of the platform Anthony Njoroge says:
“So many issues have been discussed around the export trading system in Kenya and how much it has inconvenienced buyers and sellers of commodities and has caused the hike of pricing due to the value chain,”
He believes the blockchain technology will help consumers make orders and track them along the whole supply chain.
“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 platform will also help importers to search for the best online stores among the many available options and then proceed to select the appropriate freight forwarder who will coordinate the cargo shipping. This will be possible because of the availability of a convenient interface.
This will not be the first time Kenya will be venturing into the blockchain through cryptocurrencies. In February of this year a Kenyan entrepreneur invested $150,000 to develop Nuru coin a crypto coin he likened to the African version of Bitcoin.
In April also, at a time when many countries were banning cryptocurrencies, the central bank of Kenya governor Charles Njoroge declared that the government was open to the blockchain technology but warned citizens of the dangers of engaging with virtual currencies.
What do you think of TMX blockchain plans to launch a cryptocurrency to aid logistics? Share your thoughts in the comment section below.