Business, Forwarding, Freight News, IT, Logistics

Smart sensor specialist embraces the Blockchain

[ March 5, 2018   //   ]

Nexiot, which pioneered use of smart sensors for non-powered assets in the supply chain, can now integrate its services with a Blockchain type Distributed Ledger as part of its Digital Logistics Platform.

Nexiot’s self-sustaining sensors send messages every five minutes from assets such as rail wagons, shipping containers and boxes, including updates on location, impact events, border crossing, and mileage.

Blockchain technology now allows inclusion of a date and time stamp, making the information legally binding and adding a layer of accountability to the journey of an asset and its goods.

Nexiot director of marketing and sales, Daniel MacGregor, says that Blockchain technology also opens the door to the introduction of Smart Digital Contracts. “With the Distributed Ledger, these can be linked to confirm terms and fulfilment of contracts, and it is possible to digitise contract execution, from automated demurrage and insurance claims, to excess mileage recharges,” he explained.

The Ledger can also automate payment fulfilment, proof of service delivery, and proof of third party service quality.

Zurich-headquartered Nexiot last year signed a deal with to equip rail operator VTG’s entire European fleet with sensors.