The adoption of blockchain technology is swiftly gaining momentum throughout Africa. While the continent may not currently lead in resource mobilization, investments in the sector are rapidly gaining speed, benefitting numerous companies in the region.

On Monday, October 23, Uganda's Presidential Advisory Committee on Export and Industrial Development (PACEID) signed a memorandum of understanding with a TA-CargoX technology consortium comprising Technology Associates and CargoX, a blockchain-based document transfer company. The MoU aims to create TradeXchange, a national digital trade facilitation platform.

"The TA-CargoX Consortium will provide a robust, globally compliant digital trade platform as the surest means to integrate Uganda into the global trade network. This platform shall automate the import and export value chain, provide visibility in the trade supply chain, ensuring transparency, traceability, authenticity, and reliability in trade processes, as well as save cost directly for all participants," said Girisch Nair, Chairman of Technology Associates.

The new partnership is part of Uganda's ambitious goal to double its exports by 2026. PACEID aims to leverage this collaboration to support exporters, resolve trade bottlenecks, and easily comply with global trade standards, among other things.

TradeXchange will therefore be a blockchain-based collaboration platform that will streamline processes and improve the flow of information between farmers, producers, traders, and government agencies.

Once up and running, it will help the government reduce cargo release times, cut import compliance costs, and improve the efficiency of risk assessment when importing goods, tax revenue collection, and overall transparency of goods flow.

Samira Njoya