IOTA has announced a partnership with the Salus platform to tackle the mineral trade financing gap. This collaboration aims to utilize tokenization to optimize processes.
IOTA and Salus Partnership
IOTA is working alongside Salus, which is developing next-generation solutions for financing and trading critical minerals. The main goal is to address the multi-trillion-dollar trade finance gap currently plagued by outdated methods and high complexity. Representatives from IOTA stated, 'Real assets, real yield, real impact. That’s what IOTA stands for.'
Identification and Tokenization in Trade
Salus utilizes IOTA’s identity technologies to manage the digital identities of participants in the supply chain. The tokenization of physical assets such as containers and goods allows key trade documents to be converted into secure digital assets, reducing intermediaries and enhancing transaction transparency.
Data Management Technologies
The Salus system employs IOTA smart contracts to automate trade finance processes, including ownership transfers and collateral management. These contracts operate in real-time, creating a transparent and traceable record of every transaction. This alignment with international digital trade standards ensures compatibility for data and finance across borders.
The partnership between IOTA and Salus marks a significant step toward addressing the challenges of financing trade in critical minerals, leading to more efficient and transparent processes in this vital industry.
