IOTA Partners With IBCS Group For Track And Trace Supply Chain Solution
The IOTA Foundation, a blockchain-based company, announced a partnership with IBCS Group to help it in tracking and tracing supply chain.
IBCS Group will utilize Masked Authenticated Messaging (MAM) protocol and open source Tangle technology to support its customers in refining their shipment and delivery planning, by offering them a cross-system interoperable chain to manage assets when moving goods across Europe.
Speaking about the collaboration, the IOTA Foundation’s Director of Partnership had the following to say:
“Managing assets in the supply chain is an area where we believe the IOTA Tangle can demonstrate a clear and immediate impact….These assets are imperative for maintaining the integrity of the entire supply chain ecosystem, yet so far there hasn’t been an intuitive system that allows companies to easily track and trace their location. We are confident that this partnership will help IBCS Group customers to improve the core processes involved with shipment planning and delivery, while simultaneously working to assert the real-world applications of DLT.”
The Chairman of IBC Group, Brian Marcel, also had some kind words about the partnership. He said that:
“This partnership represents a clear opportunity to solve one of the most difficult logistical challenges present in today’s delivery and shipping industry. We first developed the IOTA Powered solution in Poland but the next step is to expand to our other countries across Central Europe. Ultimately, our goal is to provide all IBCS Group customers with a better understanding of where key assets exist in the supply chain, driving greater efficiency and strategic management of their assets.”
Known as the ibcsTracker, the application was developed on IOTA’s open source, and has now been made available for any company looking to begin building tracking solutions. The tracking solution makes packaging easy as uniquely marked returnable assets are registered in the system.
The whole system guarantees immutability by keeping an auditable chain of custody that can’t be tampered with; utmost security considering that anyone can report mission or custody of an asset, with the information only shared with authorized and trusted parties; and easy integration into different data management system used by participating companies.
Returnable Assets And Supply Chain
In the supply chain, a good number of returnable assets are either tracked manually or not tracked at all, which means inefficiency and losses are bound to happen because of high costs, delays and low return rates.
This is where IOTA comes in handy. According to the company, such problems will be solved through the IOTA-powered solution, which will offer a unique digital identity to every asset, allowing the involved parties to view and manage it using a simple mobile application.