Powered by IoT and blockchain technology, our smart contract solution empowers you to create digital contracts that are distributed, decentralized, and immutable. Sensors mounted on different assets allow real-time monitoring of parameters pertaining to the terms and conditions described in the contract by concerned parties. Hence, any chance of contract alteration or manipulation is alleviated allowing seamless execution of processes described in the contract.
Transportation and Logistics companies face substantial challenges while transporting goods across international borders. Companies have to manage the receiver’s bank, sender’s bank, and correspondent bank to ensure seamless conveying of goods. This sometimes results in the delay of cargo delivery or late payments that affect the international trades. Smart contract solutions release funds automatically whenever the goods reach their destination eliminating any chance of cross-boundary disputes.
With IoT and Blockchain fueled smart contracts, know at all times if the pre-determined terms and conditions were met or not. Monitor different parameters remotely from IoT sensors and store solid proofs for T&C compliance in the distributed and immutable ledger. Fight wrong insurance claims with solid proofs in case of any discrepancy and file a lawsuit if necessary on strong evidence.
From the procurement of necessary raw material to delivery of the finished product, a supply chain incorporates all end to end processes. Smart contracts document all operations of a supply chain and confirm the responsibility of goods to different managers on different stages of its execution. By monitoring products from manufacturers, storage units, distributors, to retailers;the flow of goods and products at every stage can be verified.
Effectively manage your ship vessels and fleet trucks from remote locations and ensure that all the terms and conditions affiliated with effective cargo transportation were met. Use sensors to remotely track different parameters like location, quality, and condition of the shipment and have a solid proof about the compliance of pre-decided terms and conditions.
The smart contract solutions can also be extended to protect copyright documents from infringement. The ownership of the copyright can be maintained and passed on from one person to another. The automatic and secure transaction also allows royalties to be directly transferred into the owner’s account without any unexpected delays or errors.
Terms and Conditions once specified in the smart contracts cannot be altered even by the person who created them.
The decentralized structure of a smart contract let everyone to track the terms and conditions but doesn’t let anyone change them.
Conditions related to any asset or process can be monitored and tracked from any remote location in real-time.
Every concerned party can track the compliance of specified conditions in the contract that makes this solution transparent.
Contract along with its terms and conditions is protected cryptographically, which cannot be altered even by the person who created it.
With real-time monitoring of the assets via GPS trackers and parameter monitoring sensors, it is impossible for anyone to get away with the stolen goods.
Since every information is available digitally, false insurance claims can be countered with authentic proof and genuine data.
All the data is stored in a digital format along with the contract. The digital contract can also be shared wirelessly that eliminated its physicality.
Use of high-end sensors and intrinsic devices allow automatic monitoring of term, conditions, and parameters of the asset that eliminate manual supervision costs.
Real-time data assessment mitigates even the slightest chance of doubtful contract execution and helps each party ensure compliance of pre-determined details.
IoT incorporates the use of high-end sensors that allow monitoring of parameters pre-specified in the digital contract. The technology act as a medium for concerned parties to monitor assets or processes accurately and result in the correct execution of the contract.
Blockchain creates an immutable and decentralized data ledge that allows secure storage of contract details. Its immutable, distributed, and decentralized structure keeps the contract secure from any external alteration or amendments once it is entered into the blockchain.
The data collected from IoT sensors installed on the assets is stored in cloud storage. Hence, the stored data can be accessed from any location through a web platform or mobile application; and can be analyzed into useful information effectively.
