Introduction
IoT enabled Blockchain Platform: Securely integrate physical assets & IoT devices through blockchain, smart contracts & firmware for creating digital identity, provenance, authentication, e-commerce, supply chain & finance.
Counterfeiting is a trillion dollar market and growing faster than rate of global trade. This creates a threat to Intellectual property based business models. The risks are increasing rapidly with online trade. Mature economies like USA and Western Europe bear brunt of the damage
Supply chain Challenges - Everyday countless products travel through a complicated supply chain of manufacturers, shippers, distributors & retailers before they reach the consumer. Consumer want transparency on manufacturing process, environmental concerns, exploitation of resources, unethical practices or abnormal wastage. Businesses want to know if there was any pilferage, adulteration, modification during the journey. Temperature controlled supply chain for pharma & food pose further challenges. Traceability & accountability are key challenges for supply chain with a growing demand for transparency.Currently IoT, M2M technology & cloud based applications offer pinpoint location, monitoring & alerts but suffer from several limitations stemming from a centralized architecture. Blockchain applications including automating payment & settlement, counterfeit detection, Smart Contracts, Risk & Compliance Management, and Product Traceability
Internet of Things or IoT represents Billions of internet connected devices embedded to physical objects & people collect & share data to information networks merging the digital & physical worlds. 8 Billion devices (2017) and estimated 30 Billion devices (2020) with global market value of $7.1 Trillion. Device costs range from few cents to couple of dollars depending on underlying tech / functions. Counterfeiting, supply chain challenges & hardware tampering cannot be solved with conventional IoT because
a) identities & data are not very secure given low complexity of majority of IoT devices. b) several IoT Devices can be easily cloned c) Lack of universal standards, poor interoperability across devices, connectivity protocol, networks, & platforms limit adoption d) Expensive infrastructure & high maintenance cost due to centralized clouds, large server farms, & networking equipment.
IoT can be secured with cryptography, tamper-proof form factors & blockchain back-end
Secure blockchain with IoT also opens up entirely new industries and business models, such as proximity-based commerce, sharing economy, automation & M2M communication.
Benefits of convergence
Protocol-based trust distributed across a network, managed & secured through encoded and permissioned access, smart contracts, and cryptography.
Cost benefits: Instead of collecting, storing, and managing all IoT data in centralized hubs, a distributed architecture can help mitigate single points of attack or failure, offer a ‘single version of the truth’ through shared, immutable records, and reduce costs in infrastructure, reconciliation, and management.
Offer’s IoT a level of interoperability, transparency & security currently absent from today’s architectures
Advantages
Register unique strong cryptographic identity and record transaction on the blockchain
Transfer of custody as immutable transactions on a ledger
Unique ownership of a trading item across the supply chain
Compliance with track & trace regulations
Greater transparency and consumer trust
Faster settlement of payments
Increased efficiency in trading of goods
Reduced reconciliation costs in inventory & vendor management
Cost Reductions -
a) Pool data across value chain, b) Automate Transactions
Revenue Enhancements -
a) Minimize Lost Sales, b) Monetize utilization of idle assets, c) Monetize data through market place
Risk Mitigation -
a) Ensure compliance & security, b) Protect brand reputation
we offer a open API to build applications leveraging the registry platform
Industry - Pharmaceuticals, Smart City, Art and Collectibles, Fashion and Luxury, Food & Beverages, Logistics
Use Cases - Digital Identity, Authentication, Track and Trace, Anti- Counterfeit, Tokenization and Automation
Express Framework of Node.js for backend support. React.js for Front end. PostgreSQL for database. Web3.js for blockchain interactions. All directory structures as per the following standards:
- kramaaClient bears the code for the React front end
- kramaaServer bears the code for the Node.js Express backend
To submit your comments or feedback please reach us here:
Forum: Slack: https://xinfin-public.slack.com/
Terms & Condition for Commercial usage
Copyright 2020, Kramaa. https://www.kramaa.com
Licensed under the Apache License, Version 2.0 (the "License"); you may not use this file except in compliance with the License.
Unless required by applicable law or agreed to in writing, software distributed under the License is distributed on an "AS IS" BASIS, WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied. See the License for the specific language governing permissions and limitations under the License.
Please refer to License associated to Kramaa : https://github.com/XinFinOrg/Kramaa/blob/master/LICENSE