How are Smart Contract Solutions Mitigating Cargo Conveying Challenges? biz4intellia.com

A smart contract is a digitally-powered contract that executes itself as per the standards set collectively by a buyer and seller. The terms of the agreement are written in the form of codes that are stored in a distributed ledger or blockchain that makes it decentralized and free from any possibility of manipulation.
While the code controls the execution of the contract, the codes are operated by the data gathered from various end devices like sensors and probes installed on the remotely located assets. This is where the technology of IoT comes into the picture.
IoT with its advanced telematics and analytics capabilities allow monitoring of parameters that describes the performance and condition of the assets. The data gathered through the sensors is processed and transmitted via gateways and concentrators to a cloud. The blockchain-powered and smart contracts driven platform hub then analyze this data to develop useful insights and check its credibility based on the contract specifications.
Smart contract solutions are not a forced blend of blockchain and IoT. Well, they may seem that way initially, but their applications in maintaining transparency and unambiguous visibility tells that there is a method to their madness.