Asset Tracking is a fully blockchain-enabled IoT solution for tracking assets and is designed for enterprises. It lowers supply chain entropy and enhances visibility and transparency in the meanwhile.
Transactions take place directly between party-to-party with a few intermediaries and ledgers are updated automatically.
A blockchain-enabled asset tracking solution prevents counterfeits. Assets are tracked and traced throughout the supply chain with the help of RFID tags until they reach the end-customer.
Blockchain technology is buoyant and has a very low to no point of failure. Transactions performed in the blockchain-enabled ecosystem are irrevocable and immutable.
Smart contracts validate transactions. Intermediaries are used rarely, and no accommodation of work that helps to reduce the supply chain cost overall.
This solution features smart contracts for businesses to enhance transparency in their supply chain by storing information such as the date, location, quality or by recording the provenance of goods – so the source of products can be authenticated. This will assure the manufacturer about the reliability of the product and customers will be more confident about the legitimacy of the products they purchase. Digital forms to be created sport on the blockchain, multiple parties will be able to submit credentials with transparency. Ledgers in Blockchain determine a shared, secure record of supply chain data flow, a single version of the truth, within networks for partners and transaction processes.
From raw material sources to end-consumer delivery, smart contracts improve traceability within the supply chain by permitting inventory tracking at each step during its journey. Transparsoft’s smart sensors provide quality data such as environmental conditions, location, and the quality of a product. With our asset tracking solution, faster and better decision making for supply chain managers with more information and real-time updates on product status. This brings agility and on-time delivery. Enterprises will also be digitally equipped to deal with calamities such as natural disasters or any delivery accidents. Rising consumer confidence and their impression of a brand will be built by maintaining continuity of supply in a row of increasing product competition.
Transparsoft’s smart contracts enhance efficiency in two aspects – cost and process. Smart contracts improve process efficiency as they are executed on a distributed ledger helped to simply the obscure multi-party systems present in typical supply chains. As they are self-executive, smart contracts can be used to automate executions of contractual rights and obligations along with terms of payments, delivery of services or good. This saves time and eliminates much of tiring paper works which is traditionally required and reuse of this time by programming the contracts to be executed only when certain conditions/milestones are fulfilled.
Smart contracts are mutually agreed condition, by two or more parties, that execute transactions automatically when given conditions are met. Smart contracts can significantly reduce transaction costs as in asset tracking, all transactions are validated using these smart contracts. The major advantage is its end-to-end traceability and impartiality.
GS1 standards facilitate universal and unique recognition, capturing and sharing of information on services and products, from Point-of-Origin to Point-of-Sale or disbursement. GS1 standards give facilitative ways to particularly identify things like pallets in the supply chain so that LSPs can track them from production sites, traveling from site to site, onto trucks, into distribution stores, and to retail centers or customer’s homes. Our IoT asset tracking solution enabled with Blockchain uses GS1 keys to particularly recognize and manage that asset. To ensure that the products or pieces of equipment are in the right place at the right time, the solution, GS1 standards, not only helps to identify each piece of an equipment but also tracks and traces them to maintain the enterprise’s value.
Any kind of business can get benefited from IoT asset tracking and it doesn’t only prevent loss, theft, and damage but assets constitute such a large percentage of a company’s holdings that management of assets is essential to meet compliance and industry-standard regulations. This blockchain-enabled solution delivers real-time sensor-based data that contribute to a healthy bottom line, and IoT systems and devices to make asset tracking reliable and accurate than ever before.