The DreamzIoT explores enterprise asset management (EAM) and blockchain, examining the benefits and challenges of this two technology together. While blockchain technology has benefits in many applications, enterprise asset management has until recently is operating in a traditional way. Recently, organizations have been taking early steps toward using blockchain within EAM applications.
Benefits of Blockchain and IoT in Enterprise Asset Management (EAM)
Industries face a challenging business environment due to continuing margin pressure, global competition. At the same time, they have to tackle with issues such as limited asset management in supply chain visibility, empowered consumers, high transaction fees and the battle with counterfeit products.
Industries can be benefited and address these issues by using Blockchain. Blockchain technology has created the opportunity for nearly every major industries to tackle its major issues. Transactions through peer-to-peer, distributed and timestamping creates more transparency, trust and faster process that replaces the traditional role of a central trusted authority.
Data is the driving factor for the asset management these days. improving its existing business processes and Blockchain enabled processes will lead to higher customer satisfaction, improved customer buying habits, more secured transactions, and higher profit margins.
DreamzIoT Solution for Enterprise Asset Management using Blockchain and IoT
DreamzIoT blockchain solution for enterprise asset management provides efficient and reliable data exchange among partners for IoT sensors validation of assets in a supply chain in real time
DreamzIoT targets to overcome following challenges in current Enterprise Asset Management
There are numerous risks/challenges are associated with Modern Enterprise Asset Management, due to globalization and involvement of many intermediaries Asset Management Process is becoming more and more complex, which is impacting the companies vision of enhancing efficiency, operational cost reduction, Lean Manufacturing, On time inventory, product lifecycle, outsourcing & vendor consolidation, following are the main causes of the risks and challenges in Asset Management:
- Sudden Demand Changes due to the rapidly changing environment
- Extended Value Chain and several layers of stakeholders, suppliers, distributors etc creating more complex functions which significantly increases the Asset Management Risk
- No or Ineffective Asset Management Risk Management System
- No or Minimal end-to-end visibility on Asset tracking
- Old and ineffective Technologies which are unable to handle advanced asset management effectively also it requires continuous investment
Since blockchain’s decentralized architecture lies an autonomous consensus protocol that relies on no central authority. This consensus mechanism facilitates agreement across a broad base community that immutability verifies the information stored on the blockchain. This enables the data written to a blockchain, cannot be changed, altered, or corrupted. In order to write or make alterations to the ledger, an individual/stakeholder will have to be authorized to utilize the system. When they make a change to the data related to a specific asset, they will stipulate the desired change and then scan the IoT Sensors/RFID tag to write the proposed change to the blockchain. In doing so, the system will identify the asset, when the change was made, who made it, and the data entry point.
Together with Blockchain and IoT, DreamzIoT developed the full proof asset management system in the supply chain
DreamzIoT already Implemented Blockchain & IoT based Enterprise Asset Management solution for our clients
DreamzIoT has implemented the Blockchain and IoT based asset management solution for the client’s to track and control the assets efficiently as it moves along the supply chain.
DreamzIOT together with Hyperledger based permissioned blockchain and IoT developed the enterprise asset management solution to overcome asset management challenges, below diagrams depicts the high-level functional solution
Key features and benefits of our Solution:
- Integration with current ERP system: Our Blockchain & IoT based enterprise asset management solution can be integrated with an existing ERP system to capture internal transactions
- Real-time Traceability of assets: Our solution enables the system to capture asset’s coordinates, attributes and to make sure that there is an availability of asset information and capture asset lifecycle
- Reporting and Analytics: the customer is able to generate customized reports in order to gain a comprehensive view of assets and their configurations in the field or warehouse and manage a wide range of physical information such as quantity, serial numbers, location, and usage
- Order Management: Real-time order processing for assets – the customer is able to fulfill and manage the order efficiently and effectively by
- RFID Integration: Direct RFID Integration with the blockchain based system to collect data from real-world assets
- Standard web app to scan QR and RFID and push data into blockchain system
- Standardization of Assets: standardization of the format of information to capture into the system via RFID or IoT sensors
- Serialization of Assets: Serial number generation for an individual asset to create a unique identity of an asset