BlockchainHashCash to Build IoT on Blockchain Architecture

FTB News Desk FTB News DeskAugust 31, 20213 min

HashCash Consultants, a blockchain development consultant firm of international fame, confirms their collaboration with a Spanish supply chain company. HashCash is to replace its legacy infrastructure with IoT-on-Blockchain architecture.

Supply chains, today, have evolved into highly complex value networks comprise a vital element of competitive advantage. However, it is plagued by a series of challenges. It is turning increasingly difficult to verify the source of raw materials and maintain visibility of products and merchandise while they are traveling through the value chain network. 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 functionalities of IoT include convenience in product monitoring to optimize operations in the departments like warehousing‚ manufacturing, and transportation. Combined with IoT, Blockchain technology facilitates a wide range of different application scenarios to enhance value chain transparency and to increase B2B trust.

“When integrated with IoT, Blockchain technology gains the potential to increase the effectiveness and efficiency of modern supply chains,” claimed Raj Chowdhury, HashCash Chief, and blockchain pioneer.

Blockchain applications have the potential to create new opportunities with tracking physical assets and goods in multi-party supply chains. Designated and verified supply chain exchange partners may be informed and updated about the location of target products or merchandise, whether 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,” added Chowdhury.

“Having said that, beyond geographical boundaries, blockchain and IoT combination may be delayed due to regulatory policies and industry standards,” concluded Chowdhury.

For more such Updates Log on to Follow us on Google News Fintech News

FTB News Desk

FTB News Desk

Leave a Reply

Your email address will not be published. Required fields are marked *

We are one of the world’s leading Fintech-based media publication with our content strategized and synthesized to fit right into the expanding ecosystem of Finance professionals. Be it fintech live news, finance press releases, tech articles from Fintech evangelists or interviews from top leaders from global fintech firms, we give the best slice of knowledge topped up with the aptest trends. Our sole mission is to help tech and finance professionals step up with the rapidly emerging Fintech civilization and gain better insights to emerge victorious in every possible way. We adopt a 360-degree approach in order to cater to present a holistic picture of the fintech arena.

Our Publications

FintecBuzz, 2021 © All Rights Reserved