Nexiot’s Digital Logistics Solution now enables Smart Contracts bringing legal accountability to the supply chain
Zurich, Switzerland - Nexiot, which pioneered the development of smart sensors for non-powered assets in the supply chain, has launched an integration with a Blockchain type Distributed Ledger as part of its Digital Logistics Platform.
Nexiot’s self-sustaining sensors send messages every five minutes from assets such as rail wagons, shipping containers, and boxes, including updates on location, impact events, border crossing, and mileage.
Enhanced with Blockchain technology, the data, securely held in the new Digital Ledger, includes a date and time stamp, making the information legally binding and adding a valuable layer of accountability to the journey of an asset and its goods.
“The Distributed Ledger brings transparency, trust, and legal compliance to our Management Solution, as the data records are legally binding,” said Daniel MacGregor, Director Marketing and Sales, Nexiot.
“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 fulfilment of contracts, and it is possible to digitise contract execution, from automated demurrage and insurance claims, to excess mileage recharges.”
The Ledger can also automate payment fulfilment, proof of service delivery, and proof of third party service quality.
“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,” said MacGregor.
Nexiot’s smart sensors processed over 100 million data points in January 2018 alone.
“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.”
Zurich-headquartered Nexiot, which last year signed a deal with VTG Aktiengesellschaft (VTG AG) to equip the rail operator’s entire European fleet, has quadrupled the size of its tech team since it launched in 2016.