In the wake of Brexit, the Trade and Logistics Information Pipeline (TLIP), powered by IOTA technology, is transforming commerce between the European Union and the United Kingdom. This innovative system enables real-time data sharing among trade partners, significantly reducing administrative expenses.
For instance, the British logistics company Mobius is utilizing TLIP to streamline the shipment of poultry from Poland to Britain. This digital conduit merges consignment details with transportation data, providing all essential parties with immediate access to information.
Brexit has been costly for the UK, with estimates suggesting an annual loss of $126 billion. The departure also led to the resignation of former Prime Minister David Cameron. Amidst the disruption, however, the UK has seized the opportunity to establish one of the most sophisticated digital trade borders globally. At the forefront of these developments is TLIP, a cutting-edge solution developed around the IOTA framework.
TLIP serves as a digital backbone for the global supply chain, offering seamless and economical data exchange among stakeholders. It’s already being employed in various domains, including sustainable supply chain initiatives through the Virtual Watch Tower, trade finance enhancements, and maritime advancements in collaboration with the EU.
This digital solution is now a cornerstone of the post-Brexit trade landscape between the UK and the EU, streamlining operations, reducing costs, and saving countless hours previously lost to sluggish and outdated procedures.
The UK-EU trading corridor is vast and lucrative, with the UK’s imports last year totaling over $570 billion. Now outside the EU, the UK faces heightened border controls, leading to longer delivery times and increased costs. TLIP offers a remedy by enabling swift data exchanges, including with government bodies.
A prime example of TLIP’s application is in the transportation of poultry from Poland to the UK. Managed by Mobius Technology and the Institute of Export & International Trade, this process has been significantly improved by TLIP. Traditionally, border officials would verify declaration data against each consignment, a time-consuming process that could be detrimental to perishable goods like Mobius’ poultry shipments. With TLIP, Mobius participates in a pilot program that pre-sends consignment details to border agencies, allowing for faster clearance.
TLIP functions as a digital pipeline, aggregating shipment data for authorized stakeholders, fostering interoperability and trust. This pilot is set to continue until September’s end, with plans to expand into a full-fledged commercial EU-UK road freight platform.
Jens Munch Lund-Nielsen, Head of Global Trade & Supply Chains at the IOTA Foundation, notes that TLIP cuts through the complexities of international trade logistics, enhancing efficiency and providing reliable data for compliance checks with current standards and regulations.
In the financial markets, IOTA is currently trading at $0.1699, with a slight increase over the past day, bringing its market capitalization to $565 million.
For those interested in IOTA:
– A guide to purchasing IOTA
– Tutorial for IOTA Wallet
– Updates on the 24-hour price of MIOTA
– Latest news on IOTA
– Understanding IOTA
Stay informed by subscribing to our daily newsletter, offering insights without spam or falsehoods. You have the freedom to unsubscribe anytime.
