Cargo Monitoring via Smart Contracts
Revolutionizing Your Shipping Operations with Blockchain & IoT
This solution was built for our client. 
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Legally Enforceable Digital Contract
Alike traditional contracts, digital contracts are valid and enforceable.
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Personalized Whitelabled Mobile App
You will also get a whitelabled mobile app personalized according to your needs.
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Real-time Cargo Monitoring
The solution monitors your cargo throughout its journey in real-time.
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Personalized Dashboard
With every new deployment, we customize the existing dashboard according to user needs.
What is Smart Contract Solution?
Smart contract solution is a modern way to secure the title of goods. The solution is powered by IoT and blockchain technology, which eliminates manipulation/alteration of contract. The sensors, mounted in goods containers, act as smart agents and monitor the real-time temperature, RH, location, and many other criteria in compliance with the smart contract. All the concerned parties are immediately notified in case of contract breach.
Applications of Smart Contract Solution
Supply Chain Management
From raw material to finished goods, the supply chain involves the movement of goods throughout their lifecycle. Smart contracts document the title of goods as they travel through the supply chain, which confirms the responsibility for the goods at any given time. The IoT (Internet of Things) made smart contracts a reality by monitoring products from producers - warehouses - manufacturers - suppliers. It allows the verification of the goods/products at each stage of the distribution process until it reaches the end-user.
International Trade
When it comes to cross-border goods and services exchange, companies face substantial hurdles. The international trade involves at least three banks including the receiver's bank, sender's bank, and the correspondent bank and if something goes wrong at any one of them, the payment is delayed or bounced back. With a blockchain-based smart contract, payments are automatically released after the secure and transparent confirmation of the contract execution.
Electronic Bill of Lading Advantages
Intellia IoT smart contract solution is a revolutionary step towards mitigating the flaws of traditional trade methods. The End-to-End IoT connectivity coupled with blockchain technology track the real-time status of the cargo and compile it with the conditions mentioned in the smart contract. The solution ensures fair execution of smart trade contracts such as electronic Bill of Lading.
- Guarantee Cargo Safety
- Prevent Cargo Damages
- Ensure Full Compliance of BoL Terms
- Reduce Working Capital
- Improve Visibility into Your Supply Chain
- Digitize Your Shipping Contracts
- Reduce Operational Overheads
- Eliminate Manual Processing
- Realize Rapid Insurance Claims
Problem with Current System
Shipping contracts are bearer document of title, and because possession equals to ownership, the one who possesses the contract has prima facie ownership to the goods. The physicality of the contracts causes delay in distribution of them. The traditional shipping contracts can easily be manipulated to hide accountability due to cargo damage or other issues.
Challenges
- Manipulation / Alteration of Contracts
- Doubtful Contract Execution
- Physicality of Contracts
- Challenging Insurance Claims
- Risk of theft
- Amendment Complications
- Manual Cargo Supervision Expenses
- Unknown Cargo Damages
Smart Bill of Lading Work Flow
