Nexiot embraces blockchain for “smart contracts”

Nexiot embraces blockchain for “smart contracts”

Zurich based Nexiot has launched an integration with a Blockchain type Distributed Ledger as part of its Digital Logistics Platform. Nexiot specialises in smart sensors for non-powered assets such as rail-wagons and containers, which provide data on location and events such as movement or shock.

Unlike a lot of start-ups in this sector, Nexiot has a customer base, including Hamburg-based VTG Aktiengesellschaft AG, which has installed monitoring devices from Nexiot on its fleet of 80,000 rail wagons, and tank container operator Bertschi Group.

Nexiot is now moving to put sensor data on a blockchain to enable “smart contracts” that facilitate supply chain accountability.

“The Distributed Ledger brings transparency, trust, and legal compliance to our Management Solution, as the data records are legally binding,” said Daniel MacGregor, Director Marketing and Sales, Nexiot. “This Blockchain technology also opens the door to the introduction of Smart Digital Contracts.

“Our sensors have already established a new level of accuracy for contract stipulations of location and location-based events. Now 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.”

Nexiot also envisions extending Ledger services to automate payment fulfilment, proof of service delivery, and proof of third party service quality. “Our unique combination of zero maintenance hardware, with mobile app support, digital documents on board, and the enriched data capabilities of a flexible, robust management platform provides the base to add these Distributed Ledger capabilities,” said MacGregor.