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 through the entire supply chain and monitor environmental conditions — location, temperature, humidity, air pressure — and report these conditions in real-time directly to the blockchain, where the data is transparent and tamper-resistant.
Smart contracts are digital agreements 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. It can then identify who along the supply chain was responsible and automatically trigger an insurance clause without any manual user intervention.
The open and transparent nature of blockchain technology means operators along the supply chain can share their cargo load with other customers in real-time to optimise their carrying capacity.