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Use cases for IDOT,IOT Blockchain
Asset Lifecycle Management (ALM)
” Asset Lifecycle Management (ALM) helps organizations optimize their profit and depreciation generated by assets over the course of their life-cycle. ALM integrates people, processes, technologies and automation to help manage asset portfolios, execute projects, and facilitate efficient asset management practices. ALM extends across the life-cycle of an asset from design, procurement, commission, operations, maintenance, and decommission of said asset. IOT & IDOT helps enable superior visibility, forecasting, feedback, and analytics across the ALM process.”
Asset Health Management (AHM)
Asset Health Management (AHM) process of analyzing health of assets as determined by operational requirements. Ability to properly monitor, analyze, and optimize the health and maintenance of your assets in real time. If an asset needs to be fixed, replaced, updated
— Monitoring: Tracking the current operating status of the asset.
— Diagnostic Analysis: Comparing real-time data to historical data in order to detect anomalies.
— Prognostic Analysis: Identifying and prioritizing specific actions to maximize the remaining useful life of the asset based on analysis of real-time and historical data.
— Predictive Analysis : Proactive analytics vs reactive actions for your assets.
Predictive Maintenance (PdM) tries to predict when equipment or asset failure might occur. It’s a more proactive measure to prevent the occurrence of the failure by performing maintenance before things happen. Monitoring for future failure allows maintenance, updates, changes to be planned before the failure occurs. The goal is to be more proactive and prevent unplanned reactive maintenance, thus optimizing asset maintenance without incurring costs associated with doing too much preventive maintenance.
Predictive maintenance uses smart contract automation via advanced rules based analytical condition-monitoring based sensors and equipment to evaluate an asset’s performance in real-time. One key element is the Internet of Things (IoT) combine with a decentralized IDOT for security and automation. IoT allows for different assets and systems to connect, work together, and share, analyze and action data.
Security Claims Evaluation
Security Claims evaluation for IOT provides a platform that evaluates whether data from sensors and assets under test is indicative of normal operation or abnormal operations in a non-invasive and non-intrusive way. Developing Security Claims Evaluation with machine learning capabilities enables a real-time analytical self regulating system. Imagine your organizations assets and equipment monitored and analyzed 24/7. Logging of abnormal events can be performed for further assessment and future remediation actions.
In an Intelligent decentralized Fog like Edge system, software can be deployed at various points in the network to automate monitoring and control, apply embedded intelligent agents that adjust devices based on different variables and performance metrics, thus reduce costs by reducing power consumption or connectivity during off-cycles, or even detect imminent failures and notify the right individuals or other machines to perform preventative and predicitve maintenance. Edge computing technologies build with the Identity of Things security and decentralized blockchain philosophies in mind enable smart contract automation, machine learning analysis and analysis on the edge with data locality, sending only most important data to a decentralized blockchain platform.
Supply Chain & Shipment tracking
IoT, blockchain, AI and digital supply chain management enables an end-to-end shipment visibility where shippers can access transit times from every carrier along the route in real-time to create an optimized supply chain and logistics distribution network.
Global supply chains are ideal candidates for IoT and blockchain applications because there are so many moving parts and multiple parties. Imagine your supply chain system capturing, sharing and analyzing massive amounts of data that automates supply chain and distribution channel processes.
These connected tracking devices feed into transportation management and supply chain platforms to provide critical information at the pallet and package level.
Cross-border money transfers is a bloated mainframe of legacy inefficiencies and scalability challenges. Payments are mediated by a network of large, small, and medium money transfer companies plus the banks that actually carry out all transaction settlements. The space is filled with complex regulatory policies for monitoring and compliance. It is an outdated patchwork system of legacy technological infrastructure built more on paper and pencil and mailboxes vs digitization. It’s a system with high overhead , slow processing times, and scalability challenges. And the fees are absurd. There is no easy fix without overhauling the entire ecosystem.
Replacing the outdated remittances infrastructure with a cryptocurrency-based blockchain remittance payment system can drastically improve processing times and keep billions of dollars in value in the hands of those who earn it and their families, and boost developing economies around the world.