IOTA Foundation, a non-profit foundation focused on distributed ledger technology and permissionless ecosystem development, announced on Thursday it has formed a partnership TradeMark East Africa with a mission to improve East African trade and global competitiveness using IOTA’s ledger technology.
According to IOTA, TradeMark East Africa works closely with the East African community institutions, national governments, the private sector, and civil society organizations to increase trade by reducing current barriers and by improving business competitiveness. Speaking about the partnership, Alban Odhiambo, Senior Director, Trade Environment of TradeMark East Africa, stated:
“This partnership provides us access to a technology where we can test the value of decentralized data management and have control mechanisms of the underlying infrastructure. Equally important, it provides training of staff and local developers in East Africa.”
Jens Lund-Nielsen, Head of Supply Chain and Global Trade of IOTA Foundation, added:
“One of the most compelling features is the low-cost approach for such high-value public infrastructure. Not only are the building costs low due to the open-source, feeless nature of the IOTA technology, but it is also an uncomplicated addition to the existing infrastructure. No miners or other fees exist on the transactions, so long-term costs are predictable, low and well-suited for the volumes of international trade.”