IoT Asset Tracking

By leveraging IoT and blockchain technologies, we have enabled an Asset Tracking solution for tracking the asset lifecycle designed for enterprises and mitigate supply chain entropy while enhancing visibility and transparency, leading to increased speed and precision for the next wave of supply chain digitalization and a decrease in time, cost, and risk across the supply chain continuum.

INFORMATION
Use Case
Internet of Things (IoT)
Industry
Supply Chain Management
DETAILS
Challenge

Traditional asset tracking systems, particularly in IoT, often face challenges with data accuracy, security, and real-time tracking. These systems are prone to inefficiencies, potential data breaches, and lack the necessary transparency for effective asset management. The complexity of tracking assets in dynamic IoT environments calls for a more robust, secure, and interoperable solution.

Solution

Our blockchain solution for IoT asset tracking introduces a secure and decentralized approach to monitor and manage assets. This solution aims to revolutionize asset tracking within the IoT framework, providing a more secure, transparent, and efficient system, and incorporates several innovative features such as:

  • Fast Transaction Settlement: Transactions are processed directly from peer to peer with fewer intermediaries and ledgers get updated automatically.
  • Interoperable Framework: Facilitates compatibility across various IoT devices and platforms, making it versatile for different applications.
  • Enhanced Security: Utilizes cryptographic methods to secure data, reducing the risk of unauthorized access and breaches.
  • Low Cost: Automated smart contracts to validate transactions, less use of intermediaries, no reconciliation of work help to reduce the supply chain cost overall.
Results

Our blockchain solution for IoT asset tracking not only strengthens the security and reliability of tracking systems but also paves the way for more efficient and transparent asset management in various sectors. The implementation of our blockchain-powered IoT Asset Tracking solution results in the validations of all transactions of an asset life-cycle. The major advantage is its trustfulness and end-to-end traceability. Some other significant advancements are:

  • Improved Accuracy and Integrity: Enhanced precision in asset tracking with secure and immutable data recording.
  • Increased Operational Efficiency: Real-time tracking capabilities streamline operations and asset management.
  • Robust Security Measures: Stronger defense against cyber threats in asset tracking systems.
  • Scalable and Flexible Solutions: Adaptable to various industries and scales of operation.
  • Enhanced Transparency: Transparent tracking processes build trust among stakeholders and enhance auditability.

Techstacks Used

Technologies and Tools
NestJS, Hardhat, Redux, OpenZeppelin, ReactJS, NodeJS ,Solidity, MongoDB, C++, PostgreSQL, EthersJS, ReactNative, AngularJS, Commo, GraphQL, TypeORM, NextJs, ETH, Redis, Metabase.

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