May 7, 2020
The digital hub of NKT continues to innovate the asset- and project management in the power cable industry and enters partnership with IOTA Foundation to meet industry demands for digital asset management of cable drums.
THINKT Digital, the digital Hub of NKT, has entered an innovative partnership with the IOTA Foundation to explore how assets such as power cable drums can become autonomous economic agents which can pay and collect payments for their own services moving through the supply chain. This will ensure an improved utilization of cables, less waste and scrap, smooth drum journey and accelerated operations during power cables projects. The partnership will be powered by the existing TrackMyDrum digital platform and a Distributed Ledger Technology (DLT).
- With a digital ecosystem we can ensure a more efficient and sustainable use of assets such as cable drums for the benefits of all involved parties. Imagine that cable drums would pay €2 to the user to change its status report of being in-transit, accepted or ready to return, and be able to charge cable manufacturers directly for cable mounting and transportation. This will prevent them from being lost or dumped saving utilities, energy providers and installation companies thousands of Euros in fees and improve the overall project execution, says Camilla Miehe, Project Lead of TrackMyDrum in THINKT Digital.
To make that happened, each cable drum will be equipped with its own e-wallet like smart mobility Car eWallet projects, so it can execute transactions autonomously.
- We want to make cable drums an economic agent on its own, so it can create real-time incentives to support its operations by simply paying the parties involved, says Jens Munch Lund-Nielsen, Head of Global Trade & Supply Chains at IOTA Foundation.
The TrackMyDrum solution already provides a lot of valuable digital benefits to support cable manufacturers, utilities, wholesalers and installers. However, adding distributed ledger technology (DLT) to the toolbox creates a new way of thinking about supply chain management in a more decentralized model.
- Blockchain technology offers the opportunity for greater levels of trust. But the extent to which the technology realizes this depends substantially upon how well actors stewards its development and deployment. The toolkit, through capturing best practices and insights from 100+ organizations, provide guidance to leaders to ensure deployment progresses with integrity, inclusivity and responsibility, says Nadia Hewett, Project Lead for Blockchain and Digital Currency at the World Economic Forum.