Integrating multiple technologies has always led to something innovative. Something similar comes up when two of the greatest technologies of today are combined. The merger of IoT (Internet of Things) and Blockchain brings about something really innovative and useful. Smart contract solutions are the digitally upgraded protocols used at the time of domestic and international trade. The shipping process is made easier and more efficient with the help of IoT-based smart contract solutions.
The use of blockchain technology in this solution is done to ensure the security of data and payment. The technology provides proof of stake, work, and contract. These technologies work in tandem to eliminate the chances of manipulating the contract while shipping goods. The sensors embedded in the goods send an alert to the manager if someone tries to alter the contract illegally. In addition to this, managers can monitor physical parameters like temperature, humidity, and location with the help of these sensors.¬†
Benefits of using Smart Contract Solution¬†
It improves the distinctness of the supply chain.
It prevents the cargo from unknown damages.
Using smart contract solutions eradicate the use of manual processing method.
Use of IoT-based smart solutions ensure full compliance with BoL Terms
Smart contract solutions obtain quick insurance claims.
It reduces the working capital significantly.
Smart contract solutions guarantee safe cargo delivery to the port.
It reduces operational overheads considerably.
Countering current trading and shipping challenges with Smart Contract Solutions
The current trading and shipping system is facing various troublesome issues. These issues cannot be managed effectively by traditional methods as physical contracts are very difficult to manage and distribute.¬†The trading and shipping system frequently encounters challenges like manipulation/alteration of contracts and theft risk. Sometimes doubtful contract execution, amendment complications, and unspecified cargo damages also occur while transporting goods to various locations. These issues result in an enormous loss of goods and capital, further leading to an immense loss for the business.¬†
Smart monitoring helps make the management process much easier, thus saving time, effort, and money. Moreover, intelligent management of these issues brings excellent efficiency to the workflow of the entire trading and shipment process.
Biz4Intellia Smart Contract Solution
Biz4intellia is an end-to-end IoT solution provider platform that concentrates mainly on customer-centric solutions with a simple yet effective user experience. The company offers IoT solutions with all the relevant features necessary to enhance the work efficiency and performance of the business. The centralized dashboards provided along with the sensors are easily understandable, allowing the managers to access all the information accumulated by the sensors. Real-time monitoring is the best feature of the Intellia smart solution. It helps prevent various risks and losses in the factories. Biz4intellia also offers customized white-labeled mobile apps to help process managers control the smart system according to their needs.
Remote Container Management
The remote management feature of smart contract solutions digitally connects the containers to ensure seamless data transmission between them. These devices share live updates regarding various parameters like power status, air supply, temperature, humidity, and location.¬†
Both Satellite and Cellular Connectivity
Biz4intellia smart solutions can track goods whether they are being transported through the land, port, or sea route. Though there are various connectivity options available, the company only integrates the best connectivity option to ensure uninterrupted connectivity between devices and users.¬†
Multiple User Login
The smart solutions provided by Biz4intellia have the provision for multiple user logins to allow for ubiquitous access into the system. Admin can use this feature to define roles and to provide specific information to any user. The distribution of information to different user entirely depends on the admin of the system.¬†
The smart contract solution immediately notifies the concerned parties whenever an attempt to breach the contract is made. A user can also set up alerts for situations like an unexpected rise of humidity or temperature inside the container.¬†¬†
Geofencing helps the buyer to get notified when the cargo arrives at the port or delivery address. The system admin can geofence the area on the map at the time of contract creation to ensure safe and on-time delivery of goods.¬†
Real-time Temperature & Humidity Data
Uncontrolled temperature and humidity levels can spoil the goods inside the container resulting in huge loss. Real-time monitoring features can help with remote tracking of temperature and humidity range within the vessels, thus saving the goods from significant damage.
Biz4intellia IoT solution comes with a centralized dashboard backed by sensors and gateways to compile and present the processed information to the user. Also, the admin can use the web and mobile application to add annotations if any problem occurs during goods' transportation.¬†
Contract Digitization & Automation
The need for paper documentation and courier charges is eliminated with the digitization and automation of contracts. Biz4intellia IoT-based smart solutions enable the user to create arrangements like the electronic bill of Lading (BoL) effortlessly.
Summing it up, IoT smart contract solution is the best way to improve the accuracy and safety of assets in the trading and shipping process. The possibility of physical and monetary loss is greatly reduced with the use of smart contract solutions in the supply chain. These digitized contracts are also legally bonded, so they stay valid in every case. The IoT solutions offered by Biz4intallia are highly effective and flexible to use. Intellia's support team stays up 24/7 to extend support for the new system users and help them understand and use the system conveniently.