The TMX Global Coin will be used as a payment method within the TMX Blockchain Logistics platform.
Kenya is set to see its first domestically developed cryptocurrency with an initial coin offering (ICO) for the TMX Global Coin (TMX) planned to start towards the end of September.
According to a report in Kenyan news outlet Daily Nation, the developers of the token believe that the blockchain technology will help the African logistics business solve problems in the import and export sector, such as sudden price hikes and loss of property during transportation, as well as issues stemming from unaccountability, corruption and illicit trade.
“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,” said the CEO of TMX Anthony Njoroge.
The blockchain platform of TMX Blockchain Logistics has the goal to reduce costs and increase efficiency by integrating shipping information into one platform. It will be accessible to shippers, carriers, freight forwarders and all other parties involved in the supply chain, such as consumers and suppliers. The users of the platform will be able to view a list of stores and choose the freight forwarder that is most suitable for them.
“The consumer as well gets to know the amount of money required throughout the different processes the cargo goes through and the estimated amount of time. Once the cargo successfully goes through a process the system ticks in the system as complete and starts the next process,” Njoroge told Nation.
The TMX platform will also offer a solution for local retailers and e-shops with the HyperLocal Logistics feature.
The TMX token will be used as a payment method throughout the platform.
According to the whitepaper, it will be released in a pre-sale towards the end of September. It will be using the ERC-20 protocol and have a price of $0.1. The public ICO is supposed to launch in February or March next year and the platform is expected to become operational in May 2019.
The TMX Blockchain Logistics is not the first and only logistics blockchain platform. In fact, it appears that shipping and logistics is one of the sectors that is most actively seeking and developing distributed ledger technologies (DLT) for tracking and handling of cargoes. Earlier this month, shipping giant Maersk and IBM created a blockchain shipping system and IBM and UPS applied for blockchain-related patents.