BriefTrace Ltd. announced it has begun a blockchain IoT shipment tracking pilot with DSV Israel. DSV Israel is making use of Brieftrace’s GEO blockchain tracking and sensing device for monitoring pharmaceutical shipments. The GEO device logs environmental variables such as temperature, humidity and light exposure as well as outdoor/ indoor location.
It then encapsulates the data into blockchain transactions, which are signed on the IoT device and sent via a mobile network to activate smart contracts on the designated blockchain network – Traceum.
The DSV pilot will utilise the GEO device to test smart contracts. Using GEO’s environmental parameter sensing and Traceum’s Ethereum protocol based smart contracts, DSV is simulating a quality performance-based agreement with a pharmaceutical manufacturer.
The smart contract defines shipment terms such as temperature range and arrival time. When activated by the IoT device the smart contract may activate a business transaction based on the shipment outcome and overall performance.
Shimon Shahar, head of Pharmaceutical vertical within DSV Israel, said “We are eager to mutually explore Brieftrace’s technology. We believe it will allow us to provide a better service for our customers, through a superior real-time tracking capability, transparency, and trustworthiness created by blockchain environment.
We believe that a connected supply chain will serve both our customers and our vendors. In the near future, blockchain technology will overcome the fragmentation and the information discrepancies, which are prevalent in today’s supply chain structures.”
Eyal Kamir, CEO of Brieftrace commented “It is truly exciting to witness the blockchain and the physical world being connected through our blockchain IoT technology. I believe that fully automated smart contracts are going to change how business is conducted in the future. We will continue to invest, test and ship blockchain hardware as well as the network features to enable this bright future”