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Home»ADOPTION NEWS»Post-Brexit Trade Transformation: IOTA’s TLIP Strengthens EU-UK Logistics
ADOPTION NEWS

Post-Brexit Trade Transformation: IOTA’s TLIP Strengthens EU-UK Logistics

By Crypto FlexsJune 21, 20243 Mins Read
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Post-Brexit Trade Transformation: IOTA’s TLIP Strengthens EU-UK Logistics
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According to the IOTA Foundation blog, the Trade and Logistics Information Pipeline (TLIP), which leverages IOTA technology, aims to streamline EU-UK trade by enabling real-time data sharing and reducing administrative overhead.

The role of IOTA’s TLIP technology in the UK

Post-Brexit, the UK has faced increased administrative and regulatory requirements for the movement of goods between the UK and the EU. The UK’s Electronic Trade Documents Act and the EU’s Entry & Exit System aim to digitize trade processes. In this context, TLIP, an IOTA-based digital infrastructure, provides an ideal solution to improve transaction flows and efficiency.

TLIP: Simplifying trade through technology

TLIP uses IOTA to create a seamless digital network for managing trade information, reducing administrative overhead, and solving problems associated with multiple organizations and high document verification costs. A typical trade consignment may involve 20 or more organizations, each incurring data extraction and document verification costs. TLIP allows stakeholders to seamlessly access and share entrusted data, reducing the risk of delays and non-compliance penalties.

Case Study: Poultry Consignment

In a pilot study involving poultry transport from Poland to the UK, managed by the Export and International Trade Institute and Mobius Technology, TLIP demonstrated its benefits. Mobius processes subcontracts, prepares import and export declarations, and monitors the physical movement of goods. TLIP’s proactive approach ensures all regulatory requirements are met before goods arrive at the border, expediting customs clearance and reducing costly delays, especially for perishable goods.

How Mobius uses TLIP

Mobius uses TLIP to signal border agencies to provide cargo details, routes, timings, and monitor temperature control and location. TLIP acts as a digital pipeline that collates consignment and transportation information for each shipment and makes it accessible to relevant stakeholders. This ensures interoperability and trust in the supply chain.

Advantage 1: Interoperability

TLIP promotes interoperability between the various IT systems used by transportation and logistics companies. TLIP uses international data standards to enable documents and data to be shared, compared and accessed by various parties along the supply chain, improving consistency and management efficiency.

Benefit 2: Trust

TLIP ensures trust in supply chain participants and the data itself. All participants are carefully audited and authenticated through stored credentials with verifiable credentials. This makes it easy to verify the origin of documents and data, reducing the need for costly document verification by border authorities.

Collaboration with TETA

Mobius is a member of the Technology-Enabled Trading Alliance (TETA), which addresses complex trade issues related to the movement of goods across borders. By working with TETA, TLIP benefits from real-world testing and implementation, ensuring practical and effective solutions for real-world trading scenarios.

next stage

The TLIP-Mobius partnership will continue to develop the ‘signaling’ concept and introduce new operational signals, including health checks and environmental monitoring alert results. The pilot is scheduled to run until the end of September, after which the first commercial EU-UK road freight platform will be developed.

conclusion

As the UK navigates its trading relationship with the EU post-Brexit, technologies such as TLIP play a key role. Jens Munch Lund-Nielsen, Head of Global Trade and Supply Chain at the IOTA Foundation, said: “TLIP not only improves operational efficiency through the complex web of international trade logistics, but also provides access to trusted supply chain data to support and even automatically ensure compliance with evolving standards and regulations.”

Image source: Shutterstock



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