There are 3 major pain points in the transportation of temperature-controlled goods such as pharmaceuticals, food/beverage, and chemicals:
1) Difficulty in determining who’s responsible for problems that occur along complex trans-regional supply chains;
2) Centralisation of temperature tracking and records lack reliability and timeliness;
3) Visibility of the environmental condition of goods lack transparency, and the utilisation rate of equipment is not maximised.
UCOT’s smart IoT devices can trace the journey of goods throughout the entire supply chain and monitor environmental conditions (location, temperature, humidity, air pressure) and report these conditions in real-time via direct uplink to the blockchain, where the data retained is transparent and tamper-resistant.
Smart contracts are digital procedures that self-execute when predetermined conditions are met. UCOT’s IoT devices continuously monitor the temperature of goods and will send an alert if the temperature drops or rises beyond the standards specified by the manufacturer. Those in the supply chain who are responsible for any procedural breaches can be held accountable and automatically trigger an insurance clause without any manual user intervention.
Blockchain technology allows open and transparent information sharing. This means that operators along the supply chain and share their cargo load with other customers in real-time to optimise carrying capacity.