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Blockchain development consultancy HashCash Consultants announced Tuesday, August 31, that it is working with a Spanish supply chain company to replace its infrastructure with an IoT-on-Blockchain architecture. HashCash did not identify the company.
The Palo Alto, Calif., Company says modern supply chains face a series of challenges.
“It is becoming increasingly difficult to verify the source of raw materials and maintain visibility of products and commodities as they travel through the value chain network,” the company said in a statement. “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 features include convenient product monitoring to optimize operations in departments such as manufacturing, transportation, and warehousing. When paired with IoT, blockchain technology enables a range of applications to improve value chain transparency and increase trust in B2B relationships.
“When integrated with IoT, blockchain technology has the potential to increase the effectiveness and efficiency of modern supply chains,†said the head of HashCash. Raj chowdhury.
The company argues that blockchain applications can create new opportunities to track assets and commodities across multi-stakeholder supply chains, keeping players informed of the location of products online, in transit, or in-store.
“Our design checks the necessary boxes of immutability, security, traceability, interoperability, scalability and efficiency against legacy systems that are crumbling under the increasing demands of modern consumers,†added Chowdhury. “That said, beyond geographic borders, [a] The combination of blockchain and IoT may be delayed due to regulatory policies and industry standards.
Read more: HashCash Consultants To Help Unnamed US Bank With Blockchain Platform
Earlier this year, HashCash announced that it was working with a U.S. bank to help it set up a blockchain platform for B2B payments. The company said the platform will also help the anonymous bank simplify its IT infrastructure and lower operating costs.
HashCash’s HC Enterprise Payment offers immediate reconciliation, real-time document sharing, and automation through smart contacts to facilitate faster and more efficient B2B payments, the company said.
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