When shipping pharmaceuticals, the on-time arrival of a shipment is only one requirement. It’s essential that the product doesn’t get too hot, damp or exposed to the sun. DSV the global logistics company has started a pilot to track all these aspects on a blockchain.
DSV Israel has partnered with Brieftrace to implement the project using an IoT device called GEO created by Brieftrace, as well as Brieftrace’s Ethereum adaptation called Traceum.
The GEO device is used to measure environmental factors like location and temperature, and the device activates a smart contract which defines the shipment terms such as acceptable temperature range and arrival time.
Shimon Shahar, from DSV Israel, said “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. In the near future, blockchain technology will overcome the fragmentation and the information discrepancies, which are prevalent in today’s supply chain structures.”
Brieftrace originally planned to be a hardware company with GEO as it’s primary product, which also includes indoor location tracking. They introduced the blockchain element because they found that supply chain customers had a disconnect in their information flow which gets worse the more vendors are involved.
While they’re currently focusing on the basics, they can see the potential for a connected supply chain: integration with insurance to reduce rates because of better shipment tracking, improved invoice factoring, and supply chain financing.
