evertrace: blockchain meets supply chain
PRESS RELEASE NEXT BIG THING AG
NBT's supply chain venture completes successful live test with +D Consortium
Next Big Thing is pleased to announce that our newly-incorporated venture in logistics and supply chain, evertrace, has recently achieved a major milestone: a successful live test phase of their platform.
evertrace provides a new solution for the pain points in logistics.
The complex nature of global supply chains involves many stakeholders including cargo owners, freight forwarders, and insurance companies. Communication between these players impacts the overall success and safety of the chain.
Automation in the supply chain can only occur with transparent communication and trusted data. Ultimately, the quality of device data is critical for smart contracts to work; simple track and trace is insufficient. By tracking physical assets across globally-distributed supply chains, evertrace allows stakeholders to seamlessly integrate verified data into smart contract-based processes.
Rising above the buzz around blockchain in the supply chain, evertrace has just showcased an actual use-case by completing a successful first test through their involvement with +D Consortium. The test case of the pilot project was focused on track & trace of inner-country truck transportation and automatization of transport and insurance contracts. Data on the location of the truck and conditions of goods was used to automatically trigger actions such as payments, ratings, and bonuses.
According to Darina Onoprienko, CEO of evertrace:
“If we want to automate the processes in supply chain, we need to make sure that data used by smart contracts is trustworthy. This is exactly where evertrace comes into play. We see ourselves as data validator, or player, who ensures compliance of the tracking devices, security of data transfer, and development of machine learning algorithms to analyze usage patterns. We allow key stakeholders to use the data for digital workflow, not looking at a dot on a map.”
Many processes in current supply chains still need digitization to enable the nextgen blockchain ecosystem, but evertrace is tackling this head-on so that smart contracts and auto payments will be a standard benefit of the future.
Stay tuned for updates from the +D Consortium partners and evertrace. Read more here.