🧐 After a year with officials from "traditional developed countries" on-site, the Web3 project built together, IOTA
@IOTA , should be the first?
The IOTA Foundation collaborates with Teesside University in the UK, and the UK government has sent 4 trade officials to be on-site for 12 months, using TWIN technology to drive the digitization of UK trade data.
As an established developed country, the UK, with Heathrow Airport and Liverpool Port, serves as a global trade hub. Supply chain data is particularly important for customs and border procedures; low clearance efficiency can impact logistics throughput and even directly affect economic revenue.
👉 The highlights of this collaborative project are:
Using IOTA's TWIN technology, supply chain data can be delivered to UK authorities 20 hours in advance, potentially bringing £25 billion growth to UK trade and saving £224 billion in efficiency costs.
👉 What is TWIN technology:
TWIN stands for Trade Worldwide Information Network, a cross-border trade data network based on the IOTA distributed ledger.
The core goal is to put trade, logistics, finance, compliance, and other information on-chain and achieve verifiable sharing, thereby enhancing global trade efficiency and credibility.
Why is "traditional cross-border trade" so slow? It mainly gets stuck on three points:
➤ Fragmented documents: Bills of lading, invoices, and customs declarations are scattered across various systems.
➤ High trust costs: Customs need to verify repeatedly.
➤ Slow processes: Document circulation relies mostly on manual emails.
The role of TWIN: It makes trade data verifiable, shareable, and tamper-proof, directly addressing the above three pain points.
In short, participants in each trade link, such as customs, banks, shipping companies, and importers/exporters, have their own DID identities in the IOTA network. All data, including bills of lading, certificates of origin, invoices, etc., will be recorded on IOTA's DAG distributed ledger and shared among institutions without the need for repeated verification.
Previously,
$IOTA in the cooperation between Africa and the UK demonstrated the effectiveness of its tech stack in different economic environments and its long-term value in solving global trade efficiency issues.
This is why there is deep cooperation focused on the UK trade system.
This is a reconstruction of the underlying infrastructure for UK trade, ideally even unbinding hundreds of billions in economic vitality for the UK.
#DePin #IOTA