The blockchain development consulting firm HashCash Consultants announced on Tuesday (Aug. 31) that it is working with a Spanish supply chain company to replace its infrastructure with IoT-on-Blockchain architecture. HashCash did not identify the company.
The Palo Alto, California company says that modern supply chains face a series of challenges.
“It is turning increasingly difficult to verify the source of raw materials and maintain visibility of products and merchandise while they are traveling through the value chain network,” the firm said in a news release. “The integration of the Internet of Things (IoT) enables companies to observe, track and monitor products, activities and processes within their respective value chain networks.”
Other IoT functionalities include convenient product monitoring to optimize operations in departments such as manufacturing, transportation and warehousing. When paired with IoT, blockchain technology allows for a range of applications to improve value chain transparency and increase trust in B2B relationships.
“When integrated with IoT, blockchain technology gains the potential to increase the effectiveness and efficiency of modern supply chains,” said HashCash Chief Raj Chowdhury.
The company argues that blockchain applications can create new opportunities to track assets and goods across multi-party supply chains, keeping players informed about the location of products online, in transit or in-store.
“Our design checks the necessary boxes of immutability, security, traceability, interoperability, scalability and efficiency over legacy systems that are crumbling under the increasing demands of modern consumers,” added Chowdhury. “Having said that, beyond geographical boundaries, [a] blockchain and IoT combination may be delayed due to regulatory policies and industry standards.”
Read more: HashCash Consultants to Aid Unnamed US Bank With Blockchain Platform
Earlier this year, HashCash announced it was working with a U.S. bank to help it set up a blockchain platform for B2B payments. The company said the platform would also assist the unnamed bank with simplifying its IT infrastructure and reducing operating costs.
HashCash’s HC Corporate Payment offers immediate reconciliation, real-time document sharing and automation through smart contacts to facilitate faster and more effective B2B payments, the company said
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