Solving the supply chain problem is probably one of the most significant steps in reducing transportation, storage, and shipment costs around the globe.
TMX Global, a Kenyan-based company is attempting to solve this problem by launching its blockchain-based solution that offers transparency across the entire supply chain from production to the end-customer.
The Supply Chain Solution
Having a reliable freight forwarder is an integral part in the supply chain system. The main purpose of the freight forwarder is to assist customers source goods and also advice on the tariffs in any given country. Different countries globally have different expectations concerning goods coming into their countries.
On 1 st of August 2018, TMX Global launched its first project at United Kenya Club in Nairobi. The launch of the a freight forwarder association which comprised of different freight forwarders from different countries across the world was one step in solving the supply chain problem on the blockchain.
TMX Global launched a freight forwarders association to bring together freight forwarders from different countries globally. Freight forwarders acts as the trusted agents to customers and will also assist them with any relevant information they may need from the country of operation making it ease for customers to trade and move their goods.
TMX hyperlocal logistic system’s main aim is to facilitate the movement of goods, both locally and internationally. With about 4 trillion dollars moving every year in the supply chain system, the company hopes to tap into this massive shipping and logistics industry to achieve its objectives, one of which is saving the industry 14 percent of lost revenue annually.
How TMX Global Blockchain Works
The TMX Global Coin and Dapp will run on Ethereum while connecting all the players in the supply chain.
When a customer raises an invoice, it is on a smart contract. This includes all the required documentation needed to ship products. The TMX Global Coin will power the entire ecosystem.
The TMX Global Ethereum smart contract will enable users to answer the following questions:
- Do you have an invoice?
- Do you have an IDF?
- Have the goods been conformed by SGS?
- Have the goods been shipped to the shipping line?
- Do you have a bill of landing?
- Has the information been sent and received by the government?
The smart contract enables the customers solve all the shipping and logistics challenges by enabling them to answer and input the necessary information above.
The TMX Global eco system the importers will have proper information about where the goods are, the state of the goods and exact location at any time. The company, which has 14 years experience in the logistics and freight business, hopes its blockchain solution will help reduce the lengthy paper work and eliminate middle men in the system.