CandleFocus IOTA Shines in UK Trade Report: Exploring DLT and Digital Innovation in Supply Chains
2024-11-08
Author: Content Editor
The United Kingdom's trade report, "Ensuring Economic Growth," focuses on digital innovation and distributed ledger technology (DLT) for improving efficiency in global supply chains. The report highlights the Trade and Logistics Information Pipeline (TLIP), powered by the IOTA Foundation's technology, for secure data sharing and streamlined logistics. The Cabinet Office has introduced the Border Transformation and Digitization (BTD) program, also utilizing IOTA's technology, to enable real-time data exchange between the supply chain and UK border agencies. The program aims to enhance the management of border operations by incorporating various datasets and tracking key transport events. Additionally, the BTD program includes a case study on chilled poultry shipments from the EU to the UK, demonstrating how DLT and digital tools can improve supply chain operations. The initiative utilizes IOTA's Trade Worldwide Information Network (TWIN) for secure data storage and sharing, providing transparency and a full view of a consignment's journey. The program benefits UK government agencies, border officials, and port operators by enhancing risk evaluation and intervention planning while reducing delays.
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