Setting Sail for Success: TLIP and IOTA’s Role in Maritime Advancements through the EU-Funded MISSION Project
- The EU-funded MISSION project aims to address the maritime industry’s challenges by leveraging IOTA’s TLIP infrastructure, which uses distributed ledger technology for secure and seamless data sharing.
- The MISSION project also aims to integrate TLIP with AI-driven smart contracts thereby enhancing responsiveness to exchanged data.
Maritime transport, which accounts for nearly 80% of the global trade has been facing major challenges with the fragmented IT infrastructure. So far, this sector has been using disparate IT systems used by different intermediaries within the supply chain involving port community systems and fleet performance management systems.
Although these systems can automate data for real-time data sharing, they usually operate in isolation and separately leading to resource-intensive efforts in order to maintain essential information. However, this inefficiency in real-time communication largely disrupts the maritime supply chain as all actors are not in sync to receive the updated information.
In the absence of a comprehensive system for planning and monitoring port operations and sea traffic, most maritime ports operate the ships on a first-come-first-serve basis instead of working in a well-orchestrated and planned scheme. this leads to greater inefficiencies and delays within the maritime industry.
In order to address all these challenges, the EU-funded MISSION project is working on a new communication and logistics platform to optimize planning, orchestrate port operations, and coordinate port traffic. Thus, to solve all the crucial challenges associated with the maritime industry, project MISSION will leverage IOTA’s TLIP infrastructure.
🚢🌍 IOTA plays a pivotal role in the EU-funded MISSION project! Using its distributed ledger technology, IOTA ensures secure and seamless data sharing within the Trade and Logistics Information Pipeline (TLIP). This enhances port operations by decreasing traffic, costs, and… pic.twitter.com/61tsZqWABe
— Collin Brown (@CollinBrownXRP) July 24, 2024
Leveraging IOTA’s TLIP Infrastructure
The IOTA TLIP infrastructure uses distributed ledger technology to facilitate seamless integration with existing systems while using APIs and state-of-the-art data standards, per the CNF report. TLIP’s role would be very crucial in the implementation of the MISSION project, thereby ensuring the security and auditability of shared data even within complex environments.
One of the key advantages of TLIP is inherent interoperability which facilitates a seamless integration of the MISSION platform into the European Blockchain Service Infrastructure (EBSI), as updated by Crypto News Flash. This integration will boost the platform’s target=”_blank” rel=”noopener”>reported by CNF.
Amid the broader market sell-off, the IOTA cryptocurrency is currently trading 7.1% down at $0.1575 with a market cap of $529 million and daily trading volumes shooting by 53%.