- Status – When you’re collaborating in large eco-systems of partners who deliver product, process, or code, you need to know what was delivered and when. In connected cars, which makes up thousands of suppliers of hardware and software, you need to share real-time information on the status of things as they move through the distributed system.
- Accounting – Knowing once an item has been received or an action taken, it’s posted to the blockchain. Recording transactions through blockchain virtually eliminates human error and protects the data from possible tampering. Keep in mind that records are verified every single time they are passed on from one blockchain node to the next. In addition to the guaranteed accuracy of your records, such a process will also leave a highly traceable audit trail.
- Verify – Falsified inspection certificates, substandard materials, safety hazards, these are some of the challenges faced by multinationals who have materials sourced from different suppliers and producers. IoT Blockchain Services could ensure the original inspection certificates are not false and enable approval through consensus. Blockchain can also provide accurate ‘birth to death’ of a raw materials (copper, steel, aluminum) in the supply chain, which can make the task of finding substandard products much easier.
- Execute – Knowing once an item has been received or an action taken, it’s posted to the blockchain and we use business process automation to execute a Smart Contract. A typical blockchain comprises a digital and distributed ledger for monetary transactions but what if we used asset data from an event to confirm transactions between parties and automate payment. That’s where smart contracts come in.