Introducing the Virtual Watch Tower (VWT): Revolutionizing the Global Supply Chain
A groundbreaking solution for the global supply chain, known as the Virtual Watch Tower (VWT), is currently being developed. This innovative concept aims to create a decentralized global community that seamlessly shares data, ultimately enhancing the entire ecosystem.
The founders of the TLIP community, the IOTA Foundation and Trademark Africa, are leading the charge and are committed to integrating their solutions into the upcoming global decentralized database.
Despite significant technological advancements in recent years, the global supply chain and logistics industry has struggled to keep up, with many processes remaining opaque, fragmented, and reliant on paper-based systems. However, this is all set to change with the introduction of this new decentralized solution, and the IOTA Foundation will be one of the pioneering contributors to this sustainable supply chain solution.
Known as the Virtual WatchTower Network, or VWTnet, this revolutionary initiative aims to create a continuously expanding global community that actively contributes to a digital solution. Its primary goal is to foster data-driven analytics and collaboration across all aspects of the global supply chain network.
All members of VWTnet will collaborate and share data to create a public good. As the creators describe, it is akin to a lighthouse, where nobody is excluded, and everyone benefits.
This ecosystem will promote collaboration specifically focused on shipments, with a strong emphasis on secure data sharing. It is important to note that members will retain complete control over their data, which can only be pushed and not pulled. The sharing of data will be governed by a code of conduct that all participants must adhere to.
The founders affirm that no central database, infrastructure, or control is required. Instead, the VWT Entity will serve as the central unit, holding the rules, registries, and key to participation in VWT. In essence, VWTnet will function as the internet of watchtowers. The Swedish and Singaporean governments have expressed their support for the venture and have made the initial investment, but they will not influence the decision-making process.
IOTA, with its unparalleled decentralized solutions for global trade, is the ideal partner for VWTnet. The IOTA Foundation was the first to respond to VWTnet’s call for partners. Jens Munch Lund-Nielsen, the Foundation’s Head of Global Trade & Supply Chains, described the new initiative as “meeting a twin sister” in his response to VWTnet’s call to action.
Since 2020, the IOTA Foundation has been championing a similar initiative in collaboration with Trademark Africa. This partnership aims to establish the Trade Logistics Information Pipeline (TLIP), which facilitates the secure exchange of data and documents. By working with TradeMark Africa, the IOTA Foundation is developing a decentralized solution in partnership with Kenya’s government and border agencies. This solution assigns digital identities to traders and enables seamless fetching, storing, and exchanging of documents and data.
The collaboration between IOTA and TradeMark has already opened up numerous opportunities, including the expansion of trade in the Northern Corridor.
Lund Nielsen expressed his excitement about the potential for real impact through supply chain collaboration that will continue to evolve in the coming years.
For those interested in IOTA, be sure to check out our Buy IOTA Guide and IOTA Wallet Tutorial. Additionally, stay informed with the latest news and keep an eye on the 24-hour MIOTA price.
In conclusion, IOTA’s partnership with VWTnet signifies a significant step forward in revolutionizing the global supply chain. With its decentralized solutions and commitment to collaboration, IOTA is poised to make a lasting impact on the industry.