NKT’s THINKT Digital hub is partnering with the IOTA Foundation to explore how assets, such as power cable drums, can become autonomous economic agents that can pay and collect payments for their own services moving through the supply chain.
This would ensure an improved utilisation of cables, less waste and scrap, smooth drum journey and accelerated operations during power cables projects, said NKT.
The partnership will be powered by the existing TrackMyDrum digital platform and a distributed ledger technology (DLT).
THINKT Digital project lead of TrackMyDrum Camilla Miehe said: “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.”
Each cable drum will be equipped with its own e-wallet, like smart mobility car eWallet projects, so it can execute transactions autonomously.
IOTA Foundation head of global trade and supply chains Munch Lund-Nielsen said: “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.”
Adding DLT to the TrackMyDrum toolbox creates a new way of thinking about supply chain management in a more decentralised model, said NKT.