Nexiot launched digital logistics platform enhanced with Blockchain technology
March 5, 2018: Leading industrial Internet of Things (IIoT) solutions provider for the logistics and supply chain industry, Nexiot, has recently launched a digital self-sustaining sensors integrated with a Blockchain type distributed ledger.
Nexiot’s self-sustaining sensors send messages every five minutes from various locations, including rail wagons, shipping containers, and boxes. It consists of 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,” said MacGregor.
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.
“By 2019, it’s estimated that 20 percent 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,” said MacGregor.