The digital ledger technology (DLT) of IOTA stands out for its various use cases. This extends its ecosystem to organizations often burdened by bureaucratic procedures. Recently, the IOTA Foundation announced its latest initiative to advance the cross-border exchange of Sanitary and Phytosanitary (SPS) trade documents in the East African Community (EAC).
IOTA’s SPS Initiative
The IOTA Foundation’s latest blog entry detailed the minutes of the Business Mapping Workshop held from October 24 to 26 in Rwanda. The event participated by Trademark Africa and SPS-related ministries in the EAC region crafted a roadmap for the management, issuance, and sharing of SPS documents in key export markets.
“The main objective of the workshop was to chart the course for the design and development of a digital information-sharing platform tailored specifically for SPS certificates between EAC countries,” said IOTA. “The participants delved into the existing processes for sharing SPS certificates, identified the primary stakeholders involved, and outlined the necessary features and functionalities required for a seamless digital platform.”
The collaboration gave way to the creation of the Trade Logistics Information Pipeline (TLIP). IOTA provides real-time information exchange in the platform to ensure regulatory compliance, food safety, prevention of emerging diseases, and pest control in agricultural products. Meanwhile, the foundation’s decentralized identifier (DID) mechanism offers data access governance to guarantee network integrity, security, and efficiency.
In its early phase, TLIP will only be limited to restructuring and automating trade procedures within the national level of EAC members before it is expanded to a regional scope.
IOTA Tangle in Traffic Management
IOTA Tangle’s use case also lies in traffic management and car-to-X data exchange. A patent filed by Benjamin Bönisch during the third quarter of the year summarized how strategically placed radio modules on road infrastructures can be used to transmit crucial information to the intelligent features or driver assistance system of a vehicle for improving road safety, aiding autonomous driving cars, and ensuring smooth traffic flow. DAGs such as the IOTA Tangle supplement the tech by providing data encryption and authentication.
IOTA Coin Now
The recent bull rallies of Bitcoin (BTC) and altcoin have brought about significant gains in IOTA. The digital asset jumped by 42.18% on the monthly chart and pumped by 62% in the annual frame.
As of this writing at 7:00 PM UTC on Tuesday, IOTA slightly went up by 0.21% to $0.26 on the 24-hour chart. The lack of major movements within the day can be attributed to the decline of its trading volume by 27.35% as only $27.19 million worth of its coins moved in exchanges during the period.
Expect further growth in the IOTA’s valuation and ecosystem next year as it works to expand its reach in the MENA and EAC regions.