Page 25 - June 2018 Disruption Report Flip Book

BLOCKCHAIN ADOPTION
JANJUNAERY20210818
and recorded in the blockchain to increase efficiency and accuracy and reduce costs. The trade logistics use case applies blockchain to automate IoT processes. Currently, freight logistics involve many different parties: manufactures, forwarders, shippers, custom agents, and insurers. Although parties often interact and depend on one another, they may have different goals and use different systems to track shipments. An IoT-enabled blockchain is used as a shared ledger to record shipping containers as they move through system. Smart contracts can be automatically updated through the IoT Foundation and can be optimized to exploit IoT-enabled international trade on blockchain. The following benefits can be realized:
• Greater transparency of shipment progress improves efficiency.
• Trust grows, as all transactions are indelibly recorded.
• Accuracy is improved and costs are cut through IoT participation.
• Participants gain the ability to optimize and automate business processes through IoT.
• Future vision allows for “freight autonomy.” Internet of Things pilot: Brieftrace and DSV:
Internet of Things and supply chain specialist Brieftrace and transport
and logistics company DSV are conducting a pilot program that
deploys blockchain-connected tracking and sensing devices to monitor pharmaceutical shipments. The pilot utilizes Traceum, a blockchain platform that facilitates smart contracts, fiat currency transactions, fixed transaction fees, partner ecosystem transparency, trusted data, and data archiving.
The new system provides drug companies the ability to monitor product temperature, humidity, and light exposure, which can affect many drugs. This data, which is recorded on the blockchain, along with vehicles’ locations, is stored on an IoT device and connected to a mobile network.
The platform can “activate smart contracts on the designated blockchain network,” which “defines shipment terms such as temperature range and arrival time”, according to Brieftrace. The goal of the pilot is to improve shipment outcomes and performance.
“It is truly exciting to witness the blockchain and the physical world being connected through our blockchain IoT technology,” said Eyal Kamir, CEO of Brieftrace. “I believe that fully automated smart contracts are going to change
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