Fintech News | Fintech Zoom

GEMS and TODAQ announce 1st cross border supply chain shipment

TODAQ and Global Environmental Management Systems (‘GEMS’) are pleased to announce the first international supply chain shipment on the decentralized TODA protocol.  “We are committed to constant innovation and leveraging  best available technologies,” said Aly Dahya, GEMS Director of Projects, ”

This will help us develop a state of the art system giving an immutable and absolute 360 degree view and ownership control of all our moving assets at optimal speed and efficiency.”

For these first commercial shipments, essential process equipment for GEMS integrated waste recycling facilities were moved through three sites across Europe into a central warehouse and tracked from there on containers across road and sea from Barcelona to their final facility sites around Jeddah.  A combined team covering engineering, operations systems and management from both companies rolled out the underlying TODAQ TaaS (‘TODA-as-a-service’) platform underneath the GEMS logistics and asset tracking systems.  TODAQ’s TaaS platform is built on the TODA Protocol, a soon to be open source decentralized technology that enables meaningful ownership of digital assets, commoditizes the settlement of value and can be run on a network of mobile devices without cloud or miners.  All the supply chain assets were registered as TODA digital asset files, each with their own embedded and immutable ledgers, transacted instantly  and with final, universal peer-to-peer settlement in under a minute between each company account node that took ownership of the equipment along the supply chain journey.

The public and permissionless TODA protocol has been operational for almost two years, but as the first cross-border commercial shipment running on the protocol, the teams faced new design and execution challenges. These challenges included properly identifying the mission critical data and capturing it within the TODA defined digital assets.

“We’re extremely pleased that this first and historic international  transport was successful, and Global Environmental Management Solutions as the middle east’s regional leader for industrial environmental solutions is a great deployment partner” said Hassan Khan, TODAQ CEO, “we have some further work to do and then look forward to executing where the TODA protocol has an unfair advantage –  secure, private, peer-to-peer and frictionless ownership and settlement of any digital asset without intermediary value extraction, executed at massive scale.  We can now do one shipment, which means every shipment on earth is possible.

Next phases of work will include adding more assets, integrating logic for asset rules and encumbrances, covering more transport modes including global shipping partners, and bringing the monetary payment transactions for the shipped goods onto TaaS as well.

About TODAQ

TODAQ is a fintech “bank of the future” that offers both a supply chain solutions platform and a consumer solutions platform to enterprises, banks, and smart cities for all their asset and money transactions. It intends to also provide these clients access to value added finance and insurance services. TODAQ is also responsible for the distribution of the Toda Note (TDN), a cryptographically controlled supply of 237 USD backstopped digital notes designed to be used as a medium of exchange for commerce and industry.

About GEMS

GEMS provides an integrated services platform of technology, systems, products and services to the industrial and public sectors in the areas of engineering services, industrial infrastructure construction, industrial maintenance/turn around and cleaning, hazardous materials management, transport and logistics, waste management and recycle, municipal waste management, and conversion of waste to energy.

Oliver Smith

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