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First Cryptocurrency project in Kenya

First Cryptocurrency project in Kenya

In Africa, blockchain technology has been slowly adopted, with South Africa recording the highest number of users in blockchain technology.

Kenya has not been left behind in embracing the blockchain technology. The major areas that have shown interest in the technology is in economic and political development. Recently, the chairman of Kenya Independent Electoral and Boundaries Commission (IEBC), Mr Wafula Chebukati said in a public statement, that the government is in consideration of using the Distributed ledger Technology to enhance efficiency and transparency in the electoral system.

The new cryptocurrency

TMX global coin is the first cryptocurrency in Kenya. This has been made possible through partnering up with the Asian and European countries. The system has been equipped with a convenient interface that allows an importer or customer to be able to find the best online stores from all the listed options and also choose the most convenient freight forwarder to coordinate the cargo shipping. The CEO of TMX , Mr Njoroge told the local newspaper,  that by using this technology consumers will be able to go through  the required documentation even before they begin their trading process. He also added that a consumer will be able to know the amount required in every process and the estimated amount of time.

Its purpose

This cryptocurrency was developed using a decentralized protocol in 2017, it uses smart contracts based on Blockchain technology. Its main purpose to solve the problem experienced in both local and international logistics. The developers of this system believes this is the solution to the problem experienced in the export sector such as price hikes, that is caused  by value chain in the sector.

One of the major problems that was constantly reported by the clients was loss of property in the process of importation said Mr Njoroge. He hopes that the blockchain technology will be able to solve this problem and enhance traders’ way of doing business. He further states that the platform will enable users to talk to each other. The problems that have been registered in this business industry have been due to unaccountability, corruption and illicit trade.

The blockchain platform will be accessed by shippers, carriers, freight forwarders and many others in the supply chain. Though the first phase of the currency will be rolled out towards the end of September 2018, it’s hoped that by May 2019 the currency will have been fully adopted in the trading sector.