- IOTA-based TLIP is revolutionizing trade between the EU and the UK post-Brexit, allowing trading partners to share data in real-time and cut their administrative costs.
- In one case study, UK logistics firm Mobius has been leveraging TLIP to ship poultry from Poland to the UK, creating a digital pipeline that combines consignment and transport info for all key stakeholders.
A lot has been said about the UK’s exit from the EU, including studies that have found Brexit costs the UK $126 billion annually. It even cost former Prime Minister David Cameron his job. However, chaos creates opportunities, and one that emerged from Brexit was for the UK to develop one of the world’s most advanced digital trade borders. Many solutions have been developed, and IOTA is at the heart of one of the most advanced—TLIP.
TLIP, or the Trade and Logistics Information Pipeline, is a digital infrastructure built on IOTA that enables seamless, cost-effective, and real-time data sharing between various participants in the global supply chains.
TLIP is already in use in various sectors, including sustainable supply chain solutions via the Virtual Watch Tower, trade finance solutions, and maritime transformation in partnership with the EU, as Crypto New Flash reported.
The solution is now powering the post-Brexit UK-EU trade, cutting costs, enhancing processes, and saving thousands of hours that were otherwise wasted on slow and inefficient processes.
[ICYMI] Wondering how @TLIP_io is aiming to transform UK-EU trade post-Brexit? Discover the innovative digital solutions #TLIP offers to enhance trade flow and efficiency across borders👇@CoinMarketCaphttps://t.co/ae8bXwTcmQ
— IOTA (@iota) June 24, 2024
The UK-EU trade route is massive and immensely profitable. Last year, the UK imported goods worth over $570 billion. However, as it’s no longer part of the EU, the UK is subject to increased border control measures, which increases the time it takes to deliver the goods to the final consumer and significantly increases the costs.
TLIP is just the solution for this challenge. Its digital infrastructure, built on IOTA, facilitates real-time data exchange for users, who include government agencies.
TLIP Powers Poultry Shipments in the UK
In a recent blog post, the IOTA Foundation discussed one of the use cases of TLIP in the transport of poultry from Poland to the UK. Sheldon, UK-based logistics firm Mobius Technology, and the Institute of Export & International Trade managed the process.
Typically, border officials must countercheck declaration information against the consignment for every shipment into the UK. This tends to take time, and for companies transporting perishable goods, like Mobius’ poultry from Poland, this can be particularly problematic. At worst, the goods spoil and are tossed at a total loss to all parties, while at best, they get downgraded to pet food, also costing the parties sizeable gains.
Mobius is leveraging TLIP in a pilot program on six consignments of its poultry daily to send information to border agencies on their details, such as timing, routes, and expected time of arrival. These details are checked before the consignment arrives at the border, ensuring an expedited clearance process.
IOTA says:
TLIP acts as a ‘digital pipeline’ that collates consignment and transport information for each shipment, making it accessible to relevant stakeholders who have permission to view the data. This provides two key benefits: Interoperability and trust.
This pilot will run until the end of September before it’s expanded into the first commercial EU-UK road freight platform.
“By cutting through the complex web of international trade logistics, TLIP not only enhances operational efficiencies but also provides access to trusted supply chain data to support and even automate checks on compliance with evolving standards and regulations,” commented Jens Munch Lund-Nielsen, Head of Global Trade & Supply Chains at IOTA Foundation.
Meanwhile, IOTA trades at $0.1699, gaining marginally over the past day for a total market cap of $565 million.
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