The UK’s exit from the EU, often referred to as Brexit, has sparked considerable discussion, with studies indicating that it costs the UK $126 billion annually and even led to former Prime Minister David Cameron losing his job. Despite the turmoil, Brexit has created opportunities, one of which is for the UK to establish one of the world’s most advanced digital trade borders. One such solution at the forefront of this development is the Trade and Logistics Information Pipeline (TLIP), which utilizes IOTA technology.
TLIP is a digital infrastructure designed to enable seamless, cost-effective, and real-time data sharing among various participants in global supply chains. It is already being utilized in various sectors, including sustainable supply chain solutions through the Virtual Watch Tower, trade finance solutions, and maritime transformation in collaboration with the EU, as reported by Crypto News Flash.
Post-Brexit, TLIP has become instrumental in facilitating UK-EU trade, reducing costs, improving processes, and saving significant time that would otherwise be spent on slow and inefficient procedures. The UK-EU trade route is substantial and highly profitable, with the UK importing goods worth over $570 billion last year. However, Brexit has subjected the UK to increased border control measures, leading to longer delivery times and higher costs.
TLIP addresses these challenges through its digital infrastructure built on IOTA, enabling real-time data exchange among users, including government agencies. A notable application of TLIP is in the transport of poultry from Poland to the UK. Managed by Mobius Technology and the Institute of Export & International Trade, this initiative aims to expedite the clearance process at the border by sending shipment details, such as timing, routes, and expected arrival times, to border agencies in advance.
According to a blog post by the IOTA Foundation, TLIP acts as a “digital pipeline” that gathers and shares consignment and transport information with authorized stakeholders, offering benefits like interoperability and trust. This pilot program, which runs until the end of September, involves six consignments of poultry daily and aims to establish the first commercial EU-UK road freight platform.
Jens Munch Lund-Nielsen, Head of Global Trade & Supply Chains at IOTA Foundation, commented, “By cutting through the complex web of international trade logistics, TLIP not only enhances operational efficiencies but also provides access to trusted supply chain data to support and even automate checks on compliance with evolving standards and regulations.”
Currently, IOTA trades at $0.1699, with a marginal gain over the past day, bringing its total market cap to $565 million.
Source: crypto-news-flash.com
