Switzerland based technology company Nexiot has launched integration with a Blockchain type Distributed Ledger to add to their Digital Logistics Platform.
Smart Contracts are now a reality thanks to Nexiot’s Digital Logistics Solution introducing legal accountability to the supply chain. The self-sustaining sensors that Nexiot has already built send messages at five minute intervals from assets including shipping containers, boxes and rail cars and gives updates on location, mileage, border crossings and any events that may have an impact.
The Blockchain technology enhances the system as all data is held in the new Digital Ledger with date and time stamps resulting in the information being legally binding adding accountability to the transportation of an asset and their goods.
Nexiot Director for Marketing and Sales, Daniel MacGregor said, “The Distributed Ledger brings transparency, trust, and legal compliance to our Management Solution, as the data records are legally binding. This Blockchain technology also opens the door to the introduction of Smart Digital Contracts. Our sensors have already established a new level of accuracy for contract stipulations of location and location-based events. Now with the Distributed Ledger, these can be linked to confirm terms and fulfillment of contracts, and it is possible to digitize contract execution, from automated demurrage and insurance claims, to excess mileage recharges.”
Automation of payment fulfillment, proof of third party service quality and proof of service delivery can also be handled by the ledger.
Mr. MacGregor further added, “Our unique combination of zero maintenance hardware, with mobile app support, digital documents on board, and the enriched data capabilities of a flexible, robust management platform provides the base to add these Distributed Ledger capabilities. By 2019, it is estimated that 20 per cent of all IoT deployments will have basic levels of Blockchain services and this development promises to deliver a long overdue layer of services to enhance quality in logistics. The technology builds trust by preventing manipulation of records of historical events, reduces costs, information silos, overheads, and unnecessary middlemen, and accelerates transaction executions to near real time instead of days and weeks.”