DreamzIoT Asset Tracking is an end-to-end Blockchain enabled IoT solution for tracking the asset lifecycle designed for enterprises and mitigate supply chain entropy while enhancing visibility and transparency.
Transactions are processed directly from peer to peer with fewer intermediaries and ledgers get updated automatically.
Blockchain asset tracking can combat counterfeits. RFID tags can track and trace assets throughout the entire supply chain until they reach the consumer’s hands.
Blockchain technology is resilient and does not have any single point of failure. Transactions processed in the blockchain are immutable and irrevocable.
Automated smart contracts to validate transactions, Less use of intermediaries, no reconciliation of work help to reduce the supply chain cost overall.
The solution enables businesses to create smart contracts that can enhance transparency in their supply chain by recording the provenance of goods or assets by storing information such as the date, location, quality on a blockchain – so the origin of a product can be easily verified. This will provide assurance to the manufacturer about the product reliability and consumers can get more confident about the legitimacy of the purchased products. By allowing a digital form of application to be created a sport on the blockchain, it also helps with transparent credentialing across the multiple parties. Blockchain Ledgers establish a shared, secure record of supply chain information flows a single version of the truth across networks for transaction processes and partners.
Smart contracts can improve traceability within the supply chain by allowing inventory to be tracked at every step along the way from its raw material source to end-user delivery. Our smart sensors provide a wealth of data such as location, environmental condition, and product quality. With more information and real-time updates on product status, our asset tracking solution helps supply chain managers to make better and faster decisions. This can help to reduce delays and keep the asset journey more agile. Organizations will also be better equipped to deal with disruptions such as natural disasters or any delivery accident. In a row of increasing product competition being able to maintain continuity or supply can go a long way towards enhancing consumer confidence and their impression of a brand.
Smart contracts can enhance efficiency in two aspects- process and cost. Process efficiency is improved as smart contracts executed on a distributed ledger helped to simplify the complex multi-party systems presents in typical supply chains. Given their self-executive nature smart contracts can be used to automatically execute contractual rights and obligations including terms of payments, delivery of goods or services. This eliminates much of cumbersome paper works traditionally required and reuse this time wastage by programming the contracts to execute only when certain milestones are met.
In DreamzIoT Asset Tracking, all transactions of an asset life cycle get validated using smart contracts. Smart contracts are preset conditions, agreed upon by two or more parties, that execute automatically when all conditions are fulfilled. The major advantage is its trustlessness and end-to-end traceability. Smart contracts can also be used to significantly cut down transaction costs.
GS1 standards facilitate unique and universal identification, capture and share of information on products and services, from point-of-origin to point-of-sale or dispensation. GS1 standards provide common ways to uniquely identify things like pallets in the supply chain so that LSPs can track them as they move from manufacturing sites, travelling from port to port, onto trucks, into distribution centres, and to retail sites or consumers’ homes. Our blockchain enabled IoT asset tracking solution uses GS1 keys to uniquely identify and manage that asset. With GS1 standards, the solution not only help to identify individual pieces of equipment, but also tracks and traces them across different sites to ensure they are in the right place at the right time.
Every kind of businesses benefits from IoT asset tracking and it not only prevents theft, loss, and damage but assets comprise such a large percentage of a company’s holdings that asset management is essential for meeting compliance and industry standard regulations. The Blockchain enabled IoT Asset tracking solution delivers real-time data that contribute to a healthy bottom line, and IoT devices and systems to make asset tracking more accurate and reliable than ever before.