How an IoT-powered Smart Contract Solution Proves Effective for Fleet Industry?

IoT in transportation

Adding security to your fleet industry is no more a crucial challenge with the presence of IoT technology. It serves effectively in terms of proper management and reliability at significant levels. The fleet industry is undergoing massive changes with the introduction of the Internet of Things. The replacement of the older vehicles with “smart trucks” and are embedded with advanced devices for real-time to serve the users with real-time updates.

IoT in transportation does not only assist in enhancing road safety but also improves the situation of traffic congestion and prevents road accidents. Besides, IoT is proving its worth by simplifying import and export activities through real-time monitoring. One of its best concepts among all is the smart contract solution—A modern way to secure the goods’ title. It uses blockchain technology to create a safe platform for confidential contracts and protect them against breaches.Integrating a smart contract solution provides sensor-based data extraction from the cargo and goods containers. It captures relevant information of the cargo such as temperature, humidity, location, and other criteria following the contract. Using this data, the user can ensure and verify every detail of the contract before commencing with the delivery process. It thus creates a reliable and trustworthy source of delivering the products safely against any disruption. You can leverage multiple benefits out of using a smart contract solution in the fleeting sector.

Availing Business Benefits through Smart Contract Solution in the Fleeting Sector

Using a smart contract solution in the fleet industry is a revolutionary step towards enhancing the safety of contracts, and mitigate any flaws during traditional trading. With the combined use of blockchain technology and end-to-end IoT connectivity, fleet managers can track the real-time status of the cargo and validate the conditions as mentioned in the contract within no time. It provides quick end-to-end services with just a click on your smart device.

  • • Smart Supply Chain Management
  • The supply chain is the most used vertical in the industries to import and export the products. Usually, traditional methods are followed to verify the details of the cargo from its contract, which consumes a lot of time and labor expenses. IoT technology is thus an innovative solution to allow fleet managers to perform import and export activities accurately and automatically. With the use of sensor devices and gateway connectivity, the fleet authorities can inspect the cargo very quickly in real-time. This ensures extra safety of the cargo and ensures all the conditions are met before the cargo gets delivered to the end customer.

  • • Automatic Transactions
  • During cross border trading, the fleeting industry faces lots of challenges and substantial hurdles. Many-a-times there occur chances of the data breach and information leakage through unknown means, which affect the brand image of any business. Three banks are involved in international trading, the receiver’s, sender’s, and the correspondent bank. In case of any issue within any one of these banks, the payment gets delayed or is bounced back. In a smart contract solution, this issue is resolved through blockchain technology, the payments are automatically transacted soon after a secured confirmation of contract execution.

  • • Cargo Safety
  • With a smart contract solution, it is easier to keep your cargo safe against thefts and other issues. It allows real-time monitoring of the cargo through sensor-based technology, which is helpful for the managers to analyze the cargo condition even through remote locations. A cargo undergoes multiple inspections during its export and import processes. Using a smart contract solution, thus simplifies the method of validating the cargo conditions with a specific contract automatically and provides the managers with smart assistance to produce error-free results during trading.

  • • Digitized Contracts
  • Digitization is booming in every industry in the current times. During the trading process, the managers need to supervise every cargo and respective documents to conduct quality delivery services. The manual method is often tiresome to the employees and requires extensive labor and funds. Therefore, a smart contract solution is the best alternative to mitigate all these issues. It provides digitized contracts to conduct intelligent operations and allows the managers to make better decisions. Thus, digitized contracts hold greater importance to enable the smart trading process.

  • • Real-time Alerts
  • IoT is a smart technology that uses sensor devices to process real-time information of its assets. Further, this information is passed on to the user’s device through push notifications, or SMS alerts. It enables a timely service for a specific query and allows the managers to make appropriate decisions within time. Real-time alerts lay a crucial impact during the import and export processes. The instant alerts are sent on the user’s smart device for efficient decision-making and enhancing productivity.

  • • Geofencing
  • Geofencing is another smart concept that creates a safe environment for industrial assets. IoT-powered smart contract solution enables digitization of the contracts for an automatic retreat of cargo verification and document validation. Integrating geofencing with the fleet industry also provides enormous benefits of keeping the cargo safe, region-wise monitoring of the product, on-time delivery, and much more. You can install a smart solution that can be scaled-up with the geofencing concept and enable more safety to the cargo and its products.