HashCash Consultants is set to build an IoT on blockchain architecture for a Spanish Supply Chain Company that will supplant their legacy systems. HashCash Consultants, a globally renowned blockchain development firm affirms its collaboration with the supply chain company based in Spain. HashCash is to reconstitute its complete legacy infrastructure with a brand new advanced IoT-on-Blockchain architecture.
Over the years, supply chains have emerged into complex networks of great value inducing massive competitive advantage. Nevertheless, it is afflicted by a number of challenges. Tracking raw material sources and maintaining visibility of products and merchandise while they are in transit through the value chain network has become challenging. The integration of the Internet of Things (IoT) into the blockchain infrastructure allows companies to observe, trace, and monitor products, activities, and processes within each of the value chain networks. Other features and uses of IoT include convenient product auditing to optimize functions in the departments like manufacturing, warehouses, and transportation. Combined with IoT, Blockchain technology enables a plethora of different application scenarios to improve value chain transparency and to enhance B2B trust.
“When integrated with IoT, Blockchain technology gains the potential to increase the effectiveness and efficiency of modern supply chains,” remarked Raj Chowdhury, HashCash Chief, and blockchain pioneer. Blockchain solutions have the ability to produce new opportunities by tracing physical assets and goods in multi-party supply chains. Authorized supply chain exchange partners are consistently updated about the current location of target products or merchandise, whether it is 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,” said Chowdhury.
“Having said that, beyond geographical boundaries, blockchain and IoT combination may be delayed due to regulatory policies and industry standards,” added HashCash CEO, Raj Chowdhury.